Everyone was excited about receiving a stimulus package last year and it will most likely be no different this upcoming year. You are free to spend your stimulus check however you wish. However, you could spend it several different ways to try to help boost the economy.
You could use your check to purchase something that is manufactured and sold in the United States. This way, you are helping our economy grow stronger and more stable. You are supporting American workers and American products. Even if you don’t purchase American products, you could use your stimulus package to buy from companies in America that are in your local area. This will help your local area. Go to local small stores that a family owns or buy local produce from a farmer in your area. Even if you don’t spend locally, just by spending the money you can still contribute somewhat to helping the economy get better and increase confidence in America.
You could also use your check to pay off debt. Pay off a loan or a credit card. This may not help the economy at this minute, but it will in the long run. The less debt you owe, the more money you will have to spend and save for in the future. If you need the credit card later you’ll either have a zero balance or you can at least make a dent in how much you owe and then be able to purchase more.
You can use the money to help your community by donating to a shelter, a church or non-profit organization that needs help. If you know of an organization that helps homeless people or helps feed people, help them out since you have the chance with this extra cash. Helping other people out will make you feel good and it will come back to you. The more you give the more you will receive. Donations are tax deductible so you can reduce your tax liability by donating to charities.
Become more environmentally friendly and green. If you have an old appliance that is sucking up lots of energy, trade it in for one that is energy efficient. You can buy energy efficient light bulbs to put throughout your house. Maybe you’ve been looking into buying solar panels or a hybrid car? The stimulus package won’t pay for the whole amount of these items, but it’s a good start.
Make home repairs or improvements that you’ve wanted to do. If you need new windows to better insulate your home or maybe you just want to put a fresh coat of paint on a room, now’s the time to buy that stuff. The extra money you put into your house can help increase your home’s value. When it comes time to sell it you will be prepared to get it on the market and sold.
Buy necessities and stock up on them. You could use your stimulus check to pay for food and household products for your family for a couple of months. You could also use your check to pay for your car insurance premium for a year. This would eliminate a monthly bill that you would have to worry about paying and many times companies will give you a deeper discount if you’re willing to pay for a year in advance. You will save money and not have to worry about insurance again for a year.
Save it as an emergency fund. This will not help the economy immediately, but in the case of an emergency, it will come in handy and could keep you afloat or out of debt in a hard situation. For example, if you or your partner loses your job or you have to have your car repaired and it’s not covered by insurance. There are many emergency type situations that people are not prepared for and then have to fork out the extra money that they do not have. Your stimulus check could be a safety net to fall back on in case you need it.
