• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Home
  • About
  • Blog
    • Budget
    • Health
      • Food
      • Fitness
    • Financial Freedom
      • Travel
    • Money
    • Student Loans
    • Sweet Reads
  • Shop
  • CONTACT
  • Sugar and Money
  • Nav Social Menu

    • Facebook
    • Instagram
    • Pinterest
    • Twitter
Sugar and Money

Sugar and Money

Sweet Life Sweet Finances

Stimulus Checks: Here’s 12 Ways to Spend It

by Jackie 2 Comments

0shares
  • Share
  • Tweet
Blog Graphic for Stimulus Checks post
Blog post graphic for Stimulus Check guidance by sugarandmoney.com

Stimulus Checks: Here’s 12 Ways to Spend It

On March 27, 2020, President Trump signed a $2 Trillion dollar economic relief plan that is meant to help keep people involved in the economy. The plan included direct cash payments for many including changes to unemployment benefits and new rules for filing your taxes and making retirement contributions among other things. However, this article focuses solely on 12 ways to spend your coronavirus stimulus check which will come in a one-time cash payment from the IRS.

Individuals earning less than $75,000 can expect $1,200 and Married couples earning less than $150,000 can expect $2,400. Families will then add $500 per qualified child.

This article  and this article breaks down the payments in more detail.

Here’s 12 Ways to Spend your Coronavirus Stimulus Check:

  1. Get caught up on any past due bills. If you are behind on any bills, be sure to bring them current. Do this first before anything else.
  2. Make sure you can cover any current bills due. Based on your last month’s bills and expectant income, consider what bills are coming up soon and if you’re able to cover them, if not – a good use of your stimulus check will be to cover current or upcoming bills.
  3. Start or add more money to your emergency fund. It is recommended to have a minimum of 3 months of living expenses saved. Living expenses include your necessities like housing, food, utilities, transportation, and debt payments. If you already have 3 months saved then work towards having 6 months of expenses saved. Having 6 months of income saved will come in handy in tough times like a recession when its harder to find employment or unexpected loss of employment.
  4. Pay off any high interest debts especially credit cards, personal loans, etc. It’s always good to have minimum debt especially high interest debt.
  5. Pay down student loans but with a twist. Under the bill, federally backed student loan payments and interest are waived until September 30, 2020 – so that’s 6 full months without required student loan payments or interest accruing. I would recommend saving the money that you would pay on your student loans (regular and extra payments) in an earmarked savings account and then making a large snowball payment before September 30th. I prefer this method because then you will have the cash available to you in case of an unexpected emergency during this pandemic or in case any other relief becomes available to student loan borrowers. However, if you don’t feel like you can save the money without spending it then make those payments because you will be directly paying down your student loan principal. Click here to read more on the changes to student loans during this time.
  6. Invest in your future. This is a great opportunity to invest more in your retirement accounts and if you don’t have one then you can start an Individual Retirement Account or Roth Individual Retirement Account. If you choose to invest in the stock market then you can earmark some money for your brokerage account to invest in stocks or funds.
  7. Invest in your child(ren). This is an ideal time to start your child’s college savings account or add to it. Every state offers a 529 College Savings Plan. If you don’t want to invest in a 529 College Savings Plan then you can still save money for their future in a savings account for them. Please don’t find yourself getting so hung on what to do for your child’s future and end up doing nothing. Learn more about a 529 Account by clicking here.
  8. Invest in your personal development. There are numerous ways to invest in your personal development ranging from low cost ways to expensive investments. Consider buying a book that you’ve been wanting to read and then implement what you read, purchasing an online course and do the work that the course outlines, buy yourself a ticket to attend a conference or event, start a  business or maybe even invest in a 1:1 coaching session with someone you’ve been wanting to work with.

