If you just received your new $1,400 or higher stimulus check and you are unsure how to spend the money, then you might find looking at smart ways to use your stimulus check helpful. Not everyone saves their stimulus check and some people may need to use their check right away for house bills and food. However, if you end up having a little extra stimulus money left over, you might want to look at ways to make the most out of your check. Consider talking to a Tennessee Bankruptcy Lawyer if you have any concerns about falling into bankruptcy.
Ways Others Spend Their Tennessee Stimulus Checks
Past Tennessee stimulus check spending habits revolved paying off household finances rather than debt, student loans, or entertainment. Around 85.5% of Americans were more likely to spend their stimulus checks on house bills with 15.7% using their checks to pay off debts and 14.1% saving their stimulus check money. Only households making $75,000 or more tended to use their stimulus money on debt and savings.
The majority of people making $25,000 or less ended up using their stimulus checks on house bills, food, groceries, and other immediate expenses. Breaking this down further, around 77% of people spent the money on rent and utilities compared to 80% who spent the money on food. Only a minority of people spent their stimulus checks on entertainment like movies and games.
In times when finding a job is difficult, knowing effective ways to use your third stimulus check can be helpful. You could potentially use your stimulus check in ways that could improve your finances for years to come.
Ways You Can Spend Your Tennessee Stimulus Check
There are several smart ways to spend your Tennessee stimulus check. You may or may not use all of these ways depending on your current financial situation. If you are in a tricky financial situation and need the stimulus money to cover vital expenses like house bills and food, then use your stimulus money for those things first.
The next two most important ways you can use your stimulus check involve debt and building an emergency fund. Paying off debt from student loans or credit cards can easily be taken advantage of with the stimulus check. Putting some or all of your stimulus check to these expenses could mean fewer expenses later and less money being taken out of your paycheck.
Building a Tennessee emergency fund is important for protecting your financial future when disasters and emergencies strike. Having that financial cushion could be all that exists between healthy finances and borderline bankruptcy. If all these things are taken care of, you can also look into investing in stocks.
Bankruptcy Lawyer in Chattanooga, TN
Do not hesitate to seek help from our legal team in Chattanooga, Tennessee and North Georgia if you ever start struggling financially and falling into bankruptcy. Call Tom Bible Law at (423) 424-3116 today to speak with a Bankruptcy Attorney in Tennessee for a free consultation. Our legal team of Tennessee bankruptcy lawyers is located in Chattanooga, Kingsport, and Tullahoma.