We have all heard about the stimulus package which our government is working to get past. There are reports that each tax payer will get $600-$1200. The amount depends on if you are married, and have children.
The question came to my mind; what will America do with these funds if it does go through?
Will we just take the check, and turn around and spend it? Are Americans going to use it to pay off debt?
These are important questions we need to ask ourselves. Right now, think about it! If I received a check for $1000.00, what would I do with it?
The best thing for us to do is to put it towards our debts. I have spoken to students who tell me, “if I only had an extra $1000, I would pay off my credit card debt.�
Now is your chance. You are going to get around that amount from the government, and have the chance to free up debt.
You may feel tempted in spending it on an item you have been wanting for months, and now you will have this extra cash to buy the item. But would you not feel better, if you paid off your debt? You would also free up additional interests that you would have to pay towards the debt.
I know a $1000 will not pay off a lot of debt, maybe not even one credit card you owe, but it gives you a start.
You can put the money into a high yield savings account, or invest it into a certificate of deposited.
It all comes down to you, and what you want to do with the money you will receive.
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