The United States Government recently passed a two-trillion dollar stimulus package to help boost the economy, and aid U.S. Residents during this Coronavirus (COVID-19) situation.  U.S. Residents who filed taxes in 2019 and 2018 will automatically qualify.  

 It is estimated that each individual will receive $1,200 and an additional $500 per dependent.  If you filed taxes single and made less than $75,000, if you are married and filed jointly and made $150,000 or less.  If you exceed the income guidelines, than you will receive a reduced amount.  

 I have heard so many people talking about the stimulus checks I thought I would share a few thoughts.  First beware of scammers, whenever there is some sort of mass money distribution, you know there are people out there who will be trying to scam you.  

 If you did not file your tax return electronically and are not signed up for direct deposit, I recommend you check your mailbox daily, as there will be mail theft taking place.

 If you receive any phone calls that are asking for your information or calling in regards to your "stimulus check", hang up immediately.  You will NOT be receiving a phone call from the IRS or any reputable company in regards to the stimulus check. Consider all phone calls a scam if they mention the stimulus check.  

 Do not click on any e-mail sign ups in regards to the stimulus checks.  You do not have to sign up or update any information.  The checks are being issued based off your tax return, if you have moved, you have to count on the check being forwarded to you.  You could double check with the post office to be sure you have an updated forwarding address.  If you no longer bank with the bank you received your direct deposit from, a printed check will be mailed.  

 Checks are expected to be distributed in the next three weeks or so.  

 Now once your check arrives what should you use it for?
Obviously if you were largely affected by COVID-19 with a job loss, or as a small business owner, saw a huge decline in your income, than you need this stimulus check to buy essentials, pay bills, etc.

 If you are fortunate enough to still be working from home, and have not seen a decrease in your income I recommend you consider the following uses for your stimulus check.  

 Savings - Many Americans do not have a savings account or emergency fund of any kind.  Many Americans live paycheck to paycheck.  If that is you, this is a great opportunity to open a Savings account.  

 I know with the travel ban, many people are dreaming of a trip or vacation somewhere.  If it has been years since you have taken a vacation, you may want to save a portion of your stimulus check for a future vacation.  
Pay off Debt - I often hear people say they want to get out of debt, if you are not in immediate need of these funds for everyday essentials, this is a great opportunity to pay off a chunk of debt.  Consider at least using a portion of your stimulus check to pay off debt.  
Give - The main purpose of the stimulus package is to help boost the economy.  If you are debt free, have a savings account, consider being a huge help to local business owners and your community.  You can definitely make a difference by shopping small, shopping local and also supporting our local non-profits, churches, food banks, etc.  

 I have friends who own local restaurants, retail shops, craft shops, kid-friendly play areas, bookstores, friends who sell apparel, and handmade items.  If you are in the financial place, it is a HUGE blessing for you to spend your money local.  You could start buying Christmas gifts, from local vendors/shops.  
I like many of you love the convenience of Amazon, love my local Target and Walmart.  The truth is these large companies will survive this easily.  As a matter of fact they are going well over their quotas, surpassing Black Friday numbers.  

 A great way to give back to our local community is to contribute to our local churches and non-profit organizations.   Many are providing services such as food closets, clothing, job search assistance and so much more.  
Invest - If you have been wanting to purchase stocks and get involved in the stock market now is a great time.  As long as you are thinking long term, you can find some lower priced stocks right now.  
It is estimated that 80% of adults will receive a Coronavirus Stimulus Check.  I hope you will consider the best way to use your stimulus check and not spend it too quickly.  
If you are married, now is a great time to discuss with your spouse your thoughts on the stimulus check before it arrives.  Look over your budget, think through the next six months, what is essential, what is the highest priority. Is it savings?  Is it paying off some of those high interest credit cards?  Is it counting your blessings and giving?  Or is it a combination of these suggestions?  Thank you for reading if you’ve enjoyed the content you’ve read above please share with your friends.    
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