8 Ways To [Wisely] Spend Your Stimulus Check

8 Ways To [Wisely] Spend Your Stimulus Check

The corona virus has had a major impact on the lives of people around the globe. There's no denying it. Our economy has slowed, paychecks have stopped, and some states have even froze the hiring of state employees. But do you know what hasn't stopped?


Rent, mortgage, internet, phone, heating, air conditioning, car, insurance...all bills that can't wait for the shut down of our country to subside. That is why the stimulus package in America has granted most American adults a payment of $1,200 to be deposited in their accounts by the IRS, and most Americans will be using the money to stay afloat.

But what if you're someone who is still working, and doesn't necessarily need the money? Your paycheck hasn't changed, your hours have not been cut, you are still employed, and all bills are current. What should you do with your money?

Below are some suggestions on how you can spend your money on things other than essential bills.


8 Ways To [Wisely] Spend Your Stimulus Check

This seems like the most obvious option, but you’d be surprised how many people don’t think about this option. If they do, it’ll be for but a fleeting moment.

In truth, you should have enough money in savings to sustain yourself and your family for about 2 months. Personally, I’d recommend 4 months as you never know what extra expenses may occur, so it’s better to be safe than sorry. Most Americans, especially millennials and younger, can’t say they have this. Why? Mostly because of the recession in 2008-2009 coupled with inflation and the fact that wages haven’t really increased that much to keep up with it all.

If you’re someone who isn’t in desperate need of anything right now in this moment, the best thing you could do is save this money. Put it towards a retirement account, savings account, or your ROTH IRA if you have one.

Student Loan Payments

8 Ways To [Wisely] Spend Your Stimulus Check

Student loans have been the bane of many borrowers existence. My own student loan payment is about $260/mo. I still have about 3.5 years left to pay it, too. My monthly payment has never been consolidated nor lowered ever, either.

This is why this is the perfect time to pay your loans. Why? Well, most people with student loans aren’t making a dent in their principal amount because they’re too busy paying the interest. That’s why your friend Mary started with a principal amount of $38,000 in December 2015, and her current payoff is $39,500 as of April 2020, despite making timely payments every month.

As of March 13th, 2020, student loan companies have entered federal student loans into a state of forbearance. Basically, this means that you don’t have to pay your federal student loans until after September 30th, 2020. This also means that your federal loans are not accruing interest during this time, so not paying will not hurt you.

But if you’re someone who is struggling with student loan payoffs, you may want to keep paying. Whatever payments you make now will apply to your principal balance of your federal loans. This means that pesky interest that has been dragging you down for years can’t touch you. Your payment is immune to its poisonous grasp.

As of right now, private loans still need to be paid. However, if you have any federal loans, consider continuing your payment. It’ll help you in the end.

Invest in the Stock Market

8 Ways To [Wisely] Spend Your Stimulus Check

This option requires you to be informed and savvy on the stock market, which I am not. However, stocks for certain businesses are cheaper than they have been in years, and it’s definitely a buyers market right now.

Only choose this option if you know what you are doing. There are some stocks worth buying right now, say Procter and Gamble, while others could cost you even more money, which is not what you want right now (or ever, if we’re being honest). But if you’re looking to make an investment decision to pay off in the future, explore this option. Just make sure that you do your research, first.

Small Business Startup

8 Ways To [Wisely] Spend Your Stimulus Check

Have you always wanted your own bakery? Did you want to become a YouTuber, but you don’t have the proper equipment? Is photography your calling, but you can’t afford that brand new professional camera?

I’m not sure what your passion is, but that $1,200 could help you get started in building your own small business. Most people don’t start their own business for many reasons: too much responsibility, too expensive, unsure of the future, etc. But if you’re someone who truly wants to start working for yourself, and you’re ready to take the jump, start by investing your $1,200 in equipment for your business.

Pay off a Meaningful Bill

8 Ways To [Wisely] Spend Your Stimulus Check

First, unless you have one that is interest free for a certain amount of months, a credit card is not a meaningful bill.

