Spokane’s financial advisor offers tips on how to get the most out of your stimulus check

March 18, 2021, 10:11 p.m.

Kaitlin Knapp

Posted: Mar 18, 2021 at 10:11 pm

Updated: March 18, 2021, 11:10 PM

SPOKANE, Wash. – A third round of stimulus checks hits bank accounts.

People making less than $ 75,000 will get $ 1,400, and married couples or people with children will get more.

The pandemic is forcing many families to run into credit card debt, pile bills on the table, and even miss electricity payments.

A Spokane financial advisor says your stimulus money can help ease that burden, but having a game plan will help.

“I would say write down your priorities and develop a strategy for using that money,” said Jessica Ekstrom, financial advisor at Edward Jones.

Ekstrom says strategy starts with your family’s situation.

“You know, we really want to try to prioritize this expense,” said Ekstrom.

One of the first things should be daily expenses.

“If we know we are in danger of being evicted, or if utilities have to be paid before they are shut down – electricity – we want to make sure we pay for them first,” Ekstrom said.

Although Washington has an eviction moratorium, your rent will have to be paid back at some point.

Regarding utility charges and other charges, Ekstrom says you need to check with the relevant company to see if there is any potential for delay in payment.

“Any of these types of programs that allow us to set those priorities, pick the ones that are needed immediately, and then end that line item,” said Ekstrom.

If there is no margin to delay these payments, Ekstrom says, deal with these first. And if you can, put some of the money into an emergency fund. Finally, you have a list of short-term and long-term goals, such as: B. a 401-K.

If you received your debit card payment in the mail, CLICK HERE to see what it will look like.