NEW YORK (Reuters) – If you got your stimulus payment this week from the IRS and it is still in your account, are you afraid to spend it?
FILE PHOTO: A local store is shuttered due to the outbreak of the coronavirus disease (COVID-19) in Matawan, New Jersey, U.S., April 1, 2020 REUTERS/Eduardo Munoz
Many recipients immediately deployed the money they received as part of the CARES Act – up to $1,200 per adult and $500 per child – for urgent necessities, including food, rent and unpaid bills. Some did not even have the deposit register before it was swept away to cover overdrafts, unless they use a bank which pledged not to do this reut.rs/2KaB32r.
If you are lucky enough to not to need the money right away, it may just sit there staring at you from your balance sheet. There are all sorts of suggestions for ways to make use of it: buy gift cards from local businesses, prepay your mortgage or fund a Roth IRA contribution – but that may not encourage you to budge.
When it comes down…
