How should you use your stimulus money? A financial professional weighs in
CONCORD, N.C. (WBTV) - Stimulus checks are finally rolling in. Once you get it, what’s the best way to spend it? Even if you’re waiting on the money, financial experts say you still can come up with a plan now.
Being strategic with your stimulus check is key.
“We just don’t know this world is going to look like on the other side of the Coronavirus. Leading experts say it could end in a few weeks, others say it could take a year and a half,” said Toney Treece of Treece Co. Financial in Concord.
Treece is one of many who is studying the markets closely. If your money isn’t tight and your bills are paid, he says one option that could be in your best interest is to invest in a ROTH IRA account. It’s tax-free and has the potential to grow the money so you could use it for retirement.
“That would be a very wise decision, certainly would,” he added.
A lot of companies are offering forgiveness programs and special provisions if you’ve lost your job and unable to pay the bills. Treece says if those companies are letting you off the hook, for now, use that money to buy essentials.
“Medical care, food, water and taking care of your family,” said Treece.
Lastly, not spending the money and letting it sit in your bank account isn’t a bad idea either according to Treece. In the end, you’ll still have it if you end up needing it later.
“There are a lot of people who really think they’re financially set now, and they think they’ve got life figured out, but there are some surprises that are coming our way in the matter of major, major downturns. The market hasn’t even begun to drop to where it’s going to drop to,” he said.
Treece Co. Financial is offering free webinars on its website if you would like help with financial planning.
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