What Should You Do With The Stimulus Money?

National Credit Union Foundation chart

Economic stimulus checks started going out this week, which raises the question - what should you do with the money? How do use the funds safely and in a way that benefits your financial health & well-being during this difficult time? Here are the six things the National Credit Union Foundation advises you to consider:

  1. Prioritize: Focus on the bills that keep a roof over your head, the lights on and food on the table. Check with your local jurisdiction as many utilities and communications providers are working with consumers to waive fees, keep the power on and your internet connection working.
  2. Talk: With your credit union and other lenders. Many are offering low small dollar loans, skip-a-pay, loan modifications and other sources of help so you can use your payment for what you need now. Click here for information on Ideal CU's payment relief optons.
  3. 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. America Saves has solid resources and information to help with access to food and unemployment benefits.
  4. Don’t hoard cash: Keep it in your credit union. Your money is safe, secure and insured, up to a minimum of $250,000 per individual, by the NCUA. You may qualify for more than $250,000 in coverage if you own share accounts in different ownership categories.
  5. Protect: There are lots of scammers out there trying to use this crisis to get at your stimulus check and your money. Watch out for suspicious emails, texts or phone calls. Here’s a great article that can help you keep an eye out for these threats.
  6. Pay your taxes: The deadline for filing and paying income taxes has been extended to July 15th. If you haven’t saved to pay your income taxes, you may want to consider using the economic impact payment to pay your taxes.

Ideal Credit Union is here for you during these unprecedented times. For comprehensive information on our pandemic response and other helpful resources visit COVID-19.  Please contact us at 651-770-7000 with any questions or concerns you may have regarding your finances here at Ideal CU. Be safe and stay healthy!

(Source: National Credit Union Foundation)

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