Spending and saving with your stimulus check

Posted at 6:39 AM, Apr 08, 2020
and last updated 2020-04-18 16:00:31-04

BUFFALO, N.Y. (WKBW) — Your stimulus check will be dropping in your bank account in a few weeks.

Those earning less than $75,000 a year can expect a $1,200 check, the amount is then adjusted for those earning more than $75,000.
If you're married, have a joint income of less than $150,000 a year, you will receive $2,400.
If your income doesn't fit into those categories, our reporter Jeddy Johnson has more information for you here.

So once that money comes into your account, what do you do with it? Jeff Boron with the Financial Guys in Williamsville says you should think about paying off these bills first:

  1. Rent/Mortgage
  2. Car Payment

He says if you're still getting a paycheck and are seeing this stimulus check as extra money, it may be a good idea to look into paying off your credit card debt. Boron says you can look into putting the money towards your future by opening an IRA/Roth Ira retirement fund.

"It's a good opportunity to take stock of everything you own your investment and see if those are good investments for the future," Boron said.

Treasury Secretary Steven Mnuchin said he expects most people to receive payments by April 17th.

To find more information you can head to the IRS website.