As of April 15, 2020, many Americans received Economic Impact Payments directly deposited into their account. Many others received or will receive a paper check at a later date. With the uncertainty caused by the coronavirus outbreak, these payments are extremely important for the financial wellbeing of many Americans, but what's the best way to spend it?
Check the status of your payment at IRS.gov
Some bills are going to take precedence over others such as food, heat, or keeping a roof over your head. Often utility companies, communication providers, insurance companies, and other sources of your monthly bills will work with you if you’re in a tight spot financially because of COVID-19, so don’t hesitate to contact them.
Alaska USA and many other lenders are offering deferred or suspended payments on loans and credit cards, and it’s worth checking to see what they can do for you. Follow this link to see what options Alaska USA has for members right now.
If you can, put some of the money aside in your savings account. Having any sort of financial cushion over the next few weeks can help you cover unexpected or emergency expenses. Remember, money in your credit union account is insured by the NCUA for up to $250,000, so there’s no safer place to keep your money.
With the deadline for filing taxes extended to July 15, it can seem easy to sideline them for the time being. If you’re likely to owe income taxes this season, it might be a good idea to use your stimulus payment to cover the cost.
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