If you don't need your stimulus check for immediate expenses, pad your savings account or consider investing
Keep in mind that your stimulus check2. If your bills are covered, increase your savings
"If your basic needs are met, but you may need access to funds in the near-term, consider placing the money in a money-market fund or a, both of which yield more than a standard checking account but are safe and easily accessible," Gandhi said. Even in a low-interest rate environment, high-yield savings accounts can still earn up to 20 times more than traditional savings accounts. The best part is there's no risk involved and your account isA money-market fund, by contrast, is a low-volatility investment that generates fixed income on a short timeline. Your money will still be liquid, though it does come with a low level of risk.
"If my clients are on course and in a position to be able to save more towards their goals, these stimulus payments can be used as another savings mechanism for their plan," he said.
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