Why? Because credit card debt, for the majority of Americans, is not going to go away any time soon. Therefore, it’d be a waste of money to apply the $1,200 to a credit card payment. According to TheStreet.com, the average credit card debt per person is $5,331.00. That’s over 4 times the amount of your base stimulus check, not including the extra $500 parents receive per child in the house. Even if this debt is spread out among multiple cards, odds are you will probably swipe that card again sometime in the near future. This is why credit card debt is so difficult to get out of once you’re in it. It’s better just to make the correct monthly payments on the card and pay in cash for items when you can so you can avoid swiping the card. This is the easiest way to pay off a credit card.

So what are meaningful bills?

A meaningful bill, as used in this article, is a bill that, basically, isn’t permanent, and it has little to no chance of increasing. In other words, it’s a bill that can be paid off easily and quickly. These bills include, but are not limited to, car loans, mortgage payments, interest free credit cards, child support, medical bills, etc. Basically, put the money towards something that’ll get you more out of debt and help raise your credit score.

Treat Yo Self

8 Ways To [Wisely] Spend Your Stimulus Check

If you’re in a good spot financially with plenty of savings, then there’s nothing wrong with treating yourself to something. Maybe you’ve always wanted a Nintendo Switch or a trip to the beach in the future. Maybe there were certain center pieces for your wedding you wanted, but they were too expensive. Whatever it is, there’s nothing wrong with using the check for these purposes. Just make sure you absolutely do not need it for anything else, and you are financially stable. Otherwise, you will severely regret it.

Helping Family

8 Ways To [Wisely] Spend Your Stimulus Check

I know, I know…some people are raising an eyebrow right now. Odds are, your family all received some sort of check. Regardless, sometimes that may not be enough. What if you’re still working as is your partner, and you all jointly received $2,400? Great! But what if, hypothetically, your father is a diabetic, lost his job, and still has to pay for insulin? Most likely, his check won’t go very far.

Doesn’t he deserve your check? Hell no.

What, you thought I was going to say yes? Facts are facts. The check is yours, and it was given to you. You paid into the taxes that entitled you to the check, and you can spend it however you like. No one deserves any part of your stimulus check except maybe your kids. But if you are someone who truly doesn’t need it, but you know a family member who does, there’s nothing wrong with helping them. My parents did not qualify for the check because of their income. However, if they needed it, I would give them mine since I’m still working full time from home.

College Fund

8 Ways To [Wisely] Spend Your Stimulus Check

This option is more for parents than anyone. If you have a child, and you want them to have the option to go to college, this would be a good place to put money from your stimulus check. College funds are great because they don’t necessarily have to be used for college. My own parents started a college fund for my siblings and me, and we ended up having about $15,000 each to our names by the time we entered college.

My brother, sister, and I chose to go to college, so most of the money went there. However, it can also just be given as a gift to your child when they get older. Most college funds and savings accounts allow for the money to gain interest and grow over time. That means whatever you put in now will probably increase by the time it is withdrawn. So even if your child doesn’t go to college or a technical school, it’s still money to get them on their feet upon graduation.

Hopefully there's something on this list that is a viable option for you. If not, feel free to share the suggestions to others as food for thought.

What other things can you do with your stimulus check?

8 Ways To [Wisely] Spend Your Stimulus Check
Add Opinion

Most Helpful Guys

  • Matt57
    I’m not getting one, but I don’t agree with saving it. The purpose of the Stimulus is to use this increased purchasing power to help keep the economy propped up and put money into circulation. Then again, if it is in the bank, the money isn’t actually physically yours and they bank use that money for distribution but will still have money there for when you do withdraw it or use it.

    Let me rephrase my comment: I disagree with people who are cashing it and keeping it under their mattress and preventing it from going into Circulation.
    Is this still revelant?
    • Shuri

      I don't. It's a good place to start saving it. There aren't too many people that can do that, anyway, so the few that can are not going to disrupt the economy.

    • Dude, that's why the majority of people are paycheck to paycheck and one missed is disaster. Learn to save a bit for bad times. The Fed has been printing money for years. The debt is bigger than the average instagram ass. What ever happened to saving for a rainy day? Nobody owes an economy "circulation." That's a lie.

