Breaking News
More () »

Don't waste that stimulus check: financial advisor offers tips on where to put that money

During this round, a family of four could receive up to $5,000. Expert tips on where should you spend your money first?

The stimulus checks are coming, and it's not just those $1,400 checks for adults, but also more money than ever for children. In fact, a family of four could receive up to $5,000.

Now the question: what's the best thing to do with it? 

RELATED: IRS launches stimulus payment tracker for 3rd round of payments

The presses are running. The checks are going out or more likely heading into millions of bank accounts.

But before you buy that 70-inch television, Kiplinger's Personal Finance has the following suggestions: 

  • Pay off high interest debt, such as credit cards
  • Shore up your emergency fund, so you are prepared for the next downturn.
  • Put some of the funds in a 529 college fund for the kids, or for you.

However, from the "Doesn't that stink file," how all the stimulus money will help certain major retailers make even more money, while local stores struggle— and that stinks!

Kiplinger's final tip: support local businesses near you, from boutiques to family-owned restaurants that way everyone benefits from the stimulus.


Paid Advertisement

Before You Leave, Check This Out