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Financial expert gives tips on how to spend your stimulus check wisely

Stimulus Checks
Posted at 8:49 AM, Mar 25, 2021
and last updated 2021-03-25 09:50:00-04

NASHVILLE, Tenn. (WTVF) — Another 37 million stimulus payments hit bank accounts this week.

That $1,400 can really go a long way. Financial experts say determining the smartest way to use that money really comes down to every person's situation.

David Adams, the founder of David Adams Wealth Group in Nashville, said if you have a job and stable income, it's a good time to get rid of what's called "bad debt" like credit cards and things with high interest rates. Another suggestion is to start or increase an emergency fund.

If you're thinking about investing, an individual retirement account is also something to consider.

If you're looking for a job and received a stimulus check, it's an opportunity that could help you get back on your feet.

"They need to use this to get back to above treading water, so paying off any debt they've accumulated. If they've wiped out their savings during the last year, put it right back into savings. I would not invest it, because the last thing we want to do is invest it, then have this continue and need it and have to pull it out of the market at a bad time when the market is down," Adams said.

If you're able to and have a good amount saved up, it's good to give to someone who needs help, treat your family or even help out any of the struggling small businesses here in Middle Tennessee.