(WCMH) — The stimulus checks are coming, and not just $1,400 checks for adults, but also more money than ever for children.
Now the question: What’s the best thing to do with it?
Raneesha Jackson says it will be a godsend for her family.
“Tremendously, helping with the bills and food,” she said.
Jenny Schwab plans to pay down some bills.
“Certainly, we can get things paid down,” she said.
A family of four could receive more than $5,000 this time, so it could be the biggest windfall you have seen in a while.
But before you buy that 70 inch TV, Kiplinger Personal finance suggests you:
- Pay off high-interest debt, such as credit cards.
- Shore up your emergency fund…so you are prepared for the next downturn.
- Put some money in a 529 college fund for the kids, or for you.
But from the “doesn’t that stink” file, how all this stimulus money will help certain major retailers make even more money, while local stores struggle.
And that stinks.
So Kiplinger’s final tip: Support local businesses near you, from boutiques to family owned restaurants.
That way everyone benefits from the stimulus.
So experts say spend a bit, but pay down any bills you owe first.
That way you don’t waste your money.
Don’t Waste Your Money” is a registered trademark of Scripps Media, Inc. (“Scripps”).
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