(ST. JOSEPH, Mo.) Now that many Americans are receiving their stimulus checks, the question is what's the best use of the money?
Financial advisors said don't blow it, unless you can.
Edward Jones said for those who are feeling the financial burden from the pandemic, use the stimulus for necessary expenses.
They said those struggling should try and reduce their output as best they can.
Federal student loans can be deferred until September 30th, tax payments can be delayed until July 15th and Edward Jones advised asking landlords for rent and mortgage payments to be deferred.
“This is money that should be used for needs, not wants. Pressing bills, medical expenses, rent or mortgage. If you have all your bases covered, then absolutely go spend it. I think it really was meant more for people where their jobs have been stymied and they’re not working, not getting paid,”said Mark Matthews, Edward Jones financial advisor.
For those feeling financially comfortable, Edward Jones advisors highly suggested rather than shopping, people should use the $1,200 as an opportunity to invest in their future; especially to build up their emergency fund.
Edward Jones said this pandemic is a perfect example as to why having an emergency fund is critical.
With a possible second wave of the coronavirus anticipated to hit in the fall, they say saving that stimulus for a rainy day might be a good idea.