Congress is in a bit of a impasse right now as Democrats and Republicans bicker over a fourth coronavirus relief bill, and the lack of progress between the two parties was evident over the weekend when President Trump signed several executive orders to boost unemployment benefits and offer other protections in the meantime.
While the effect of the executive orders remains to be seen, one thing that is certain is that if there’s going to be any sort of significant impact for the American people during this time, it’s going to have to come from a bipartisan agreement. And when – or if? – if does happen, one thing that seems inevitable is another round of stimulus checks to the Americans that need it most.
According to what’s been leaked, the stimulus checks will follow a similar qualifying pattern as they did when they were issued in March, which means that Americans will receive a certain amount based on their earnings and then money for any dependents as well. Under these standards, the vast majority of American citizens can expect to receive them. Getting them, however, is the easy part. Deciding what to spend them on is where it could get tricky this time.
In anticipation of another round of stimulus checks, we decided to take a close look at what the experts say Americans should be spending them on as the pandemic trickles into the fall months. Here’s a closer look:
Catch up on Bills
While the intention of the stimulus checks is more to infuse money back into the economy, the experts suggest spending it to catch up on any high priority bills or payments that you’ve fallen behind on first. Things like rent or your mortgage payment, utility bills and other necessities should take priority.
Save it
It’s never a bad idea to build up your savings account, but it’s even more important during periods of uncertainty. Having cash on hand to make ends meet should you lose your job or get furloughed is especially important right now. The bottom line is there’s never a bad time to save, even if it’s just for peace of mind. The experts advise always having anywhere from three to six months worth of expenses socked away for a rainy day.
Pay Down High Interest Debt
Is your job secure? Are you doing OK on bills? If so, then now’s your time to catch up on other things or even get ahead a little. While saving is one option, so too is paying down any high interest debt, such as revolving credit card debt. And if you have accounts with an interest rate of more than 10 percent, it’ll do you better to pay that down first before you save.
Have Some Fun
Yes, any stimulus check is to help struggling Americans get by in trying times, but that doesn’t mean you can’t also have some fun with things. Take a portion of it if you can and purchase something you’ve had your eye on. Times are tough, and a pick me up can go a long way.
