Within the next few weeks, American taxpayers will begin to receive their stimulus checks from the government. For some, it will be a lifeline, for others, some padding for the time being. But what should you do with that money?
Part of the $2 trillion stimulus package from the government may be going right into your pockets and depending on how much you make and how many people are in your household, you could be receiving several thousand dollars.
With unemployment numbers skyrocketing and many others having their hours or wages cut, financial help cannot come soon enough. Money expert Suze Orman has some advice on how to use that cash.
First, don’t go blowing it. Even if you are financially stable right now, a global pandemic is not the time to be making big purchases.
“It’s your job out there, everybody, to really make the most out of every penny that you have right now,” Suze Orman.
But what about those who are now unemployed or have bills they need to pay? The good news Orman says is many of your creditors are willing to work with you.
“Your mortgage companies, your credit card companies, the utility companies, all of you should go online to your service provider and they will tell you there.”
When it comes to prioritizing your spending right now, here’s Orman’s advice:
- Make sure you have health care
- Spend on food and shelter first
- Don’t borrow to pay bills
- Only make the minimum payments right now