“Investing in yourself is the best investment you will ever make. It will not only improve your life, it will improve the lives of all those around you.” ―Robin Sharma

  1. Cover any items needing maintenance. If you’ve been putting off getting items serviced or maintained then this could be a good time to get it done before it becomes a major problem and expense down the road. Have you recently put off any car maintenance or any home maintenance then maybe use your stimulus check to cover that service.
  2. Donate to a charity. There are so many people that are in need right now due to COVID-19, this would be a good time to donate to a charity. All donations are typically welcomed so it doesn’t have to a large donation. Consider places like your local food bank, Red Cross, Feeding America or any other charity of your choice.
  3. Support a small business. There are a lot of small businesses that are currently struggling so this is a great time to support them by purchasing something from them. Other ways to support them is sharing their products and services on social media, following them on social media and recommending them to others.
  4. Treat yourself. Last but not least, once all of your necessities and priorities are covered then there’s nothing wrong with treating yourself. A few things to consider: A nice cup of coffee or tea from your favorite café, your favorite dessert from your favorite bakery, purchasing something for yourself from your favorite boutique or online store. It doesn’t have to be anything expensive but hopefully something that brings you a little joy during this pandemic.

If you don’t make a spending plan for your money, you will wonder where it went.

Remember to Stay Safe and we are in this together! Please comment below and let me know, How do you plan to spend your Stimulus Check.

signature

 

Filed Under: Financial Freedom, Financial Inspiration, Money, Saving Money, Student Loans, Uncategorized Tagged With: budgeting, student loans

JOIN THE NEWSLETTER

Signup today for free and be the first to get notified on new updates.

Reader Interactions

Comments

  1. AvatarSteveark says

    at

    Good advice. If you aren’t fully financially independent then you should go right down your list. For people like me and my wife who already have more money than we will ever spend it will just add to our investments and to what we give away. We always treated tax refunds, raises and bonuses as things to save and invest, we gave a percentage, sometimes spent a little on something fun, but most of it always went into our retirement investments. Which is why we were able to retire early and don’t have to work anymore unless we choose to.

    Reply
  2. AvatarTasha says

    at

    #5 is key! Student loan payoff with a TWIST! People are not aware of the student loan relief they could entitled too, glad you added a link!

    Reply

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Primary Sidebar

A little about me…

JackieSugar and Money is a blog about the personal finance choices and thoughts from a 30- something old Mom, Wife, and lover of personal finance. This blog shares her story of tackling debt and creating her version of financial freedom. Read More…

JOIN THE NEWSLETTER

Signup today for free and be the first to get notified on new updates.

Save More, Spend Less Bundle

Starter Worksheet Bundle to Save More!

 

Categories

  • Budget
  • Family Finances
  • Financial Freedom
  • Financial Inspiration
  • Fitness
  • Money
  • Saving Money
  • Student Loans
  • Sweet Reads
  • Uncategorized

