8 Good Ways to Use Your Stimulus Check
Got your stimulus check? It surely is a good chunk of money, and you want to spend every bit responsibly. There are so many productive ways you can spend your stimulus check instead of just throwing the money away on foolish and lavish consumer stuff that you may regret later. What is a stimulus check?
A stimulus check is a check sent out by the US government to tax-paying citizens in order to provide relief and boost economic activity. The last time the government handed out these checks before 2020 was in 2008 during the Great Recession. The recent coronavirus pandemic wave, however, with its stagnating and destructive impact on the economy and people’s individual lives, drove the government to give out stimulus checks again to combat the growing unemployment, increase people’s spending capability, and by this, give the economy a little uplift.
8 Tips to Spend Your Stimulus Check Wisely
This check can really pull you out of a lot of problems and give you some headroom breathing space in this time of crisis, but only if you use it right. Here are 8 positive ways to do that:
1. Spend on Basic Utilities
If you don’t have enough savings or a steady source of income at the moment, this stimulus will save your life. Use it to pay for all of the living essentials like rent, fees, food, and other utilities and utility bills. Also, spend it only on indispensable bills that you can’t live without.<//p>
2. Save It for Emergencies
If you still have enough money for essentials, then save this stimulus check for emergencies. Because things have been getting tighter since the pandemic and you never know when it might come in handy.
3. Pay Off Debt
Do you have a credit card bill that you’re struggling to pay? Your stimulus check can do wonders for paying off some of these expenses or it can at least make it more manageable for you in the coming months. Use it to get ahead in some of these costs if you can’t pay them off directly.
4. Open a High-Yield Savings Account
If you don’t have an immediate use for it and want to make your savings grow, then put it in a high-yield savings account. High-yield savings accounts accrue more interest over time, making them a good option for building up nonexistent savings.
There are other profitable plans and ventures you can invest in to multiply your money. You can even start a small business with this money or invest it in the stock market.
6. Groom Yourself
You can also use the money to pay for your education or for learning a new skill or taking a course that will really help you skill-up and better your income chances.
7. Open a 529 Plan for Your Child
Think about your children’s future. Get a saving plan for them, to be able to pay their college fees, etc. in the future.
If you are very well off and have some financial headroom during these tough times, then that is a blessing. In that case, try to use the stimulus check money to help those struggling around you. This can be people you know, or businesses, or other charitable causes, especially those helping fight the coronavirus.
But what happens when your stimulus isn’t enough and you find yourself facing some unprecedented emergencies?
Related content: Getting A Title Loan During Covid-19 In South Carolina
Title Loans in South Carolina
If this situation sounds all too familiar to you, title loans can be your ticket to fast emergency money. Title loans are a short-term loan option type that allows you to leverage the value of your vehicle in order to secure a loan of up to $15,000. Applying for one is easy, fast, and your eligibility isn’t dependent upon your credit score for approval.
If you’re in the market for an online title loan with no store visit, you’re in luck! After you fill out a short, online form a representative will contact you to schedule a safe face-to-face meeting during which your car will be inspected. You won’t have to worry about visiting a store location. We’ll come to you! During your meeting, you’ll need to provide a few pieces of information which include:
- Your driver’s license or state-issued I.D.
- The lien-free title to your vehicle
- your vehicle for inspection
- A blank check to your checking account.
That’s all you’ll need to supply in order to secure cash for your car title and the best part? You won’t need to sacrifice the use of your car during your loan. You can operate it as you normally would, taking it to the work, the store, the gym, anywhere! Stimulus checks give us a lot to be thankful for, but when the money runs dry and you have nowhere to turn to for emergency money, title loans will always be here for you.
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.