Financial counselor provides advice for those receiving stimulus payments
Across South Dakota, stimulus checks are funneling into people's bank accounts. This could provide some much needed relief to many who are struggling right now due to COVID-19. But what is absolutely imperative to buy right now?
Financial counselors say it's important you're careful and make a plan before spending your $1200 dollar stimulus check.
What you do with your money really depends on your own personal situation. Breck Miller with Lutheran Social Services helps his clients get their finances back on track.
"For those who have already experienced work reduction or layoffs or furloughs, this check is really important for them to stay on top of priorities and keep the most important things paid,” said Miller.
Such as house, food and utilities.
"On the other hand, something like a medical bill or credit card bill: there may be interest, there may be late fees, but it's not like they're going to take something away from you if you don’t pay those. So those may be lower down on the priority list,” said Miller.
For those who are still working, Miller says it's important to hold onto the money.
"Saving it because I think the only certainty right now is uncertainty with all of this. So we want to make sure we're ready with all that money if the need does arise,” said Miller.
Also cutting down your spending and putting more money into savings just in case.
"We have to be building that savings while we still have full income,” said Miller.
Most importantly he says to stay calm.
“These are scary times and there's a lot of unknown things that we may not have experienced before, but don't panic. I assure you our counselors have seen everything that people have seen and experienced financially so far and we've helped these people through it. So there is hope,” said Miller.
If you have not gotten your stimulus check yet you can go on the IRS website and use their
to see when the money should get to you.