Like most tax paying Americans, The Husband and I received a stimulus check from the government because of the Corona virus. According to "their" calculations, we made too much money to get the full amount.
All told, we got almost $2400. The Husband and I each got almost $700 and we got $500 per child we have.
Then we had to decide what to do with the money. We decided we had four options:
Option 1: Transfer the money into savings and sit on it.
Option 2: Send the entire amount towards our credit card debt.
Option 3: Hybrid of the above options: X percentage towards debt and X percentage into savings.
Option 4: Take it all out as cash and have it available at home.
We actually went with Option 4. Although we still have debt, we were very lucky during the entire Shelter-In-Place to not have to worry about money. Both The Husband and I were able to work from home and pull full paychecks. For us, the stimulus money was truly a bonus.
We pulled out the entire stimulus check amount and held it available to us in cash. Banks were closing and we didn't know what was going to happen and we thought it was really important to have some cash on hand.
We still don't have a definite goal for the money, but we have it if we need it. We have decided to use it like a little cash safety net.
I know many people were not as fortunate as us and needed to use that money for food, rent, car payments, electricity, etc. so we don't want to take that money for granted and fritter it away on new clothes or random crap.
We want to make sure and keep that money around as a rainy day fund.
Because rain will come and it's better to walk in it with an umbrella if you can!
How did you use your stimulus check?
No comments:
Post a Comment