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How can I maximize my COVID-19 Stimulus Check?

How can I maximize my COVID-19 Stimulus Check?

As you’ve probably heard, the federal government is issuing stimulus checks to all Americans during this challenging financial time. If you’re out of work, you have probably allocated the money you will receive toward bills that are already adding up. If you’re still working and earning a paycheck, you may have the stimulus earmarked for savings – just in case.

You may think that you’ve got a great plan, but how can you maximize your stimulus money? After all, no one knows how long this situation will last and what its long-term effects will be on our economy.

Before sharing any tips for putting your stimulus check to work, we want to make sure you have the most relevant, up-to-date information about this stimulus. With so many news articles being posted about the stimulus, how do you know what’s accurate? Visit the IRS site directly to have all of your stimulus questions answered.

Make a plan. As you anticipate your stimulus money, it’s time to plan ahead and prepare. Calculate how much you can expect to receive and consider your expenses. If you’re out of work, when do you expect to go back? When are your bills due, and how much do you owe? It’s important to make a list and prioritize your expenses.

Cut back. Next, look for places you can save money. Pause or cancel subscriptions that aren’t necessary. If you subscribe to multiple TV or video streaming services, narrow them down to one.

Review automatics payments. If you have automatic payments set up on your debit or credit cards, set reminders for when they will come out of your account. If you can, cancel auto-payments so that surprise transactions don’t get in the way of more important bill payments or potentially put your account in the negative.

Ask about skipping payments. If you have credit cards, auto loans, or a mortgage, now is the time to find out if you can skip payments for a month or two. Many financial institutions are helping consumers by offering relief on payments during this difficult time. This is a great way to save money so you can focus on utilities, phone, internet, and other bills that you may not be able to skip. Visit GoGulfWinds.com/Help to see how Gulf Winds is supporting memberse in this way. 

Spend a little extra. Once you’ve ensured that your priorities are met, consider spending a little more locally. After all, the stimulus is meant to keep the economy going. What better way to do this than by supporting businesses in your community that are still open? Order takeout from a locally-owned restaurant or fill up your pantry from the shelves of a locally-owned grocery store.

Save a little. It’s always a good idea to stash money into savings when you can. Having a little extra set aside can be the difference in an unexpected financial disaster – or not. When your finances are already strained, one hiccup can make things worse quickly.

Using these tips, you can assess your financial situation and set yourself up for success through the coming months. If you have questions about how Gulf Winds can help during this uncertain time, visit GoGulfWinds.com/Help or give us a call at 800.650.6328. Our team is here with resources to guide you.

 

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