President Biden is giving most Americans a 2021 Stimulus Check of up to $1,400. What is the best way to spend it? The Austin Financial Coach at Capital Budget Strategies, LLC, has some ideas.
Some people have been doing well during the pandemic – working from home, saving on commuter, dry cleaning and restaurant expenses. Others, mainly service employees, have had hours cut or have been laid off from work completely. Either way, the stimulus check will help you.
Single workers making an adjusted gross income (AGI) of less than $75,000 and a married couple making an AGI of less than $150,000 are expected to receive the full $1,400. However, singles earning over $100,000 and couples earning over $200,000 AGI are not eligible for any payment.
What is the best way to spend your stimulus check? First, do not waste this opportunity. I know you have been looking at those diamond earrings or that new racing bicycle, but our Austin Money Coach has some better ideas:
(1) We recommend keeping 3-months of living expenses as an Emergency Fund. Your check could help you get a head start.
(2) Pay down your credit card debt. Pay off the card with the least amount of debt, then keep using the money to pay off the next lowest debt, then the next. It would be great to pay off several of those small, pesky debts, right?
(3) Pay extra on your student loans. You would be paying down the principle, therefore saving lots on interest.
Of course, you could “invest” $99 for a session with the Austin Financial Coach at Captial Budget Strategies, LLC. During the 4-hour, intense session, you will learn how to handle your money like an adult! Working together, we will determine your true Net Worth, analyze your spending, set up a personalized Household Monthly Budget, an Emergency Fund and a Snowball Debt Repayment Plan, if needed. Then we review your retirement savings. Finally, we analyze your banking accounts and introduce you to on-line banking.
The $99 price includes one follow-up session at the one, three or six-month mark. But of course, you can contact us anytime with questions.
A $1,400 check does not arrive in your mailbox very often. Do not waste this golden opportunity to use the money wisely and strategically. Let our Austin Money Coach show you how.
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