Monetary Planner Suggests Utilizing Stimulus Verify To Cut back Stress In Your Life – CBS Pittsburgh
PITTSBURGH (KDKA) – 85 percent of Americans have received or are about to receive their coronavirus relief checks.
It could be a lot of money. A family of four could get $ 5,600. What do you do with the money?
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Financial planner Bob Feldman said he remembered it was a relief test, not a stimulus test. The first priority should be your family and bills.
“When you get a check like this, be sure to check out what’s keeping you up at night,” said Feldman of Snowden Lane Partners.
Feldman suggests using the money to relieve stress in your life.
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“What things do you have to deal with the most? Is it a car loan? Is it food for your family? Is it rent? Is it a credit card that is getting out of hand? “Said Feldman.
While parking the money in your savings sounds like a good idea, reducing your debt might be better.
“Most people are sitting there today with debt,” Feldman said. “And putting that money in a savings account that you basically don’t earn anything with when you have a 20 percent credit card makes no sense at all.”
Another thing to note: don’t be afraid to spend some money on yourself.
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“When you have certain things you have to do that you haven’t already done, like taking your kids to Kennywood Park or doing other things you enjoy, I think that’s really important,” Feldman said.