Congratulations! Your stimmy just hit your bank account this week, now you may be wondering what is the best way to use your stimulus? Here I am to give you some suggestions on the best way to stretch your dollars that is not from a financial expert’s perspective, but from a student who knows that every dollar counts.
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Start putting money in a Roth IRA which is a tax free way to grow your money for your future, and the best part is you can continue to add money in the future once you have incoming income. The only part is that you can not receive your money till you hit retirement age around 65.
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Invest your money into cash app stock which is a recently added feature to the cash app platform. The platform has no initial commission fees for using the platform however there is a small fee when selling your stock. Overall the platform is an easy way to start learning about trading stocks. Also, with the app having fractional shares you can easily invest in the company of your choice without breaking the bank.
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Adding to your savings account is an additional way to easily set up for your future especially if you already have a checking account right now. Adding to your saving is not only good for a rainy day but to also have money to use later on for investments.
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Living Expenses is a great way to use that check from food to gas in the car (especially with most states hitting $3 a gallon for the first time in a year). This most certainly will help out with the bills that you have upcoming and maybe if you have a credit card to make an earlier payment to raise your credit score.
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On yourself! Let’s be realistic in the famous words of Donna and Tom from Parks and Recreation ‘Treat yo’self”. Definitely don’t blow your budget, but spending a little bit like $100 is a nice way to get something you want or a way to spend on an activity.