Financial coach offers tips on what to do with stimulus check

Financial coach offers tips on what to do with stimulus check

Keep an eye on those bank accounts and mailboxes, because if it’s not already here then the next stimulus check could be coming to many Americans within with next couple of weeks.

$600 could be used in many ways for many people.

With everyone in different financial situations, News 19 asked a financial coach some productive ways to use the relief money that’s coming from the government.

Financial Coach Latoya Whitfield suggests to start an emergency savings fund – she says most people don’t even have $1,000 in savings.

Another suggestion: Pay off current debt, and be strategic to who you pay off. Paying off current debts first is important, ensuring they don’t impact your credit.

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Whitfield says going into 2021 many people are ready to purchase homes and encourages those people to put the stimulus money aside, since it could be used for a down payment or to pay an inspector.

Two other options for the use of the stimulus money is directed towards those who are looking to start a business – start an LLC. It’s about $200 in Alabama. She also suggest paying your business privilege tax which is about $90.

Her last piece of advice: Pay for repairs for your house or repairs on your car like an oil change.

For those with a steady income that might not be much, but for those who don’t, having money to catch up and make sure things are working properly is a good opportunity.

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