That means if you’re working the Baby Steps and you’re out of work, pause your plan for now. If you’re out of work or missing a paycheck, use this stimulus money to protect your Four Walls:įocus on the necessities so you can have peace of mind as you keep looking for work or get your income back up. So, based on your situation, here’s where you start: In our State of Personal Finance study, we found that 41% of people who got a stimulus check used it to pay for necessities like food and bills. And for a lot of folks, those stimulus checks have kept food on the table. ![]() This third payment can go a long way to help you catch up on bills, pay off debt, or build up your savings. Let’s be real: Three stimulus checks in a year or so is not normal. What Should You Do With Your Third Stimulus Check? 3 Other states like Florida, Georgia, Michigan, Tennessee and Texas are putting the money toward $1,000 bonuses for teachers. So far, California is the only state to give out a wide-sweeping stimulus check. Some states like Colorado, Maryland and New Mexico are giving stimulus checks to people who make less than a certain amount of money or who were on unemployment. And other states? Well, they haven’t spent any of it yet. Some states have given out their own version of a stimulus check to everyone, and others are targeting it at specific groups like teachers. 2That might sound like forever, but the clock is ticking here. 1 But they don’t have forever to spend this money-states have to figure out what to use it on by the end of 2024, and then they have until the end of 2026 to spend all that cash. States were given $195 billion to help fund their own local economic recovery at the state level. It all started back when the American Rescue Plan rolled out. Why Are States Giving Out a Fourth Stimulus Check? So, is more stimulus money coming your way? Let’s take a look. And there’s even talk of a federal inflation stimulus check. But instead of a stimulus for pandemic relief, state politicians are now cutting stimulus checks to help ease the pain of record-high inflation and gas prices. Social distancing, remote learning, stimulus payments-the COVID-19 pandemic introduced us all to lots of new concepts.Īnd while the 6-foot rule has gone out the window (thank goodness!), stimulus checks have hung around.
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