JOIN THE NEWSLETTER

Sign up to receive our newsletter & updates

The Latest on Instagram

I've heard the financial rule of thumb of saving 1 I've heard the financial rule of thumb of saving 10% of your income for many many years. Most generally say to save 10% of your gross income especially in regards to retirement but I also believe you can choose to save 10% of your net income depending on your goals and how much you can comfortably save. (A rule of thumb is a generally accepted guideline but its not a proven fact however it gives you a reference point in my mind) Heck - I know people saving/investing 20% - 50% of their income (Hello #FIRECommunity)⠀⠀⠀⠀⠀⠀⠀⠀⠀
⠀⠀⠀⠀⠀⠀⠀⠀⠀
So, since I'm unable to contribute to my 401K until May and I have yet to take action on opening my RothIRA (I know...what am I waiting on😩) I've started saving 10% of my net pay. Net pay is the amount of money that you "bring home" after all the deductions come out...you know all those deductions like your retirement plan contributions, taxes, and benefits...THEN what's left is your net pay. ⠀⠀⠀⠀⠀⠀⠀⠀⠀
⠀⠀⠀⠀⠀⠀⠀⠀⠀
I take my net pay amount and multiply that by .10 and that total is the number that I transferred to my savings account on payday🤑⠀⠀⠀⠀⠀⠀⠀⠀⠀
⠀⠀⠀⠀⠀⠀⠀⠀⠀
My current plan is to save 10% of my net pay each payday and then once I open my Roth IRA - deposit all of it into my Roth IRA.⠀⠀⠀⠀⠀⠀⠀⠀⠀
⠀⠀⠀⠀⠀⠀⠀⠀⠀
❓What is something that you're currently doing with your finances? ⠀⠀⠀⠀⠀⠀⠀⠀⠀
⠀⠀⠀⠀⠀⠀⠀⠀⠀
#sugarandmoney #financialfreedom #thinkandgrowrich #debtfreejourney #budgeting #financialgoals #goalgetter #goaldigger #debtfreedom #studentloandebt #studentloanssuck #manifestyourbestyear #mindsetmatters #buildingwealth #financialpeace #moneysavingtips #financialindependence #millenialmoney #budgetingtips #debtfreeliving #debtfreelifestyle #savingmoney #financialruleofthumb⠀⠀⠀⠀⠀⠀⠀⠀⠀
.⠀⠀⠀⠀⠀⠀⠀⠀⠀
.⠀⠀⠀⠀⠀⠀⠀⠀⠀
.⠀⠀⠀⠀⠀⠀⠀⠀⠀
.⠀⠀⠀⠀⠀⠀⠀⠀⠀
🧁 Follow @sugarandmoney for more sweet money content.⠀⠀⠀⠀⠀⠀⠀⠀⠀
💖Like this post if you want to see more posts like this.⠀⠀⠀⠀⠀⠀⠀⠀⠀
🗣 Share with a friend because sharing is caring.⠀⠀⠀⠀⠀⠀⠀⠀⠀
👇🏾 Comment and let me know your thoughts.
If you are new around here or missed the memo, I s If you are new around here or missed the memo, I started at a new company after being permanently laid off from my employer of 11 years. My current company offers a 401k plan and they even automatically contribute 2% even if I don't contribute anything. They also match the first 4% that I contribute. That's cool BUT... I have to wait 6 whole months to start participating! Y'all! 6 months seems hella long to me and I've never had to wait that long. Previously I've waited 3 months at most.⠀⠀⠀⠀⠀⠀⠀⠀⠀
⠀⠀⠀⠀⠀⠀⠀⠀⠀
What about you? What has been the longest amount of time that you've had to wait to participate in your company's retirement plan? ⬇️⠀⠀⠀⠀⠀⠀⠀⠀⠀
⠀⠀⠀⠀⠀⠀⠀⠀⠀
