TEMPLE, Texas — The IRS started to send federal stimulus money Monday from the $2 trillion CARES Act.
It began with people who's most recent tax refunds were direct deposited, but millions more will get their stimulus checks this week. So, how should people use the check?
6 News spoke with a pair of Temple-area financial advisers about what they recommend.
Melinda Bulls, from Bulls Financial Group in Temple, said it starts with building a map for your budget.
"I think it's really, really important to put on paper, on purpose," Bulls said. "Because decision making needs to be pre-meditated."
State Representative Hugh Shine, who represents the 55th house district as a Republican, is a financial services branch manager in Temple.
He recommended that you hold on to the stimulus money as long as possible, whether your employment status has been impacted during the pandemic or not.
"The most important thing is that money needs to be there to support the ongoing expenses and needs you may have," Shine said.
As far as what kind of savings account to use, they have differing opinions.
"I like the idea of sticking it over into a savings account," Bulls said, citing the small difference in interest among accessible savings account. "It doesn't matter what kind of savings account."
Shine recommended that you keep the money in a more "Liquid" form and suggested a money market of some sort.
"So the money is readily available," Shine said.
Shine also recommended that you scale back on excess expenses exto make the stimulus money and your other assets go further. He said some services like certain TV providers will allow you to suspend or temporarily cancel certain aspects of your service to save money during the pandemic.
Bulls added, if you still have your stimulus money and a rainy day fund left when the pandemic passes, she'd recommend investing it at that point.
Also on KCENTV.com: