More than 80 million Americans are expecting to get some financial relief from the federal government in the form of a coronavirus stimulus payments.
The first thing you might want to do is go out and spend it.
But that may not be the smartest decision.
Some of us could see up to an extra $1,200 in our bank accounts.
The government hopes you use the money to help turn the economy around.
"I like to pay off the debts that are smaller. Especially if your family’s aggregated check can pay off that debt, because now you don’t have to make that payment anymore. It gives you that feeling of accomplishment of security, safety and it feels good," said Tim Randle, CEO Wealthbridge Financial Advisors.
He told WAAY 31 one of the first things you should do is pay some bills.
Once your debts are done, Randle suggests starting an emergency fund.
"Sometimes even if you’ve got some debt, it might be a better idea to have an emergency fund because it keeps you from going deeper into debt. I know that those are two very strong competing goals and a lot of times it’s through kitchen table discussion with your spouse," said Randle.
"I’m pretty excited about it because this will kinda help me as far as paying bills, you know just trying to catch up. Thankfully it’s not much, that I have to catch up on, but the little bit that is coming, it does help," said Alleha Scott, who lives in Huntsville.
Some people in Huntsville WAAY 31 spoke with say they are going to spend their stimulus check wisley.
"Probably going to put it in savings and maybe catch up on a few bills that I’m kinda lagging behind on and other than that, the rest of it I’m going to use it and have a little fun with it and just enjoy myself," said Barbara Perkins.
"Live a little bit but we want to spend the most of this on something that’s responsible to help us improve our lives and make our finances as stable as possible," said Randle.
He says whatever you do, start with a plan.
"Make one small decision, one thing that you know you can do then do it and the best way you can do it is if you have an accountability partner," said Randle.