If credit cards are not a problem but you’ve used up your savings while temporarily out of work, you can put your stimulus money into savings. If your job situation during the pandemic made you think about a career that might not be as fragile, or if you were overworked as a key worker, this stimulus money could be used to help with a retraining. If your credit card balance has built up over the past year, you can use your stimulus money to pay off your credit cards – ideally, pay off. You might feel that this is not going to boost the economy. However, it is good for the economy when every member of our society is able to meet their needs and reduce financial burdens.
If you are one of the people who received stimulus money but would have been fine without it, that money can be used to stimulate the economy. If you love to eat out, your favorite restaurants would love you to visit – in person or by pickup or delivery. An astonishing number of restaurants have closed permanently over the past year. Make sure you give a good tip. Waiters cannot do their work virtually. Linda Leitz is a certified financial planner. She can be reached at linda@peaceofmindfin.com.
When you receive money – be it from the government, your job, a gift from a friend, an inheritance, or wherever – you are free to use the money as you see fit, unless there are legal restrictions on how the money can be used. So use your stimulus money to do what feels right for you. Source gazette.com
Your favorite charity would appreciate an additional donation from you. Your business stimulus payment is not taxable. By listing your tax deductions, you can give your incentive money to charity and receive a deduction for it. This can help you stay one step ahead of that stimulus payment, or you can increase your donation given the deduction you receive. For example, if you want to donate $ 1,400, donate $ 1,750 to offset the tax withholding. Maybe there was a retail store that was closed for a while and is now reopening. Limited capacity could still prevent these small businesses from making pre-pandemic sales. By purchasing gift cards from these companies, more people will also be able to shop from them.
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