Everyday Americans are about to get a one-time cash infusion.
As part of a relief bill to combat the economic impact of the coronavirus pandemic, the government is expected to provide payments of up to $1,200 for individuals or $2,400 for married couples, up to a certain income threshold, as well as $500 per child.
For many, this may be their one shot at building an emergency fund or simply staying afloat.
“Use these funds if you need to pay for medication, groceries, and sudden life emergencies, this will be an important part of your financial lifeline,” said Winnie Sun, managing director of Sun Group Wealth Partners in Irvine, California.
To make the most of this money, experts offer the following advice on what you should do with your check after accounting for critical expenses.
1. Create an emergency fund
“This is time to further build emergency savings with the hope, but not the promise, that all of those funds won’t be needed,” said Mark Hamrick, senior economic analyst at…