#sugarandmoney #financialfreedom #thinkandgrowrich #debtfreejourney #budgeting #financialgoals #goalgetter #goaldigger #debtfreedom #studentloandebt #studentloanssuck #manifestyourbestyear #mindsetmatters #buildingwealth #financialpeace #moneysavingtips #financialindependence #millenialmoney #budgetingtips #futureselfplanning #retirementplanning #questionoftheday⠀⠀⠀⠀⠀⠀⠀⠀⠀
.⠀⠀⠀⠀⠀⠀⠀⠀⠀
.⠀⠀⠀⠀⠀⠀⠀⠀⠀
.⠀⠀⠀⠀⠀⠀⠀⠀⠀
.⠀⠀⠀⠀⠀⠀⠀⠀⠀
🧁 Follow @sugarandmoney for more sweet money content.⠀⠀⠀⠀⠀⠀⠀⠀⠀
💖Like this post if you want to see more posts like this.⠀⠀⠀⠀⠀⠀⠀⠀⠀
🗣 Share with a friend because sharing is caring.⠀⠀⠀⠀⠀⠀⠀⠀⠀
👇🏾 Comment and let me know your thoughts.
The 2020 numbers just keep rolling in. Honestly, I The 2020 numbers just keep rolling in. Honestly, I thought I paid less in student loan interest since I only paid on them for a few months but numbers don't lie. The good news is, any and all accrued interest on all of my remaining student loans has been satisfied. (I have 3 student loan groups left, totaling $29,700)⠀⠀⠀⠀⠀⠀⠀⠀⠀
⠀⠀⠀⠀⠀⠀⠀⠀⠀
Have you received your student loan tax information? If so, how much did you pay in interest? (Nelnet is my student loan servicer and sent them out electronically on the 12th)⠀⠀⠀⠀⠀⠀⠀⠀⠀
⠀⠀⠀⠀⠀⠀⠀⠀⠀
#sugarandmoney #financialfreedom #thinkandgrowrich #debtfreejourney #budgeting #financialgoals #goalgetter #goaldigger #debtfreedom #studentloandebt #studentloanssuck #manifestyourbestyear #mindsetmatters #buildingwealth #financialpeace #moneysavingtips #financialindependence #millenialmoney #budgetingtips #debtfreelifestyle #debtfreeby40 #debtfreeliving⠀⠀⠀⠀⠀⠀⠀⠀⠀
.⠀⠀⠀⠀⠀⠀⠀⠀⠀
.⠀⠀⠀⠀⠀⠀⠀⠀⠀
.⠀⠀⠀⠀⠀⠀⠀⠀⠀
Follow @sugarandmoney for more sweet money content.⠀⠀⠀⠀⠀⠀⠀⠀⠀
💖Like this post if you want to see more posts like this.⠀⠀⠀⠀⠀⠀⠀⠀⠀
🗣 Share with a friend because sharing is caring.⠀⠀⠀⠀⠀⠀⠀⠀⠀
👇🏾 Comment and let me know your thoughts.
My favorite quote is, “Nothing happens until you My favorite quote is, “Nothing happens until you decide”⠀⠀⠀⠀⠀⠀⠀⠀⠀
⠀⠀⠀⠀⠀⠀⠀⠀⠀
Whatever goal you have in mind that you want to achieve this year, decide that you will finish it.⠀⠀⠀⠀⠀⠀⠀⠀⠀
⠀⠀⠀⠀⠀⠀⠀⠀⠀
So, decide on your goal(s) then decide that you will achieve that goal! Silence any doubts, haters or naysayers because at the end of the day - your goal is exactly that - Yours! ⠀⠀⠀⠀⠀⠀⠀⠀⠀
You might start and stop but don’t you dare quit on yourself. Not this year! Instead...Finish it!⠀⠀⠀⠀⠀⠀⠀⠀⠀
⠀⠀⠀⠀⠀⠀⠀⠀⠀
But I want to hear from you, Let me know one goal you plan to start working towards achieving and that you're committed to finishing in 2020-Won!⠀⠀⠀⠀⠀⠀⠀⠀⠀
⠀⠀⠀⠀⠀⠀⠀⠀⠀
Let’s Get It!⠀⠀⠀⠀⠀⠀⠀⠀⠀
⠀⠀⠀⠀⠀⠀⠀⠀⠀
📷:@henryjonesphotography⠀⠀⠀⠀⠀⠀⠀⠀⠀
⠀⠀⠀⠀⠀⠀⠀⠀⠀
#sugarandmoney #budgeting #newyear #finance #savings #money #financialfreedom #thinkandgrowrich #debtfreejourney #budgeting #financialgoals #goalgetter #goaldigger #debtfreedom #studentloandebt #studentloanssuck #manifestyourbestyear #mindsetmatters #buildingwealth #financialpeace #moneysavingtips #financialindependence #millenialmoney #budgetingtips #debtfreeliving #debtfreelifestyle #goalsettingseason #twentytwentywon
Follow me on Instagram
Sugar and Money

Copyright © 2021 · Sugar and Money | Sweet Life Sweet Finance ·