How to Spend Your Stimulus Check If You're Broke

Keeping food on the table and shelter over your head are important, especially during COVID-19. Using your stimulus check for necessities is smart and can often be helped further by asking for penalty-free deferred payments on your bills and living expenses.

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COVID-19 has knocked out the financial progress many had made over the last decade. Millennials have been hit particularly hard because we are one of the most vulnerable groups. This is a product of not having enough time to develop and employ our high income skills nor build enough wealth to weather tough times like we’re seeing now.

Fortunately, stimulus checks offered through the CARES Act are putting money in the hands of those who need it most. While some Millennials may have more flexibility in their budgets and can use these funds on any of the best investments for young adults, many others need this money to put food on the table and keep a roof over their heads, among other pressing necessities.

Disclaimer

This article was written by and presents the views of our contributing adviser, not the Kiplinger editorial staff. You can check adviser records with the SEC or with FINRA.

Disclaimer

This article was written by and presents the views of our contributing adviser, not the Kiplinger editorial staff. You can check adviser records with the SEC or with FINRA.

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Owner, WealthUp

Riley Adams, CPA, is originally from New Orleans but now lives in the San Francisco Bay Area, where he works as a senior financial analyst at Google. He is also the founder of WealthUp, a personal finance website where people of all ages can learn about money, discover their financial selves, and develop the skills they need to grow their nest egg.