Tips for Stimulus Checks - PenFed-Stories
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Ask the Experts

Tips for Stimulus Checks

April 17, 2020
Save or Spend?
Video Time: 01:12 | Views: 69

Government-issued stimulus checks are on their way to an estimated 175 million Americans. Personal Finance Expert and PenFed Executive Jamie Gayton, explains how best to save, spend, invest, or donate when the money hits your account.

Stimulus checks are coming which is extraordinary. So, when you have this
income coming in from these sources what it does for you is it allows you now to
say, "Hey, what should I be doing?" And the reality is there's a lot of things you
can do that make sense. First off, always take care of yourself. Take care of your
necessities. So, cover your food costs, cover your housing costs, make sure
you're making your payments on your mortgage or your rent, and also cover
your transportation cost. Second layer you should be looking at is, "Hey what
bills do I have to pay to make sure that I can maintain my lifestyle the way I'm
maintaining it right now?" We're probably not going out to movie theaters anymore.
We're probably not going out to restaurants. So, some of our expenses are
coming down, but others can go up to support what we need to do right now in
these circumstances. If I've got a little bit of money left over based upon all
this, look for the short term savings which is online savings accounts which
typically offer a much higher interest rates, but additionally you can
look at longer-term events. Situations where you can look to invest some money
for the future. The fourth thing in my eyes is looking for charities. Take a
look at our PenFed Foundation. The things that we do for the folks out
there are extraordinary, and if you can support us we would appreciate that very much.

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