Spokane financial advisor shares tips to make the most out of your stimulus check
SPOKANE, Wash. — A third round of stimulus checks is hitting bank accounts.
People making under $75,000 will get $1,400, and married couples or people with children will get more.
The pandemic is forcing many families to rack up credit card debt, pile up bills on the table and even miss electricity payments.
A Spokane financial advisor says your stimulus money can help ease that burden, but it helps if you have a game plan.
“I would say jot down your priorities and really come out with a strategy to use that cash,” said Jessica Ekstrom, a financial advisor with Edward Jones.
Ekstrom says that strategy starts with your family’s situation.
“You know, we really want to look at prioritizing those expenses,” said Ekstrom.
One of the first things should be day spending.
“If we know that we’re going to be at risk of getting an eviction or when utilities are needed to be paid before they shut off — electricity — we want to make sure that we pay those first,” said Ekstrom.
Though there is an eviction moratorium in Washington, your rent will have to be paid off eventually.
As far as utilities and other expenses, Ekstrom says check with the company in charge to see if the payment can be delayed.
“Any of those types of programs that will allow us to kind of put those down the line priorities, choose the ones that have an immediate need first, then start to go down that line item,” said Ekstrom.
If there’s no wiggle room to delay those payments, Ekstrom says take care of those first. And if you can, stock some of the money away for an emergency fund. Finally, have a list of short and long-term goals, such as a 401-K.
If you receive your payment through a debit card in the mail, CLICK HERE to see what it will look like.
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