Congress and the Trump Administration is sending most American adults $1,200 as part of a massive stimulus plan.
Some extra cash never hurt, right? What are you going to do with that money? This article is going to discuss some ways to make that money grow over time.
3 Money Moves For Your Stimulus Check Money
You want to be smart with your cash, especially with a slow economy. Here’s what you should do with that money:
1. Open A Savings Account
One thing you’re going to want to do is open a savings account. You don’t even need to go to a big fancy bank like SunTrust or Wells Fargo.
Honestly, you’ll save money in fees by opening a savings account with an online bank. Some of those are:
2. Start An Emergency Fund
With the extra money you have, it would be a GREAT time to start an emergency fund. The reason why is because you never know when you’ll be in a pinch (like a pandemic).
Try to set aside a portion of your stimulus check and add to it periodically.
3. Invest It
Because you want that money to grow, the best place for that to happen is to invest it.
With very little effort, money market fund or high-yield savings account could bring you high-margin yields year over year.
Last Words
The “recovery rebate” is not designed to get Americans rich, it’s to get you right. You’re going to have to come up with a budget to make this money work for you.
Interested in other ways to save or make money? Check out our Money Section:
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