How to Best Use Your Stimulus Money, Part 2
Woo-hoo! Spending stimulus money, what can be more fun? Cars, jewelry, vacations! Depending on your financial position, the options vary greatly.
If your income has remained steady and there is an adequate emergency fund tucked away, count your blessings! You have done well to protect yourself. The stimulus money can now be “investment” money. Investments come in a variety of ways, not just the stock market or mutual funds.
Effective Uses for Stimulus Funds
- Emergency Savings
- Invest for Retirement
- 529 College Savings Account
- Donate
- Health Care: Doctor, Dental, Eyes, Hearing
- Upgrade Technology
- Home Repairs and Upgrades
- Pay Off Debt
- Paying Down your Mortgage
- Car Maintenance, Pay Off, or Replacement
- Go to College/Finish your Degree/Continuing Education
- Start a Business
- Help Your Kids and Yes, Your Ex-Spouse (Catch Up on Child Support)
- Support Your Local Businesses
Watch for the full version of this article in the May/June issue of our magazine, My Community Spirit, that comes out of May 1st. In the meantime, if you have questions that are specific to your circumstances, we want to help! That’s what we are here for. Please email faith@encompassministriesinc.org with your questions or a request for a free zoom meeting to talk about your personal situation.