6 ways to Intelligently Spend Your Coronavirus Stimulus Check

1. Survive - If your family has been financial impacted by the Covid-19 quarantine of 2020, use that hand out in whatever way you need to to insure food, shelter and security. Thankfully, states are paying their teachers their salaries still, but perhaps a loved one is impacted. If you need to put that money to work for you in these next couple of weeks, make sure you take care of that first. 

2. Pay down Debt - Have an outstanding balance on that credit card that's been hanging over your head? Use that stimulus pay to pay down that debt. Remember credit card debt has an astronomical interest fee. It might not feel like that much but it is quickly adding up behind the scenes. Pay that credit card debt down and climb out from some of that debt. Break that pay-check to pay-check cycle.

3. Stock up that emergency fund - This time has been a great reminder to keep a little cash cushion in your accounts for when times might get tough. We had all of about 5 days to prepare for society shutting down. The next great event that challenges the financial system will probably hit equally fast. Always a great reminder to have some of your money in liquid accounts (meaning you can easily cash out and use that money). Personally, I keep a small checking account and a chunk of money in the Vanguard Money Market in my brokerage account. Vanguard Money Market earns around 2% and I can easily use that money to cash out or buy stocks. 

4. Put that money to work for you - No major debts? Still collecting your salary and haven't had to dip into that emergency fund? You get a chance to put that stimulus check to work for you. The stock market is extremely volatile right now and will likely drop again and climb again and drop again and climb again etc. etc. Remember, no one can time the markets. Invest in low cost index funds and those index funds will continue to grow for you for years to come. They might drop over the short term, but remember our goal is to build long term wealth here. 

5. Check out other sources to invest in - Have you always wanted to get into real estate investing? Interested in starting a side hustle? Thinking about making some renovations to your home that will increase it's value? This stimulus check could be the perfect excuse to start seriously looking at these alternatives ways to increase your net worth. 

6. Treat Yo'self (sort of) - I've always believed that the most important thing to invest in is yourself. This can be just the push you have needed to start investing in yourself. Maybe it is in the form of taking online classes, maybe it's purchasing higher quality food to cook in your time at home, maybe it's something as simple as purchasing a more supportive office chair so your back doesn't ache every day. I don't know that you should spend all of your stimulus check on treating yourself, but it's okay if you spend some of it on you. I would challenge you to spend it on something that will genuinely enrich and add value to your life, not just feel good in the moment. Personally I am spending some time and money purchasing supplies and building a DIY modest home gym. That way I won't have any excuses as to why I can't exercise.

However you choose to spend your check, please do so wisely, it's likely that there won't be another stimulus like this and this situation we are finding ourselves in is likely to last more than the next few weeks. Go through this list in order and make sure you feel good about each option before you advance to the next. Use your newfound time and money to grow your skill set and increase your knowledge. Look for new resources and tools to enhance your understanding of your financial situation. And as always... 

KEEP STACKIN!