  • dandee55
    Savings? No. That defeats the whole purpose. Why do you think it's called "stimulus"? It's to stimulate the economy. We need to bring the economy back to life. It's dying. If we don't bring it back (and support American businesses), we'll have another Great Depression.
    Is this still revelant?
    • Shuri

      The number of people who can put it in to savings is so low that those who do probably won’t impact the economy that much. I don’t personally know anyone outside of my immediate family and my boyfriend that can afford to put it into savings.

    • I thought it was just so people could pay off their bills
      If it's too stimulate the economy, than wouldn't it have made more sense for Trump to just send it to business owners?

    • Shuri

      @ZeussLightningBolt Businesses got some of it, too. It’s for people to pay bills. But essential workers like myself don’t necessarily need it depending on what they do because they’re still keeping the economy going. I’m a teacher, so I’m still getting regular pay and benefits.

    • Show All

Most Helpful Girls

  • missangelavoss
    I just bought grocery’s but then I started having car trouble and mechanics all over my town are being assholes charging so much money who’s gonna pay $800 plus labor and parts for a water pump change? Nope not me I’m fine with just taking care of my family’s needs instead of my car at this point
    Is this still revelant?
  • 500$/month on grocery shopping with three kids, and two adults.
    We got new cell phones.
    We bought a new fridge.
    Some money for church.
    The rest into savings.
    Is this still revelant?
    • the church donation was a waste

    • @dmgstarfleet and every thing else? But you as a unchristian would say that.

    • Shuri

      He’s not wrong, and I say that as a Christian. Tithes are a church tax, and they are not biblical. They originate from Catholic Churches in Britain. They used the tithing in Genesis to make people pay 10% of their earnings to the church but we don’t operate under Mosaic law anymore. Therefore, tithing isn’t required. Also, if you read the Bible, tithing was in the form of crops and sheep, not money. Nothing wrong with giving to the church, but it’s not the same as giving to God.

    • Show All

Scroll Down to Read Other Opinions

What Girls & Guys Said

  • RolandCuthbert
    I am not getting a check. But if you are getting one, I would think you have essential needs. This is only 1200 bucks minus whatever is taken out. In most places that might amount to a month's worth of bills.
    • Shuri

      I got one but I’m still getting paid full salary with benefits. I don’t need it for anything essential.

    • Well, good job. You can probably make some investments. Other folks, that money will be gone as soon as they can cash it.

      I have laid off so many people. This is crazy.

  • genericname85
    lol... to "wisely" spend xD... how about paying the freaking bills that have been piling up since most people are litterally forbidden to generate an income? the majority of people don't have the financial cushioning to just not work for a few weeks XD
    • Shuri

      You obviously didn't read this, did you?

      "But what if you're someone who is still working, and doesn't necessarily need the money? Your paycheck hasn't changed, your hours have not been cut, you are still employed, and all bills are current. What should you do with your money?

      Below are some suggestions on how you can spend your money on things other than essential bills."

    • if you don't need the money, it would be quite socialistic to even take it.

    • Shuri

      Lol, okay.

  • ohshee
    Yes please everyone vote PLEASE FIRE EVERY SINGLE ONE OF OUR GOVERNMENT EMPLOYEES THAT SAY THEY REPRESENT US ITS BULL SHIT. IF YOU 18 YEARS OLD THEY JUST PUT YOUR KIDS UR GRAND KIDS AND GREAT GRAND KIDS LIFES IN so far in the hole they are screwed and they and all big banks just go richer fire everyone of them
    • So true, the US will never dig itself out of debt. It's funny how the government can't control it's own finances but if you can't pay your taxes the government will come down on you like a duck on a June bug. Right now we could pay off the National Debt if every man, woman, and child paid $43,000 towards it. But we screwed out children and grand children as they will be the ones having to pay it.

