What Are Your Plans for Your Stimulus Check? | St. Johns Bank
Many American households will be receiving a stimulus check of at least $1,200. While this will provide some relief for many people, especially with everything going on nowadays, you may wonder if there is a “right” way to handle it.
Your individual circumstances will determine how to best utilize the stimulus payment. But our team at St. Johns Bank wants to provide some food for thought.
Making the Stimulus Work for You
As we mentioned above, the way you use your stimulus funds will vary depending on the circumstance you find yourself in. While some may be able to sock away money or pay down debt, it’s a stark reality that millions of Americans find themselves without a job and current source of income.
That’s why you first want to ensure you have enough money to cover your bills. Many people have found themselves in a position where they are not working during this time, or where they are working and earning much less than normal. Therefore, you want to make sure you are able to cover your bases when it comes to being able to survive for the next couple of months, especially when it comes to the costs of housing, food and other essentials.
If—and only if—your bills are covered comfortably, then you may want to consider other options for using your stimulus payment.
You can never go wrong with paying down debt. Even with everything going on, your debt is still going to be there, and it still has the possibility to grow, which is something you don’t want.
Therefore, if you are in the position to use your stimulus check to pay off debt, then you might want to consider doing it to also help you have more financial wiggle room.
Finally, if you have what you need to cover your monthly expenses and have no debt, build up or add to an emergency fund. If 2020 has taught us anything, it is that life can change in an instant. While we cannot prepare for everything, what we can do is prepare our finances in the way of an emergency fund!
Please note that during this time, St. Johns Bank is operating through drive-up facilities only. The access to our lobby is by appointment only.