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How to spend your stimulus according to a Colorado Springs financial advisor

covid stimulus

COLORADO SPRINGS, Colo. (KRDO) - The second stimulus check has been long awaited by many people struggling to make ends meet.

We got some advice for people hurting to the point where they don't know which wound to heal with the $600 stimulus.

Jamie Bartels-Giddings, a financial advisor at First Command, says you should focus on rent, other essential bills, and paying off high interest credit cards.

"You could be paying 10 times more than what you put on those actual cards if you just let the interest continue to accumulate and just pay the minimums, so this would be a great way to potentially catch up," she explained.

If your wallet hasn't been hit hard by the pandemic, Jamie suggests putting the money in your savings, or investing.

"See if you have three to six months worth of monthly expenditures. And, if you do, then you can look to invest it," she said. "But if you don't have that much in your savings, then I would look to add that to your savings."

As checks roll out across the country and right here in Colorado Springs, some people are disheartened by the Republican led senate rejecting President Trump's proposal to increase the payments.

"I think it should go to $2,000 -- but I also think it should be targeted to those individuals and families who really need it," said Terri Bernath.

Some people think more money should be given to the people laid off and on unemployment because of COVID.

"Maybe even like $1,500 a month or a thousand a month for people who need it," Barb Howard suggested.

But others don't believe any stimulus is necessary, saying people struggling can go find a new job.

"There's definitely people trying to hire these days," Kian Glynn. "I don't think anyone deserves free money.”

Colorado Springs / CovidRecovery / News / Personal Finance

Julia Donovan

Julia is a reporter for KRDO. Learn more about Julia here.

Comments

8 Comments

  1. On average, Americans carry $6,194 in credit card debt, according to the 2019 Experian Consumer Credit Review.

    How is $600 going to help?

    The one thing this COVID nonsense has done is to show us that we have a country filled with completely clueless “experts”.

    1. You’re right that $600 doesn’t go a long way for the “average” American. But these payments should be targeted to those WAY below the average who are struggling to pay essential bills. $600 would help them somewhat, but $2000 would help them even more.

      1. Why stop at $2000? Lets just go for $10,000, ohh why not $20,000? Pay everyone rent/mortgage for the year.
        They we can make unemployment $3,000/month so that way no one has to work and they can all stay home and play video games. Just print the money right? it just that easy! Who cares that it could crash our economy when our kids grow up just like Greece.
        Or
        Open the economy and let the adults make their decision to work or not. Don’t saddle the younger generation with bad policy decisions.

    1. That’s what they mean by “you should focus on rent, other essential bills, and paying off high interest credit cards” isn’t it?

      1. Yep pay off that loan you got for the 70″ HDTV that has a 28% interest rate. That 7 year loan for a car you can’t afford. Those ones.

  2. $600 will buy a new to used Glock 19 or similar gun.
    Gonna need it when the streets are filled with Pedro’s and Maria and there 8 kids all wanting amnesty and free goodies you have to work for!!!

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