How to Spend Your Stimulus Money According to Experts
I'm not going to lie, I've got big plans for the federal stimulus money that's burning a hole in my bank account right now, but I'm thinking what I want to buy isn't what I should be buying right now.
Despite the rumors flying around social media, we will NOT be required to pay this money back, we will NOT automatically owe $1,200 in next year's tax filings. In an article posted by WIFR, U.S. Treasury Department spokeswoman Patricia McLaughlin told The Associated Press; "This is not an advance and there is absolutely no obligation to pay it back".
So, now that those fears are calmed, what SHOULD we be doing with this stimulus money according to financial experts to get the most bank from our "free" bucks? Here's what a financial advisor from Edward Jones recently told Eyewitness News;
Pretty much, it's common sense. Buy first what your family needs to make it through this difficult time, then have a little fun with it if any money remains.
Catch Lil Zim on ‘Q98.5 Mornings with Lil Zim & JB’ on Q98.5 from 6:00 a.m. to 10 a.m. Follow her on Twitter, Instagram, and Facebook