Your stimulusdeposit could arrive as soon as this week — here’s how to use the money wisely
The federal government is poised to send millions of adults checks starting this week as part of the massive $2.2 trillion stimulus bill aiming to shore up an economy reeling from the coronavirus outbreak.
“ Advisers say they’d fill their rainy day funds first, pay down debts and then cautiously invest or donate their money. ” A rainy day account should cover three to six months of expenses, Johnson said. That means money for rent, mortgage and utilities. Average rent was $1,468 as of February, according a spokesman at RENTcafe.com, an online real-estate listings.As of December, home owners paid $833 in interest and principal a month in a 30-year rate on a median priced home at $225,723, according to CoreLogic. That figure doesn’t include the varying size of property taxes that could be layered on a monthly bill.
Spend it If someone’s comfortable with the size of their rainy day fund, several advisers advise paying down debts — particularly credit-card debt. Americans owed $930 billion in credit-card debt as of 2019’s fourth quarter, according Federal Reserve Bank of New York. — Chris Chen of Insight Financial Strategists in Newton, Mass. “Paying off credit cards would be a great way to get an immediate guaranteed return,” said Chris Chen of Insight Financial Strategists in Newton, Mass.
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