LAKE CHARLES, La. (KPLC) - The latest COVID relief package from Congress sent Americans who qualify $600.
Now that people are receiving that money, there are recommendations on what to do with it.
“The first thing I would recommend is use it for your current expenses,” said Dakota Jarreau, financial advisor for Edward Jones. “Of course, you may need the money to help meet those, especially if your employment has been affected by the pandemic.”
Jarreau says it’s also important to save some money for a rainy day.
“The second thing I would say is build an emergency fund. In any economic environment, we are starting to see more now than ever how important it is to have some money in the bank for backup.”
He also says it’s important to think about your future.
“Another thing I would say is invest for your other goals or try and reduce your debts. If you already have an adequate emergency fund and you’re financially stable, then you can use that payment to invest for retirement, education or any other goals you may have.”
Another option is to donate the money to help others in need.
“Lastly, pretty simple, too, support your charitable organizations. During this time, a lot of these guys are in more of a bind than ever, too. Whether it be your church or something else, it’s always important to give and help others, too.”
Jarreau says it’s important to keep your head up during this financial hardship.
“Just try your best to stay positive. Hopefully, this is all temporary, and I hope that everybody that’s out of a job will get back to work soon.”
He also says if you ever have any questions or concerns about your money, make sure to call a financial advisor.