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Home · ESSENCE Wellness House

Money Moves! The Budgetnista's Tips On How To Spend Your Stimulus Check Wisely

Got plans for that stimulus check? Here's what this personal finance guru suggests you should do with that extra chunk of change.
The Budgetnista’s Advice On How To Spend Your Coronavirus Stimulus Check
By Jasmine Grant · Updated December 6, 2020

As you likely know, the U.S. government has approved a historic $2 trillion economic stimulus package in response to the coronavirus pandemic. That means every qualifying taxpayer is expected to receive a maximum payment of $1,200 sometime this month.

Now, for a lot of us, $1,200 can make a world of difference. But before you start making plans for that check, personal-finance guru Tiffany “the Budgetnista” Aliche says you might want to confirm that you have one coming. “If you’re single and you make over $99,000 [according to your adjusted gross income] or [you’re in] a couple earning over $198,000 [filing jointly], you’re not going to get anything,” she said during day 2 of the ESSENCE Wellness House Virtual Summit. The same goes for anyone who owes back child support or is listed as a dependent. Sorry
. . . those are the rules!

Article continues after video.

For those who do receive a stimulus check, Aliche says the first thing you should put that money toward is your essential bills. “Prioritize the bills that will help you maintain your safety and your health,” she says. She adds that your second priority should be padding your savings account, to ensure you have at least 6 months worth of basic living expenses stashed away for a rainy day. If those two things are in order, you can move on to paying down debt or investing in building wealth or your retirement savings.

These are money moves we can get behind! Click the video above to check out more of the Budgetnista’s stimulus tips.

TOPICS:  #EssenceWellnessHouse CARES Act coronavirus stimulus package essence Essence Wellness House essencewellnesshousevirtual FInance the budgetnista tiffany aliche wellnesshousevirtualsummit
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