How to make the most of those stimulus dollars
Federal stimulus checks are arriving in people's bank accounts and in people's mailboxes.
For many, these are much-needed funds to help them get through the financial uncertainty of the coronavirus pandemic.
The stimulus money is $1,200 for most individuals with an extra $500 for each child.
On Saturday's WFMJ Weekend Today, a financial expert spoke on what he feels is the best way to use those funds.
While the check is obviously meant to stimulate the economy, it can also help serve as a personal emergency fund for any type of unexpected event.
He says right now it's important to follow a budget.
"The budget has to be more strict right now when you are not sure when you are going back to work. A big component of that budget is having an emergency to get you through the next few months," said Brian Laraway, V.P., Bury Financial Group.
When you get a lot of money all at once you might want to spend it on "stuff." Laraway says you have to weigh your needs vs. your wants.
"You might really want something but do you need it? At this point, we are talking about necessities. Make sure you can pay your mortgage or your rent. Food, of course," added Laraway.
Laraway says to hold off on paying down debt. He says to wait until the pandemic is over before you use the money for something like that, just in case.
And if you are someone who is still employed at this time, maybe think of giving a few dollars to a charity to help others who are not so fortunate during this time.