  • First of all, the "Whopping" $1200 isn't going to do much to get you out of debt, but it might go a long way for a weekend getaway to recoup from this stay at home order. Provided of course if you are not behind on any bills, which may be a stretch. Past due bills of course should take precedence.
  • dmgstarfleet
    How about:
    1. Hooker (s)
    2. WEED (safely delivered)
    3. Alcohol (in case weed supply chains are disrupted)
    4. On Line Gambling (takes $ to make $)
    5. Circa 1977 x wing fighter in its original packaging
    6. a day at Disneyland with a park hopper ticket when they repoen
    7. Next year's "Gal-entines Day" (that's about what it costs)
    8. Donation to a political candidate
  • AllAmericanGirl99
    If you e trouble paying back a student loan then perhaps you should not have gone to college 😉
    • Or perhaps in the long run it’ll pay off You need to start somewhere...

    • Shuri

      With an ignorant response like that, I'm going to assume you didn't go to college.

    • No not yet but then I've no debt and make more money than most college graduates with a degree in women's studies or some other bullshit degree.

    • Show All
  • hellionthesagereborn
    huh, I didn't know their were other options then paying bills. Glad to see people are getting money that others worked for and spending it on frivolous things while the rest of us risk losing our homes and starving to death because those same people are saying we are not allowed to work (as if we all are in a position to last months without money).
    • Shuri

      No one worked for money from the stimulus package. It come from federal reserves. It has nothing to do with your taxes. Plus there are people like me (teacher) who are still working and receiving full salary but due to how much we make, we still get the money. We don't need it to pay bills because we're still getting out check.

      Sorry. I guess you should've been essential or at least a non-essential that can work from home.

    • So does the government have a side job we don't know about? Did it save up money working a double shift at a restraunt or delivering papers? Of course its tax payers money, the government does not get paid with anything but tax payer dollars. Why would you think otherwise? Again, do they have a job that they haven't mentioned?

      As for me "being essential", that's a very elitist thing to say, really shitty, also I'm still working. I'm not complaining for myself, I'm pissed off because we now have to face the fact that almost 15 million americans are now out of a job, that we have to face the very real possibility of a food crisis as we have shut down "non essential" work, like food processing and transporting which is going to cause mass starvation (but glad to know that you teaching (something that can be done online for free) makes you so much better then and more essential then every one else (like those who produce food that keeps our entire civilization running and you alive (clearly they just were to stupid to get a job like yours huh?)).

      So by your own admission (ignoring your rampant elitism), your getting a paycheck that is coming out of tax payers pockets while people who where forced not to go to work are getting the same amount even though they are either forced not to work or have been fired because of this quarantine (which is more dangerous then the virus its suppose to protect us from), and we are going to plunge our nation into greater debt while destroying our economy to do it. Seems kind of, oh I don't know, stupid (clearly you don't teach economics).

    • Now to be clear, I'm not trying to be an asshole, but I am getting sick and tired of people acting like destroying lives and shutting down the country and destroying the economy and risking mass starvation for something that has a death toll less then the standard flu (by current statistical data) is not a big fucking deal. You are making light of this situation by talking about spending a stimulus check "wisely" you know, for things other then survival while people are losing their homes and are quickly going to be, along with their families, on the streets and starving. This is a big fucking deal and people need to stop taking it lightly. Just because your job isn't essential enough that it needs you physically their to do it, doesn't mean others have that luxury.

    • Show All
  • CupcakeKiller
    I found out I got an attorney position right before I got the check. I paid my car payment, paid back my brother who lent me a little to buy some business clothes, then you better believe I treated myself.
  • I wouldn't say it's a buyers market. Buyer's market happen during deleavereging, this is not deleavereging. These are uncertain times and the market reflects that. This isn't a correction where all prices are cheaper than before, companies which people think will stay around are stable or have even risen eg Amazon. Do not see a stock cheap and buy it, it is cheap for a reason. Your opportunity to buy has already passed (for most people).
  • Phoenix98
    I'll be using mine for bills, I'm still working and saving money since my job (agriculture/seed) is essential. \

    I plan on using it to pay off a 1,200$ medical bill though by the time I get my check it will probably be around a 1,000$ or less for the bills so I'll still have some left over in which case I'll either spend it or possibly invest in stocks not sure yet.
  • spaz17
    Invest it in the market... if you have no knowledge of the market you can download etrade or robinhood app and start following it to gain your knowledge of how the process works..
  • good! I'd say min 6-8 months of savings... not easy to achieve. stuff happens...

