We are relatively certain that this is not “news” to anyone, If you have not already received the 2020 COVID-19 stimulus funds from the US Treasury, do not worry. Either by direct deposit into your account, or check delivered by the US Post Office, the Department of the Treasury will issue to:

  • individuals with an adjusted gross income up to $75,000 per year an amount up to $1,200.
  • married couples with an adjusted gross income up to $150,000 an amount up to $2,400.
  • families with children an amount up to $500 per child in addition to the above.
  • These amounts phase out with incomes greater than those noted above

We are confident that most have already thought about how these funds will be spent/used. We hope, in family situations, you have discussed the options with your spouse before setting your heart on a specific item to be purchased or vacation to be planned, whenever the sheltering at home comes to an end.

Our desire today is to offer suggestions on prioritizing the list of options.

  • Give a portion of the funds away. We are convinced learning “the virtue of generosity” is a positive step in life. Being generous helps us view the world as God sees it and opens our hearts to others. This is not easy in a culture with so many reminding us and convincing us what our desires are. How much anyone should give, and to whom they should make their gift, is a personal choice.
  • Be certain all bills and payments are current. Some reading this will be in a position where their employer has closed, or they have been placed on furlough. For those who are in very unfortunate circumstances, we hope these funds will be an assistance.
  • Help build an emergency fund or eliminate debt. According to The Motley Fool (https://bit.ly/2RWWBnl) nearly 50% of Americans do not have sufficient savings to weather the COVID-19 crisis. These funds would be one of the better opportunities anyone may have to begin building the essential emergency fund. If you have such a fund, choosing to eliminate current debt would be a wise choice, even if it means continuing to delay something desired.
  • Use the funds to make a necessary purchase or repair. If the emergency fund needs no attention and all bills are current, the next priority we would suggest (these suggestions are our opinion) is something necessary that has been on your back burner. Replacing tires on the car (or buying something with an electrical cord) will not be as personally gratifying as new earrings or golf clubs. However, the necessities are always a priority.
  • Purchase something wanted but not needed. If all needs are met and savings are sufficient, then making a personal purchase is okay.

These are suggested priorities based upon years of experience. They may not be yours, and the decision on how to use the COVID-19 stimulus money is solely yours and your family’s. We offer these as ideas to be placed into consideration, hoping that the funds will be a blessing to you and to others.

Here is to living financially free!