Financial Friday: Smart ways to spend stimulus check

HUNTSVILLE, Ala. (WAFF) - With a new stimulus already in the mail, you may wonder what you should spend that money on this time.

We spoke to a financial expert from Redstone Federal Credit Union.

She says the first few questions you should ask yourself are: Are my basic necessities covered? Do you have food? Is your rent and mortgage current? Do you have any late utilities that need paying? Is there gas in your car?

If those things are done, next think about:

• Setting some money aside for an emergency fund
• Knocking out some of the high-interest credit card or loan debt
• Review that necessary car or home repair that you may have been putting off. Now maybe a good time to get those completed.
• Finally, consider giving to a worthy cause or to someone having an especially rough time.

Bottom Line: If you are fortunate enough not to need the stimulus money immediately, use it to build a firmer financial footing.

For more ways to save be sure to tune in at noon every Friday for WAFF 48′s “Financial Friday” segment.

Copyright 2021 WAFF. All rights reserved.