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Financial experts share what you should and should not be doing with that stimulus money

White House commits to sending stimulus checks within 2 weeks
Posted at 5:27 AM, Apr 17, 2020
and last updated 2020-04-17 08:19:51-04

MILWAUKEE — If you have not spent your stimulus check yet, listen up.

A financial planner with Milwaukee’s community action agency, Social Development Commission gives her best advice of what your family should focus on first.

Warwees Holt says first, try to save as much as you can. But there are some major expenses you cannot ignore.

This includes paying on time to keep a roof over your head, “Your mortgage or your rent, even though there’s a moratorium on evictions and foreclosures right now. Eventually that’s going to catch up with people.”

She’s also reminding people to plan ahead before you go to the grocery store so you do not overspend.

Holt says one of the largest payments you cannot put off, “Car notes. You wanna make sure you have that transportation available to you.”

What if nothing is left after those bills are paid off, and you are laid off? Holt suggests calling companies you owe money to. They may be willing to negotiate. She adds, “You never know until you call if they are willing to put payments to the end to your contract.”

If you would like to learn more about meeting an SDC financial coach once the stay at home order is lifted, click here to learn how to apply to qualify for free coaching.

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