Whether you decide to spend, save or pay off debt, here are some quick tips to get the biggest bang for your buck.
First things first. Start by reviewing your budget. No budget to review? Make one instead. Then, before you make a move, check out how much you’ll get, when you’ll receive the funds and other key details here. Once you have a ballpark figure, read on for three ways you can make your money count.
Cover your expenses.
If you, like many Americans, are currently coping with unemployment or other COVID-19-related challenges, you may need to apply your stimulus check to cover the gap of your living expenses or other essentials.
Kickstart your rainy-day fund.
If you already have a rainy-day fund (also called an emergency fund), congratulations! This is a good opportunity to add to it. If you don’t have one, now might be a great time to stash that cash for future use.
Apply your money toward debt.
Paying off debt is a good option if you can cover your essentials and have a rainy-day savings with 3 to 6 months of expenses. Following either an avalanche or snowball approach can help you pay down debt on your terms.
Bonus: If you can cover your expenses, have a rainy-day fund and don’t have debt, you have a number of options. You could invest in your future through a long-term savings or retirement account, use it to treat yourself or consider donating some to charity or those you know who are experiencing hardship.
Feeling financially overwhelmed? Nimbl can help. Download the app today to get started.