One of our goals at VyStar Credit Union is to help our members improve their financial well-being. This includes providing financial advice, such as helping members decide what to do with their stimulus payment.
As part of the latest coronavirus bill, eligible individuals will receive up to $1,400. VyStar began automatically posting payments March 16 and will continue to do so as we receive them from the Internal Revenue Service. Our stimulus updates page has more information.
Here are three ways you can make the most of your stimulus payment:
First, write down your basic needs: food, housing, transportation and utilities. Prioritize bills that ensure your safety and wellbeing, like housing and groceries. Once you take care of the staples, you can use the remaining money on other purposes.
You can’t prevent emergencies. But you can prepare for them. Nearly 25% of Americans lack an emergency fund, an account dedicated to easing the burden of large, unexpected expenses. If you have a stable income, consider transferring your stimulus deposit into a VyStar savings account in case of future financial emergencies.
No matter your stage of life, there’s never a shortage of things to save for. Consider using your stimulus payment to kick-start or contribute to saving for a new car, home, education or retirement. Working toward your goals also may include reducing debt, which will give you a sense of relief and reduce the burden on your monthly budget. We offer a variety of resources, tools and financial calculators to help you reach your goals. We also offer money market accounts that can help make your money work for you.
Ultimately, the best way to use your income, no matter where it comes from, is to have a plan.
If you are looking for guidance regarding your upcoming stimulus payment or how to improve your overall financial outlook, our VyStar Money Makeover program and the support of a VyStar Money Coach can help. Get started online today or stop by any branch for a free financial assessment.
The information in this blog consists of the opinions and ideas of the author alone and should be used for informational purposes only. VyStar Credit Union disclaims any liability for decisions you make based on the information provided.