“It’s probably the first time in a while I don’t have to worry about living paycheck to paycheck,” said a grocery store supervisor about her $1,200 stimulus check. Many Americans are using the cash on food and other necessities.
In Albany, N.Y., Jasmine Vanterpool will be putting her $1,200 stimulus money towards her student-loan payments, her car insurance and a little donation to help out local restaurant workers and bartenders.
Now that the money is starting to hit bank accounts, people have to start thinking how they’ll use the money. Approximately 80 million Americans will receive their stimulus money as the first wave of “economic impact payments” go out, according to the Treasury Department. “It certainly gives slight breathing room. It removes the concerns of the immediate future,” Alva, a 49-year-old Lyft LYFT, +7.11% driver said.The stimulus bill also established $600 weekly unemployment payments from the federal government for four months, in addition to whatever the state pays on a jobless claim.
More than one-third of people plan to use their stimulus money for necessities, according to an approximate 1,000-person poll from First National Bank of Omaha. Meanwhile, 21% planned to save it, 15% planned to use it to pay down debts and 3% planned to use it on investments.On a scale of 1 to 5, people in a Credible.com survey said they were most likely to buy groceries ; a rainy day fund was second on the list. The third and fourth spots were utilities and mortgage/rent.
She’s going to use the money for three months of student-loan payments and two car-insurance payments, which are $96 apiece.
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