Many of those payments were “plus-up” payments, which were sent to those who saw an income change in 2020 that would impact their eligibility for the stimulus check (which were based on 2019 tax returns for many Americans).
What to do with your stimulus check
- “First of all, having your emergency fund is so important. If we learned anything from the pandemic, nothing is for certain,” said Woroch. “Your emergency savings fund can get you through tough times. It’ll be there to pay for unexpected bills and things like child care, so you don’t have to use a high interest credit card,” she said.
- And you might want to invest in life insurance so that your family is protected in the future.
- She also suggested rebuilding your credit is a good place to start.
If you’re looking for more ideas, Forbes has a list of 50 things you can do with your stimulus check. That’s right — 50 things. The list includes paying off your bills, starting an emergency fund, paying on your mortgage and saving for retirement, among other ideas.