STREAMING NOW: Watch Now
CLOSINGS: View Closings

Financial advisors say stimulus checks are meant for necessities, not desires

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.

Posted: Apr 24, 2020 7:51 AM
Updated: Apr 24, 2020 9:24 AM

(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. 

St. Joseph
Mostly Cloudy
77° wxIcon
Hi: 96° Lo: 72°
Feels Like: 79°
Clarinda
Cloudy
70° wxIcon
Hi: 93° Lo: 69°
Feels Like: 70°
Savannah
Mostly Cloudy
77° wxIcon
Hi: 94° Lo: 71°
Feels Like: 79°
Cameron
Cloudy
69° wxIcon
Hi: 92° Lo: 70°
Feels Like: 69°
Atchison
Mostly Cloudy
73° wxIcon
Hi: 93° Lo: 70°
Feels Like: 73°
We started off the weekend today with continued muggy and hot conditions with temperatures in the 90s. There are thunderstorms to the west headed towards us. Some of the area may see a slight chance for rain overnight. Tomorrow looks to be another day in the mid 90s with a slight chance for thunderstorms in the afternoon. There is a cold front coming our way giving us some much cooler temperatures to start off the work week. Highs will be back down in the upper 70s and lower 80s to start off next week.
KQTV Radar
KQTV Temperatures
KQTV Alerts
   

Best of St. Joe

 

Community Events