10 Ways To Spend Your COVID-19 Stimulus Check
The Corona virus Pandemic has caused more than 16 million Americans to file claims for unemployment. To keep the economy alive, the government is offering a stimulus check of up to $1,200 for adults ($500 per child under the age of 17). Stimulus checks will start rolling out this week, and the big question is, “What will you do with your money?” In this guide, we will discuss buying solar and 9 other ways to use your COVID-19 stimulus check.
#1 Cover the Basics
Millions of people have lost their jobs due to the pandemic, and this has caused financial issues across the board. The hope of the stimulus checks is to help families weather the storm and cover the basics they need until the economy gets back on its feet. In doing so, you could save your stimulus money to help cover the essentials. These would include:
- Utility Bills
- Mortgage or Rent
- Auto or home insurance
- Paying off credit card bills
Unemployment will help you with some of your essential needs, but it is a good idea to have an emergency fund. It will all depend on your current financial situation as to how you choose to spend your money.
#2 Buying Solar Power
Buying solar power is one of the best investments you can make, because it may actually cost nothing upfront and save you dollars on your electric bill from Day 1. There are tons of great deals going on right now in the solar industry. Your decision now will potentially save you hundreds of dollars each month this summer and in the long run.
Long-term benefits of solar power:
- Start Saving Right Away
- Low Payback Period
- Increase Your Home Value
- Take Advantage of Incentive Programs
- Secure Investment
- Guaranteed Performance
- Environmentally Friendly
- Create Energy Independence
At the moment, SunRun is offering an incentive to any customer who signs up during the entire month of April and May. They will get their Solar (with optional battery backup) for $1 per month for the first 6 months. This is a saving that can help you get relief from your utility bills right now, as well as in the future. Buying solar is an investment that will last you for years to come.
#3 Pay Off Debt
There are a lot of lenders and credit card issuers who are offering relief packages. While it may not be the ideal situation to use your stimulus money to pay off your debt, you may be able to negotiate and get better rates to pay your debt off right now. Your current financial status will determine if this is an option for you at this time.
Here are some good examples to consider:
- Car payments – If you are only a couple of car payments away from having your vehicle paid off, then this may be a great option for you.
- Medical bills – You could negotiate rates and offer to pay the bill in full.
- Student loan – You may be able to get better rates with the current economic crisis. This could help you pay these debts off faster.
While a $1,200 stimulus check may not help you pay your debt in full, you can pay a large portion off and help lower your financial burden. Paying debt is always a good financial decision.
#4 Home Improvements
All homes can do with some upgrades. If you are financially sound you may consider using your stimulus check to do some upgrades around your home. Since you have more time at home, this is the perfect time to do some DIY projects. By updating your home, you are adding value to it. This means there will be a return on your investment. Plus, it is something that you and your family can all pitch in and help with. Home upgrades such as changing out windows could also help you save on your energy bills.
Here are some update ideas:
- Upgrade windows
- New roof
- Give your rooms a new coat of paint
- Upgrade flooring
- New driveway
- Outside lighting
#5 Raised Garden Beds
Now is the time to become self-sufficient. If you are looking at ways to cut costs and increase savings then raising a garden is a great choice. If you are low on space, then you may consider raised beds. Growing your own garden is rewarding and can help improve your health. There is nothing like having fresh veggies at your fingertips. Use your stimulus check to set up your garden with veggie plants, topsoil, gardening tools, supplies to make raised beds, and fertilizer. Now is the time to do the things you always wanted to do but never had the time. A garden is an activity you can get the whole family involved in.
Although the government is handing out stimulus checks to help improve the economy while making it through the corona virus, there is nothing wrong with putting your money into savings. Perhaps you are an essential worker and this money is coming as a bonus to you. In this case, you could put it away and perhaps plan a trip that you have been wanting to go on. While it is not advised that you buy tickets for vacation destinations at this time, you can put the money away and use it once our nationwide quarantine has been lifted.
It always makes financial sense to take the money you are not expecting and turn it into an investment. There are many different safer vehicles that you could invest your money into:
- Traditional or Roth IRA – Invest money for your retirement.
- College – Put the money into a college fund for your children.
- CDs or Savings Bonds – These are both secure investment options.
#8 Something Fun For Everyone
The whole purpose of the stimulus check is to help American citizens make it through this pandemic with as little financial damage as possible, while also keeping the economy alive. If the check is coming to you as a bonus, then you may consider spending it on something that the whole family can enjoy. Warmer weather is coming up, and everyone will want to get out of the house and enjoy the sunlight.
Here are some ideas:
- Swimming pool
- Basketball hoop
- Bikes for the whole family
- Camping gear
- BBQ and Outdoor furniture
#9 Invest In Your Business
While many shops have had to close their doors, online sales are still very much alive. Therefore, you could take your stimulus check and invest it into more stock for your business. This will help generate sales and make you more money in the long run. In addition, you may also want to consider some upgrades around your shop.
These may include:
- Pos System
- Shop displays
#10 Appliances or Furniture
We have all been guilty of making things last because we simply do not have the money to buy something new. Now is the time to invest in new appliances or furniture for your home. Making these types of purchases now will save you from having to finance them in the future. Let’s face it, we can live without some appliances, but they sure do make our lives easier.
These may include:
- Living room furniture
- Bedroom furniture
- Kitchen appliances
- Washer and dryer
Tell Us What You Think
We have all been greatly affected by this pandemic in one way or another. The stimulus checks are provided by the government to help lessen the financial strain that we may be going through at this time. There are loads of things you can spend your money on that can help you save in the future, such as buying solar power. In addition, you can lessen the tension in your household by using your money as an emergency backup fund. Comment below and tell us what you think. What do you plan to use your stimulus check on?