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Holly Meyers

MBA Graduate, Entrepreneur, Investor

04/13/20 at 1:11PM UTC

Money

Stimulus Checks

Many members of this community will be eligible to receive a stimulus check. While some may need it to go directly into paying this month's rent, some of us have no idea what to do with it. Here are some ideas: -Pay rent, utilities, or other monthly bills. (This is helpful especially if you lost income due to COVID.) -Pay down debt. Get ahead of the game and pay down a lump sum that you may not otherwise have had. -Save, save, save! Whether it's for your emergency fund or another need. -Invest. $1200 today is many more zeros in the future. -Splurge! Treat yo self. What are you doing with yours?

Join the conversation...

SheIsSoMoney

Making more money for women and #girlbosses

04/28/20 at 8:43PM UTC

As a financial advisor, I help my clients deal with unexpected windfalls. Here are my thoughts. A) If you have NOTHING in savings, open a new account at a new bank and hide it in there. This is a great start to an emergency fund. B) If you have at least $1000 in savings (or access to a credit card with no current balance and a large line of credit) then look into your debt. Bonus points if you can pay something off. C) If you have no debt or your debt is all installment loans (car, mortgage, etc.) I'd put the stimulus check into a Roth IRA (if you're eligible.) How did I use my stimulus check? Home improvement projects. I have no debt other than my mortgage, I'm on track with my retirement contributions, I have a large emergency fund, and my husband has the time right now to do the work.

Amanda Johnson Hulsey

Future doctor

04/22/20 at 2:15PM UTC

Paying off debt is a big one, less debt the better off financially. I am able to put money away in savings if I dont have debt to worry about. If you able to not put anything on credit card is a big one that will save you in long run, fortunately i havent had too.

Deb Strickland

181

Digital Marketing | Analytics & Tech Nomad

04/20/20 at 6:19PM UTC

If you can afford to save it, that's the best option. No job is permanent and the more savings you have, the more options you have. It's peace of mind. When I was in my 20's I'd spend every penny I made, had no savings, didn't care as jobs were easy to get (and young people think they're invincible). Later in my 40's I became the opposite and stopped buying stuff all the time, and took pleasure in having cash in savings. I'm fortunate to of always had decent jobs so I don't take that for granted. The last 4-5 years has meant 50% pay cut as I had to take whatever job I could get. My savings has helped me get through that, plus being able to cut all non-essentials from my budget (subscriptions, nails, hair dye, vacations, clothing, eating out, etc.) It's the only way I could afford 50% cut in pay and still pay the mortgage. Having no debt is freedom.