CARES Act - Part 3: Making the Most of Your Stimulus Money

| April 20, 2020
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L week the IRS began sending the Economic Impact Payments to individuals. While there have been a few hiccups with this process, many Americans have already seen the funds show up in their bank accounts.

Before buying a new wardrobe to help fit your new curves from the “Quarantine 15,” consider using your stimulus payment in other ways:

  1. Pay your bills. This stimulus will likely be used by many Americans who are experiencing unemployment or lower wages to keep up with mortgage payments, utility bills, groceries, and other essentials.
  2. Stow it away in your emergency fund. Make sure you have 3 to 6 months’ worth of living expenses in savings.
  3. Pay down high interest loans and/or credit cards. 
  4. Invest in your future:
    1. Take advantage of the down market and invest in your IRA or Roth IRA to build up your retirement savings.
    2. Start a general investment account to save for short-term goals like a home remodel project, vacation fund or new car.

If you think you already have these essentials in good order, we encourage you to spend some of the funds to support your favorite local businesses and or non-profits.

Please let us know how we can help you plan or invest, or if you have any questions at all about the government stimulus package. Call our office at 317-882-7675.

More information about Economic Impact Payments:

https://www.irs.gov/coronavirus/economic-impact-payments

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