11. Smart Ways to Use Your Stimulus Money (or other unexpected money)

Balanced FI Podcast

English - July 20, 2021 06:00 - 13 minutes - 12.6 MB - ★★★★★ - 2 ratings
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Previous Episode: 11. BONUS: You Can Do Hard Things: My Story as the Parent of a Child with Disabilities

Next Episode: 12. How to Create a Budget, Financial Security Step 6

Welcome to the Balanced FI Podcast, episode 11! Thank you so much for listening in!

This episode provides you with a prioritized list of ways to spend stimulus money, but also other unusual lump sums you receive. Having a plan will help you make smart decisions.

Ways to spend your stimulus money:

Cover necessitiesGet current on billsHave a little bit of funPay off non-mortgage debtInvest in retirementSave for a big purchaseInvest for your childrenPay down your mortgageInvest in an ABLE account if eligible

Resources:

Read: Smart Ways to Use Your Stimulus Money (initially written about the stimulus payment issued in early 2021)

Read: Financial Security Steps

Download: Debt Payoff Planner

Read: Financial Security Step 2b, Begin Saving for Retirement

Sources:

ABLE National Resource Center: About ABLE Accounts

ABC: White House launches public push for child tax credit: Here’s when the checks go out