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