With the second round of stimulus money being sent out and the potential for more to come, it’s time to figure out the best way for you to use it. Whether you need this money desperately or are staying stable during these troubling times, we’ve got some advice for you.

Put it Towards What You Need In Order to Survive

As you receive your stimulus check, your first priority should be what you need to continue living. The first priority should be food, water, and shelter. Items you need to stay alive should be the first thing your money goes to.

This doesn’t just include food and water, but anything you need to survive. Living somewhere cold? Gas and electricity bills might be essential to surviving. Need medication to stay alive? That’s included in this too. Keeping yourself and your family living is the first place your money should go.

Don’t be afraid to utilize other resources to help out too. Food banks, welfare, and charity from others can and should be used if you need it.

Pay For Things You Need to Work

Keeping your income during these difficult times should be a top priority. If there is something you need to keep money coming in and it’s not working, pay to get it fixed. Need to drive to work but your car is breaking down? Put the stimulus money to getting it repaired. Unable to do your remote work because of an out of date laptop? Buy a new one that will work for you.

It’s important to identify what items you need for work and ones that aren’t essential. You might really want a new computer because it would be nice, but your old one works just fine. Prioritize purchases on what is needed and essential instead of just what would be nice to have.

Paying Off Your Newer Debts

Maybe you’re doing pretty ok right now covering your basic expenses, but that isn't always the case. A lot of people found themselves struggling when the pandemic first started and had to take out loans or use their credit cards to stay afloat.

If this sounds like you, this stimulus money is a great opportunity to make a chunk in these debts or even wipe them out. Rather than making regular payments on these debts and letting the interest grow, use your stimulus funds to reduce your debts.

If you have multiple debts and can't keep up on your monthly payments, Pioneer can help consolidate your debts to a single loan with a Pioneer Signature loan. That way you only have to make one monthly payment to stay good instead of several that drain your income.

Build Up Your Savings

We are not out of the woods yet with this pandemic. If you are doing ok financially and don’t have debts to pay off, build up your savings in case something does go wrong.

Previously, financial experts suggested to have around three months of savings, but experts are now suggesting having at least six months saved up. If your savings got depleted recently or you just haven’t built up enough, putting your stimulus to it is a great use.

To help you reach your savings goal, Pioneer offers a Special Purpose Savings account. You can set aside money dedicated to being your back up savings in case of an emergency. This way, you won't accidently drain your back up savings and can better visualize your financial situation.

Stimulate the Economy

Is everything going smoothly for you? Then use your stimulus check to do just that, stimulate the economy. Shop at local shops, get money moving in your local economy, and spend it wisely. Buying groceries from a local grocery store, buying items from small businesses, or other ways of supporting the economy is great!

Want to donate your money to a local charity making a difference? That’s a wonderful way to support both your community and the economy. Pioneer has a list of local people in our communities making a difference, our Community Pioneers. Any one of their organizations would be a great place to donate your stimulus check if that’s what you want to do.

Learn More about our Community Pioneers!