With the number of COVID-19 cases rising every day in the United States, the economy has become unpredictable, making the stimulus check a vital sum for countless individuals and families. After discussing your finances with an accountant, you can make many responsible purchases with your stimulus check. Consider saving the money for one or more of the following.

How Should You Use Your Stimulus Money?

1. Get Ahead on the Basics

If you’re fortunate enough to remain employed during the pandemic, you may already have most of the necessities covered, like your rent, mortgage, or utility bills. If you’re looking for a way to sensibly spend the stimulus that also enables you to get ahead in your everyday life, consider dedicating this money to future payments on these essential services.

2. Pay Off Debts

Whether you have debt from credit cards, student loans, or a new car you just purchased, paying it off helps maintain your budget. If you’re already current on home and utility bills, use the stimulus money to pay down debts and stabilize your finances.

3. Start an Emergency Fund

The coronavirus has shown the world that emergencies can occur to anyone at any moment. That’s why you should have an additional savings account set aside specifically for situations that might involve furloughs or a depressed economy. Use your stimulus money to begin building an emergency account, designating certain amounts for each individual in your family.

4. Invest the Money

Another responsible use of your stimulus check is to invest in stocks, a tuition fund for the kids, or your retirement. Your accountant can provide advice on the ideal options for your specific needs because planning for the future involves more than just a savings account. Stocks, retirement plans, and tuition programs all compound interest over time, allowing you to earn more from your initial investment.

If you’re looking for additional ways to grow your stimulus check and use it responsibly, contact the professionals at Hannegan & Associates in Edgewood, KY. The accountants on this team serve the Tri-State area of Ohio, Kentucky, and Indiana, providing the financial advice you need to get the most out of your savings. To learn more about their services, visit them online or call (859) 291-0101.