LIVE: How To Best Spend Your Stimulus Check

Get Tips On The Best Way To Use Your Money To Stimulate The Economy

People are starting to get their federal stimulus checks tonight. Once you get that money, what’s the best way to spend it?

Most adults will get $1,200 with $500 extra for each child.
Paul Meyers with Legacy Wealth Management says the first thing you should do is make sure your bills and living expenses are covered.
But if you’re good there, Meyers says the money is supposed to stimulate the economy.
And he recommends keeping that money close to home.

He says, “We tell people to buy something local. Don’t feel like you have to send your money somewhere else. If you live in a small town around the area that could use an extra infusion of cash right about now. ”

If you are interested in investing the money in the market, Meyers says don’t let the recent stock downturn scare you off. He says the markets have already recovered about two thirds of their losses from the beginning of the coronavirus pandemic.

Find more information on financial management at Legacy Wealth Management’s website.