ROCK HILL, S.C. (CN2 NEWS) — Many Americans have received or are anticipating getting their $1,200 stimulus check from the government.
But, what is the best way to use that money? CN2 News spoke with a local finical advisor who explains where the money should go.
First, he explains that people should look at how much money they have on hand. He says it’s a good idea to have at least 3-months worth of living expenses saved for a rainy day.
Next, he advises that people look at what the next 6 to 12 months might look like, if they’re working or not. He says this stimulus check might be a good opportunity to look at long-term investments for your future.
Finally, he says people may want to use the funds to pay down their existing debts. He adds it’s a good idea to pay down your smallest debts first and work your way on up.