Tips on how to make your stimulus checks last!

Here's some advice on how to make it last longer!

Stimulus checks are on the way to American pockets really soon and this might give illusions of abundance to many, but what we should be aware of is that this stimulus is actually given as a stress reliever and not as a bonus to spend more money. 

So instead of thinking about how to make a pandemic birthday party extra special, buying tech gadgets to compensate your lockdown boredom, or spending money on new furniture, think about how to really make your stimulus check stretch a long way so it can help you with the current economic hardship that the pandemic has brought along. 

Here are a  few tips on that:

Your bills come first 

Right now some things have become a priority that perhaps back in the day we could have lived without for some time, and for these necessities, bills need to be paid on time. Having your cellphone with service at all times either to call an ambulance or call people in an emergency, is a duty and not an option. Make sure that you can count on that service at all times, and prioritize to pay that bill just as the electricity one and of course last but not least your health insurance.

Stimulus checks should be considered as emergency fund checks and not the contrary 

Create a monthly emergency fund 

Although sometimes we forget about the global current context is important to remind yourself that we can be in an emergency at any time. Hence why it is really important to think ahead and  create a money emergency fund in case of future eventualities such as falling ill and having to take care of medical bills, losing your job and having to spend more than normal, etc. This will be your lifesaver, trust us. 
 

consider your check as an extra help and not as a boost to spend it

Stock your home when times get rough 

If you worry about future scarcity and not being able to feed yourself or your family, better think about stocking ourselves with future supplies. Think about buying canned food or all kinds of foods that can be preserved without expiring. When restrictions get harder again and trips to the supermarket become longer and more expensive, you will be feeling very well about knowing that you can just go to your basement downstairs for whatever you need to eat. 

If you are interested in how to take care of your finances during the pandemic outbreak, go ahead and check financial advisor and author Suze Orman for more advice. These tips were based on some of her knowledge of personal finances. 

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