Budgeting your stimulus check

The other day, I wrote about spending versus saving your stimulus check. Personally, I think that, if you don’t need to spend the money right away, it’s a great time to save it!

But if you’re going to save it, have you considered what you’ll save it for?

Here’s the priority list I would use to budget my stimulus check:

1. Debt

2. Annual or irregular expenses – car registration, insurance, oil changes – anything you can’t afford to cover in a single month, on top of your monthly bills/expenses

3. Car repair/medical expense/home repair funds

4. Job loss fund (3-6 months minimum)

5. Retirement accounts

Putting big windfalls like stimulus checks or tax refunds aside for these things provides a solid financial foundation and priceless peace of mind! I find the rewards very satisfying and long lasting!

Share your ideas! Email me: bobbi@centsablechat.com