You wake up to check your bank account and see you have received your second stimulus check! Now what? Here's how experts say you should spend it.
Life insurance company John Hancock says there are five major ways you can use the check.
- Pay for things like rent, food, utilities, household supplies, etc.
Build an Emergency Fund
- Rainy-day fund to help soften the blow of a financial set back from unforeseen events.
Pay High Interest Debt
- Paying high interest debts sooner rather than later will save you money in the long run.
Save and Invest
- Consider funding a short term or long term goal like paying for a future wedding or buying a car.
Donate to a Cause
- If you are fortunate enough to not be largely impacted by the pandemic, donate to a local charity that supports people in need in your community.