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To Spend or Save Your Stimulus Money? That is the Question.


on 4/22/2020

Adult Man Pondering

The COVID-19 Government Stimulus money has started to hit American’s bank accounts.  What are you going to do with it? Spend it or save it? Oftentimes when we get a payout, whether it is the stimulus money, your annual income tax refund, or you’re lucky a lottery winner, we think, “How am I going to SPEND it?”

Well, it depends on your financial situation. Taking a vacation, sadly, isn’t an option right now and do you really want to spend it in a minute on a large ticket item that you probably don’t need? Read on for some good options to get the most out of your stimulus money.

If You’re Not Working or Earning Less   

Obviously, if you are unable to work or earning less because of the Shelter in Place order, use this money to cover your housing payment, utilities, and food costs that may not be covered by unemployment payments. 

Don’t forget to work with your creditors on ways they are helping out during the pandemic. We have several options in place at Genisys to help our members get through this difficult time. We want you to be able to focus on your family and their well-being.

If You’re Earning Your Regular Salary

If you are able to work from home or are an essential worker, earning your regular salary, the stimulus money can be a great jumpstart or addition to your emergency savings account. 

Another idea is to pay down some debt payments like credit cards or other installment loans that you wouldn’t mind paying off sooner. If you already have an emergency fund built up and a perfectly balanced budget, (that’s awesome, by the way) add the money to your retirement account or kid’s college savings.

Since the stock market is kind of scary at the moment, we have safe, guaranteed rate of return options with our Money Market Accounts, Share Certificates, and our High-Yield Youth Savings Accounts for your kids. 

If You’re Financially Comfortable

If you have a nice savings account, the retirement savings is on track, and the budget is ship-shape, why not pay it forward. 

Your favorite small business may be selling gift cards or fulfilling online orders until they open their retail shop again. 

That local eatery that you are a regular guest of is open, serving takeout or delivering meals; treat yourself to your favorite meals and help the restaurant until they can welcome you back to the dining room. 

You could even donate to a local non-profit that is near and dear to your heart. They are in need of, and greatly appreciate monetary donations, especially if others have had to scale back due to their income changes.

We hope you are doing well and staying positive during this trying time. Again, please don’t hesitate to reach out to us for any financial assistance you may need. 

 

© Genisys Credit Union and www.genisyscu.org, 2020. Unauthorized use and/or duplication of this material without express and written permission from this site’s author and/or owner is strictly prohibited.  Excerpts and links may be used, provided that full and clear credit is given to Genisys Credit Union and www.genisyscu.org with appropriate and specific direction to the original content.

 

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