4 Tips on How to Allocate Your Stimulus Check
If you receive or will receive a stimulus check, I recommend the following, in this order:
1) Donate 10% of the check to a church or charity organization.
$1,200 - $120 (10% Donation) =$1,080 Remaining Balance
This is a nice principle to either start doing or continue to do. Consider any friends or family who might be in need. I like to incorporate the concept of giving with anything that I receive. #HelpYourCommunity.
The organizations that I support are Zion Church, I am a Treasure, Focus on the Family, FamilyLife, I DO Obedience Ministries, Elevation Church, David's Tent DC, Joyce Meyers Ministries, Klove, WGTS 91.9, and Fortune Foundation.
2) Pay off all living essential past due bills.
$1,080 - X (Total past due balances) =Remaining Balance
Example: $1,080 - $125 (overdue phone bill) =$1,005 Remaining Balance
Living essential bills such as rent or mortgage and required utility bills. Consider contacting your mortgage lender or lease management office, utility companies, phone services, credit card companies, etc. to inquire about a deferment option. Many of these places have agreed not to cut their services.
3) Deposit the remaining balance into your emergency savings account.
Remaining Balance - X (Emergency) =$0
The current effects and the aftermath of the COVID-19 pandemic are unknown.
4) If you would like to skip recommendation #3, allocate your remaining balance as follows:
Dependent Stimulus Check
If you receive or will receive the $500 stimulus check for each child, I recommend the following:
1) Donate 10% of the check to a church or charity organization.
$500 - $50 (10% Donation) = $450 Remaining Balance
Consider any friends or family who might be in need. I like to incorporate the concept of giving with anything that I receive. #Helpyourcommunity.
Start introducing this principle to your child. The organizations that I support are Zion Church, I am a Treasure, Focus on the Family, FamilyLife, I DO Obedience Ministries, Elevation Church, David's Tent DC, Joyce Meyers Ministries, Klove, WGTS 91.9, and Fortune Foundation.
2) Invest 90% of the stimulus check in your child's future.
$450 - $450 (Child's Account) = $0
Open a savings account, 529 plan, or investment account for that child and put the money there. #blackgenerationalwealth