    give to another who needs it by way of paying them for work?
    eat out once or twice... keep businesses up.
  • TonyBologna25
    Great take, but I don’t know if it’s the time to invest in a small business lol. I’d say it’s the time to do it once we start seeing things get better. The best time to do it is right after a recession.
    • Shuri

      On the contrary. It's probably one of the better times to get the finances for it together seeing as a lot of small businesses can't get loans. The more you have on your person, the less you have to rely on a loan. Plus, so many businesses aren't open, and if yours is something you can do from home, you can start it now with a small client base. That's what I'm doing with my cakes. So many places are closed but birthdays, weddings, and anniversaries are still a thing. I just make them and deliver so they don't have to go to grocery stores.

      Plus, honestly, a lot of small businesses will not be able to make a comeback after this. Less competition.

      You can start a small business from home without buying a store front.

  • Numbnuts89
    I'm thinking about getting Lasik. I'm also going to be getting a little bit of other money, don't ask, I'd rather not talk about it but, I'll basically have enough to do lasik on both eyes, and the stimulus check will help, a lot.. if i get one, of course. I don't know if ill be getting one
  • Meatunnel69
    Investing in a girlfriend without defects
  • We’re entering a recession so I’d suggest savings and keeping lines of cash open. If you do invest, buy etfs and mutual funds. Single company stocks aren’t gonna make us poor folk rich.
  • ManOnFire
    I haven't even touched mine. I just leave it in my special account and let it build up with everything else I have in there.
  • ObscuredBeyond
    I bought a new tent, and fixed my van's oil pan. And flushed the power steering.
  • andreasderjuengere
    A 'stimulus' check to me sounds like economical masturbation - it only benefits the economy.
    Instead, I suggest to try new and better ways?
  • mattmanyah2
    Don't spend it till this is over you don't know when you will need it... Don't be affraid to spend it on what you need.
  • Blindguyplaying
    You forgot to add hookers and blow to the wisepy ways list
  • GeanieJ78
    Pay yourself and put it in the bank where it won't be spent.
  • lovedejj_xo
    I’ll use some of it for student loans and bills the rest will go into savings
  • Surely
    Put it away to help pay my school taxes in the fall.
  • Underworld158
    For me strippers and crack
    • Shuri

      I guess that would fall under the ‘treat yo self’ category 🤣

    • Yep YOLO

  • masonderek6994
    In buying a trailer hitch for my mobility scooter carrier/ramp and a new updated tv
  • Steve37
    Wtf is "Treat Yo Self" doing on this list?
    • Shuri

      Read it, and you'll know.

    • Steve37

      I did read it. It seems out of place in a list of responsible ways to spend stimulus checks.

    • Shuri

      If that's your response after reading it, then you didn't read it very well.

  • D_Bone_Steak
    I'm just paying the rent early
  • credit card debt... sadly ):
  • ZeussLightningBolt
    I'm putting mine in my travel fund
  • Stonernights
    Saving for when we pay it back next year
  • Liam_Hayden
    Or be thankful that you earn too much to get one.
    • Shuri

      If you earn too much to get one, then this article doesn't even apply to you.

  • SecretGardenBlood65
    Good take.
  • Twenty2
    Or you can donate to Twenty2
    • Screw that. Donate to the one username that exists soley out of not finding a better one! We, like the dark side, give cookies to random donors. #betterchoice #me :p

  • themythos
    Car parts
  • GoBlueSC4
  • Steve_Dogs
    Buy gold.
    • Exactly... economic stimulation will damage the economy... gold is the wise bet

    • Prof_Don

      The price of gold is hella high right now, because the rich have been withdrawing money from the stock market for the past year & stashing it away in gold.

    • I have a gold coin I bought a few years ago and was told by an antique dealer I would never get my money back as it was a premium piece... right now that scraps for more than I paid

  • gta_fan
    I got mine, just sitting in my bank account