Making the most of your stimulus check
by Original Author: Kris Boulton, Saline County/Adapted for Blog: Pamela Luker, Pope County
How much will I get?
The amount of money will depend on varying on your income and family size. Adults with annual income up to $75,000 will receive $1,200. If you have children under 17, you will receive an additional $500 per child up to $1,000. You may also go to an online calculator at https://washingtonpost.com/graphics/business/coronavirus-stimulus-check-calculator/ to determine what your benefit will be.
How will I get my money?
Benefits will be distributed by check or direct deposit. If you are a non-filer, you can go to www.irs.gov to enter your information to determine if you are eligible.
You are receiving a stimulus check so what now?
Kris Boulton offers these tips on how to spend your money wisely:
- Emergency Savings Fund- This is your best protection during times of economic uncertainty
- Pay your bills-Stay current on current payments and avoid defaulting. Missing payments can lead to foreclosures or repossessions. Late and missing payments can lower your credit score.
- Pay Down Debt- By paying down debt can free up money in your future budget and save money on interest.