AgenciesSoon, 16 states in the United States will distribute supplementary stimulus cheques, but only to eligible residents.
During the first two years of the Covid-19 pandemic, reports of federally financed stimulus cheques routinely filled the internet. However, after the third round of payments was made in March 2021, suspicions of a fourth economic stimulus payment started to circulate.
Fast-forward to August 2022, when numerous states have implemented their forms of stimulus programmes in place of federal stimulus monies to support their citizens in a better way.
16 states that have implemented their own stimulus programmes include:
How to handle the stimulus cheque?
No matter how little or much money you receive as a relief payment, it can be quite motivating to continue on your financial path when it comes as a surprise.
Whether you receive a $50 stimulus cheque or a $1,000 stimulus cheque, you should think about paying off any high-interest debt, such as credit card debt or personal loans, investing the money in a Roth IRA or regular IRA, or setting it aside for a future home purchase. Charles Schwab and Fidelity are two of the top brokers that provide Roth IRAs, according to Select.
Put your new stimulus money into a savings account if your emergency fund is low or you're saving for a large buy. The American Express High-Yield Savings Account and the Sallie Mae High-Yield Savings Account are two solid options to explore if you're currently earning a poor interest rate on these funds. Instead, try opening a high-yield savings account, which can pay you more on your money each month.
During the first two years of the Covid-19 pandemic, reports of federally financed stimulus cheques routinely filled the internet. However, after the third round of payments was made in March 2021, suspicions of a fourth economic stimulus payment started to circulate.
Fast-forward to August 2022, when numerous states have implemented their forms of stimulus programmes in place of federal stimulus monies to support their citizens in a better way.
16 states that have implemented their own stimulus programmes include:
- California
- Colorado
- Delaware
- Florida
- Georgia
- Hawai
- Idaho
- Illinois
- Indiana
- Maine
- Massachusetts
- New Jersey
- New Mexico
- South Carolina
- Virginia
How to handle the stimulus cheque?
No matter how little or much money you receive as a relief payment, it can be quite motivating to continue on your financial path when it comes as a surprise.
Whether you receive a $50 stimulus cheque or a $1,000 stimulus cheque, you should think about paying off any high-interest debt, such as credit card debt or personal loans, investing the money in a Roth IRA or regular IRA, or setting it aside for a future home purchase. Charles Schwab and Fidelity are two of the top brokers that provide Roth IRAs, according to Select.
Put your new stimulus money into a savings account if your emergency fund is low or you're saving for a large buy. The American Express High-Yield Savings Account and the Sallie Mae High-Yield Savings Account are two solid options to explore if you're currently earning a poor interest rate on these funds. Instead, try opening a high-yield savings account, which can pay you more on your money each month.
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