If you follow me on Instagram, you might’ve seen this infographic I created for how to use your stimulus check, assuming you are still bringing in income.
I made this at the request of a few followers before the stimulus package was passed, and I stand by it in many ways, but wanted to add some thoughts:
- Saving/investing your stimulus check is a great idea, but if you are absolutely killing it with your money goals, the best thing you can do with your check is to donate some or all of it to a family in need or an organization you care about
- If you are stuck between saving and investing, lean toward investing. It will help the stock market as well as your long-term goals
- There is nothing wrong with spending some of your stimulus check– the whole point is to stimulate the economy– especially on small & local businesses
This is just how I’ve been thinking about everything lately. My hope is that we’ll roll out another stimulus package, but one that is more equitable by pausing rent and mortgage payments, rather than giving a blanket amount of money to citizens.
That being said, my stimulus check went straight to my summer savings because I had still not heard whether or not I’d be getting my stipend for coaching a spring sport. The good news is (and this is new information, which I didn’t have while filming this update) that I WILL be receiving my stipend in full. This means, thankfully, that my summer is secure. I have transferred the stimulus check to my car savings account, accelerating it by about 3-4 months. I may withdraw a portion to donate and a portion to spend, but have not made any decisions yet.
Since I simply transferred the stimulus amount from one savings account to another, my net worth still stands. As of the day I filmed this video toward the end of April, my new net worth was $25,055. I’m officially 1/4 of the way to 100k, and thrilled. I’m looking forward to completing my car savings in the coming months and essentially freeing up $300/month that I was previously saving. Looking at the numbers, I plan to beef up my investments and travel, as well as start putting a monthly amount toward business expenses.
Watch my video above to see the actual breakdown of my net worth– how much is savings, investments, etc., and make sure to subscribe to my channel for new videos every Thursday.