The National Credit Union Foundation offers these six tips on how to best use your COVID-19 relief check.
This is part two in a three-part series.
The COVID-19 relief checks are targeted to direct deposit this week, and the first wave of payments should process as early as Wednesday, April 15.
The IRS will process additional waves each week until everyone who is eligible receives their relief funds.
Additionally, the IRS introduced a website to help taxpayers track when they will receive their stimulus checks. Click here to visit the website.
The National Credit Union Foundation offers these six tips on how to best use your COVID-19 relief check:
- Prioritize
Focus on the bills that keep a roof over your head, the lights on and food on the table. Many utilities and communications providers are working to waive fees, keep the power on and your internet working.
- Talk with your credit union or other lenders
Many offer skip-a-pay, loan modifications, and other assistance so you can use your stimulus money for critical needs.
- Save some of it
If you set aside even $100-200, that can provide a cushion for bills that are coming in a couple of weeks.
- Don’t hoard cash
Keep it in your credit union. It’s safest there.
- Protect yourself from scams
There are lots of bad guys trying to use this crisis to get at your money. Watch out for suspicious emails, texts or phone calls.
- Pay your taxes
The deadline for filing and paying income taxes has been extended to July 15. If you haven’t saved to pay them, you may want to consider using the economic impact payment to pay your taxes.
Other suggestions for spending your stimulus check include paying off debt and adding it to your emergency savings, according to this Forbes article.
Remember, if you believe you’ve been the victim of a COVID-19 fraud scheme, please contact the U.S. Attorney’s Office and the COVID19 Fraud Coordinator (see the DOJ link here), or your state or local authorities.
You can also contact AmFirst by visiting this link.
