ROCKFORD, Ill. (WTVO) — While $1,200 can be used to pay urgent bills and keep groceries on the table, one local financial expert is stressing people think before they spend. Many Americans saw the deposits enter their accounts on Wednesday.
Jenny Redington, a financial adviser at Edwards Jones, says it’s important people think about both long and short term goals before you spend your stimulus check.
“It can help in a wide number of ways. Simply by helping pay those everyday bills and keeping the health and well being of your family intact by being able to put groceries on the table for someone who has been let go or laid off,” Redington continued.
Redington says it is smart to keep money aside to achieve future financial goals, whatever that may be for each person.
One Rockfod resident, Anthony Vaiarella, says he is stowing his check away for college.
In my opinion college is a necessity nowadays because you can’t get a decent job without college education anymore,” Vaiarella said.
At the end of the day, most people have a general idea of the most useful ways they can use the extra funds. But experts will always stress the important of having emergency funds.
“Depending on the situation, maybe a teacher who’s still working, so receiving a paycheck, and doesn’t need it for everyday expenses then that would be more of an ideal situation to put it towards that kitchen goal or college goal. More of a less of an immediate need,” Redington added.
Financial advisers are still working and can help you figure out what route is best for your fiancial situation.
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