Since the cost of living has increased exponentially over the last few months, it is prudent that people spend their stimulus check payments properly. As it stands, a lot of people had previously depleted their savings in the first few months of the pandemic- when unemployment was rampant.
And currently, with the absence of having more money in the bank, quite a few consumers have been having quite a hard time dealing with their bills. The bad news- on the other hand- is that there are absolutely no near-term plans currently that would send out a fourth round of federal stimulus payments. The good news, though, is that quite a few states have already started issuing their own payments.
How Should One Spend Their Stimulus Check Payment?
With several states already having a surplus of funds in their budgets, they have decided to spend that as stimulus check payments, rather than keep it. Maine, for example, has already made plans of sending out stimulus payments of $850. At the same time, the residents of Indiana will also be issued a stimulus payment of $125. If you are one amongst the many to receive a stimulus payment from your state- it would simply be prudent for you to make the best of your deal.
The previous March saw federal lawmakers issuing the third round of stimulus check payments that were worth up to $1,400 apiece. In the wake of that, Dave Ramsey went on to give advice on how to utilize that money for good. Interestingly, that advice can be used for any current stimulus payment programs that have taken place throughout the state. Ramsay hints that the payments should be dealt with- keeping one’s financial circumstances in mind. If one seems to be out of work or has lost their income, Ramsay would suggest utilizing the stimulus funds to cover the basic essentials.
If one has a steady job, they could definitely utilize the stimulus check payment to complete their emergency fund- along with paying an unhealthy debt.
