Save for retirement
There has never been a better time than now to start saving for retirement. Socking money away for retirement is always a start move. FirstOak Bank has a number of accounts that can help turn your stimulus money into your retirement goals.
Pay off debt
One of the best things you can do with your stimulus money is to pay off debt! It will be a big boost to pay down student loans, credit card debt, auto loans and more and it will save you big on interest payments. Credit cards are notorious for charging high interest rates so even making an extra payment or two will really save you big.
Save for college
There has never been a better time than now to save for your kids college. There are even accounts that can grow tax free and you can withdraw them without penalty when it comes time to use them for college.
Give it away
Don’t need your stimulus money but know someone who is really struggling due to the pandemic or other reasons? Give your stimulus check away! If your finances are already in order and your job is secure. You can deduct a portion of your donation on your next tax return.
Local businesses have been hit really hard during the last year. Consider spending your stimulus money on local or small businesses. Consider buying gift cards to local businesses that will give the business a quick access to cash that you’ll be able to spend later.
Start an emergency fund
If you don’t have an emergency fund, now is the time to start one! Not only will it give you peace of mind but it will give you a financial buffer for the unexpected. Things like a broken down car, broken hot water in your home or that unexpected vet bill. An emergency fund will make you feel more secure. You don’t have to save your entire stimulus check but 1/2 or 1/3 will give you a big boost.
Need help? FirstOak Bank is here to help!