The Diary of a Budgeter – Day 16
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:
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: firstname.lastname@example.org