Responsible Stimulus Spending

This week, many people within the United States received a stimulus check. At $1400 per person, many households received a sizeable deposit. This round of stimulus is creating the same spending frenzy as the last 2. You can visibly see the flat screen television boxes sitting on the curbside waiting for trash pickup. The tattoo shops are booked solid. Spring Breakers are filling up the hotels. The parking lots at Walmart, Target, and Best Buy have been packed the last few days. People are justifying their spending sprees on material and worthless items. For those people who have been directly impacted by the pandemic, the stimulus will hopefully provide some relief. For those who were not impacted by the pandemic, let me give some suggestions.

Be charitable: If the pandemic did not reduce your income, think of family, friends, members of your church that may need financial help. Show up with a bag of groceries. Pay a car payment or utility bill for them. We are identified as disciples of Christ by the love we share.
If you don’t have an emergency fund, establish one now.
Tax filing has been pushed back one month. You have time to make an IRA contribution.
Reduce non-secured debt.
Make an extra car or house payment.
Establish a 529 plan for your children.

There are many financially responsible decisions you can make regarding this last round of stimulus. Blowing the money on material comfort things should not be one of them.