Most Americans received a stimulus check and may receive an additional stimulus check under the Biden administration.
Stimulus checks are were given to help stimulate the economy. When taxpayers spend stimulus check money, it helps boost spending and increases revenues at retailers and manufacturers. All these actions stimulate the economy.
Stimulus checks are either mailed to taxpayers or deposited into taxpayers bank account. Instead of stimulus checks some taxpayers are given an equivalent tax credit that is applied when filing their taxes.
Taxpayers that owe unpaid back taxes may have their stimulus checks automatically applied to their outstanding balance.
Here are some ways to spend your stimulus check:
If you struggling to pay bills cut back on nice-to-haves
Pay necessary bills - rent/mortgage, car payment/insurance, cell phone, utilities
Contribute money to a savings account
Pay down debt
Donate to charity
Contribute to a retirement account
Also consider scaling back your lifestyle temporarily to reduce spending and free up some cash until your financial situation improves.