Advice on spending your stimulus check

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GREENVILLE, S.C. (WSPA)–People across the country and the Upstate have started to receive their stimulus checks deposited in their bank accounts.

However, some are still waiting.

“It hasn’t showed up this time and I was thinking it was going to be here today,” Don Craig said.

“I would expect that the IRS does not have my account information,” Brant Vest said.

Even so, they still have plans for the money.

“It will be nice I plan to support local businesses with most of the money,” Vest said.

“I’d probably put it up and save it. I’ve always been a saver,” Craig said.

Financial advisors say what you should do with the money depends on how much you need it. David Hunter is a CFP at Horizons Wealth Management and determined there are three main options.

“The ones who have been fired or have no income right now and for those people we’re recommending to definitely use it for necessities,” Hunter said.

And if you still have a job, pad your emergency fund.

“Having thresix to 6 months worth of expenses right now is very nice,” Hunter said.

If you’re financially set, he suggests giving back.

“We’re recommending that they actually try to help out those most needy. You know we’re all in this together,” Hunter said.

Congressman Jeff Duncan voted in favor of these checks.

“This provides some extra funding for them to get over this hurdle and hopefully our goal is going to be to reopen the government as soon as possible,” Duncan said.

He said people should save some of the money and spend the rest on what they need right now.

“Then provide for your family, yeah stimulus is what its called but it was meant to be a back stop to help folks get through the this time,” Duncan said.

As for those still waiting for the checks, Duncan suggests heading to the IRS website to request a direct deposit and to track the payment.

One thing financial experts want to remind you is to never give your bank account information to someone over the phone or online.
There are active scams happening surrounding the stimulus checks, and you should only be giving your information to the IRS.

Copyright 2020 Nexstar Broadcasting, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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