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Stimulus checks start rolling out for Americans

Posted at 6:50 PM, Apr 13, 2020
and last updated 2020-04-14 11:45:00-04

OMAHA, Neb. (KMTV) — When your stimulus check arrives, financial experts say there are some things you should consider when deciding how to use the money.

Brian Payne, an assistant professor of finance within UNO’s College of Business Administration, has a few tips.

Payne says to fund essentials, like medicine, food, transportation to work and other necessities.

He says rent and mortgages should come next.

Payne adds, if you have the financial capabilities, creating a savings fund with the stimulus check is not a bad idea, either.

"We are not on the other side of this pandemic, unfortunately, so we don't know exactly what's coming in the future,” says Payne. “Having that emergency fund set aside to be able to withstand any possible future economic shocks in the near term is a great thing."

With interest rates suspended on loans, Payne says paying off any debt is a pay off as well.

Under the coronavirus economic relief package, Americans are set to receive up to $1,200 and couples will receive up to $2,400 plus $500 per child.