Feb 12, 2021 12:54 AM EST
On Jan. 14, President Joe Biden proposed his first-ever action as the new head of the nation: a massive $1.9 trillion stimulus bill called the American Rescue Plan. When it pushes through, a third round of stimulus checks might be released.
Biden plans to "top up" the $600 stimulus checks from the last round of checks for a total of $2,000 aid provided. So if you're a qualifying single taxpayer who received or expect to receive $600 in the most recent payment round, you are also likely to receive another $1,400 if Biden's proposal pushes through.
While this is massively good news for some, because they are down to their last cents already, it is quite possible that some people might get the money and thought of using it beyond their basic needs. This is quite alright, but if you are one of them, below are some ideas on what you should use the money with so that you do not end up wasting these new funds.
Chances are, if you are going to get the new round of checks, the previous aid you received must have already ran out. It is highly likely too that the COVID-19's impact on the economy remains a bane on your own personal income. This is why, if you get $1400, you must make sure your immediate needs are met before uusing the money for something else.
This includes food, monthly bills, and rent or mortgage. Naturally, choose those most urgent. If your state or banks offers relief on various services such as electricity, mortgage and other utility, then pay those much more urgent - food and such.
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Check whatever generous programs you can take advantage of, then allocate funds accordingly. Although it does not seem like it, many agencies and organizations are chipping in the economic recovery by helping those affected by it.
It's February 2021, and it's unlikely the IRS will postpone tax filings like it did last year. This means taxes will be due in three months.
According to the IRS, stimulus checks will not be taxed, but unemployment benefits will remain taxable. it is best to prepare for that if you do not have an immediate use for your $1400.
If there is something that the world should have learned right now - it's that every household or every individual should have an emergency fund. Even if the pandemic will vanish soon, anything can happen any day.
In other words, as this pandemic shows, the world can change very quickly. After paying off what you need to cover urgently, keep the rest for emergency fund. It is simply wise to do.
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