How to Spend Your Stimulus Check (When you are broke…or close)

Before, during and after this crisis, we are here.  Family Promise helps families who are struggling financially create sustainability stability.  Soon you will be receiving your stimulus check – $1,200 per adult and $500 per child.  Below are our recommendations on how to wisely spend and save these funds. 

We know it is hard!  Sometimes if feels like we have to spend it fast or it will be taken away.  Or there is so much we feel like we need and this is the time to make it happen.  RESIST and follow the steps, in order of what to pay and when.  Things are not going to get better for a while, you need to plan to get you through the economic crisis we are currently experiencing.  Remember you can always call us:  317-296-3742

Before You Get It, Don’t Spend It.  You might feel the need to make impulse purchases because you know money is coming.  RESIST!

  1. Purchase Food Please utilize food pantries and apply for SNAP, but also buy the food you need.  Don’t overdo, but get what you need.  
  2. Pay Your Rent/MortgageJust because you can not be evicted or foreclosed on right now, doesn’t mean you can skip this bill.  There will be a line of landlords in front of the courthouse when this moratorium is lifted filing for evictions.  Don’t let one of those landlords be yours!  Use these funds to pay April and May, depending on other bills.  But two months would be ideal, or more if possible.   
  3. Make Car Payments:  J.D. Byrider will still send the Repo Man.  Non “buy here, pay here” lenders may defer a car loan, so call your lender, but you will have to pay eventually, so pay now if you can.
  4. Pay Phones Bills:  If you are using a pre-paid phone, you need to pay it.  If you have a plan, it can not be disconnected at this time.  If possible, please pay.  The bills will continue to accrue.  
  5. Pay Child Care Provider: If you are working right now, you qualify for free childcare as an essential worker.  Apply HERE.  If you are paying tuition out of your own pocket, this is the time to make a payment.
  6. Utilities Right now, all utilities will remain connected regardless of payment of bills.  Before you pay, please apply for EAP (Energy Assistance Program) to assist with this bill.  Apply HERE.  
  7. Credit Cards:  Make a payment you are comfortable with at this time. Contact credit card company to discuss options.  
  8. Pay-Day Loans:  Make a payment you are comfortable with at this time.  Contact the company to discuss options. 

Please spend wisely.  Future public assistance approval, such as Township Trustees, WILL be dependent on how you spend your stimulus check.  They will scrutinize your spending.

Relief Resources HERE

COVID-19 Economic Survival Guide HERE