The Smartest Way To Spend Your Stimulus Check

by | Mar 23, 2021

Now that most Americans are getting a third stimulus check of $1,400, and even more if they have children, many people are wondering: what is the best use of that money?

Some of you may have already received your check, and are asking yourselves, “what now?” Depending on your situation that answer could be very different, so it’s important to assess your own personal needs and priorities. 

If you have expenses like rent or insurance that you haven’t been able to pay due to COVID, pay those first. If you’re set on your monthly utilities and expenses, but you don’t have an emergency fund, save your check for that. 

But what if you have all of those things covered? What if that simple check could help you to rewrite your financial future?

Your stimulus check could be used as a powerful wealth-building tool if you use it wisely. While the stimulus isn’t a life-changing amount of money, it can certainly help you to reach your goals in a variety of ways. Even if you’ve already met your own personal savings goals, you could invest that money into an after-tax brokerage account or a high-interest savings account. It never hurts to have a little extra cushion, especially in uncertain times like a pandemic.  

Another way to boost your financial life via your stimulus check is to set yourself up for success in other ways.

Pursuing self-development opportunities that can help you to get ahead in the workplace is a great way to proactively set yourself apart from the crowd.

Maybe you have a great idea for a side hustle or business, but there’s a missing component that’s been blocking you from pursuing it. Maybe you need to take some classes or workshops, or maybe you would benefit from some professional coaching or mentoring. 

Maybe there’s a state certification that’s required in order for you to make a career change. Whatever your situation, learning new skills can allow you to make more money in the future. According to Business Insider, paying to learn new skills also helps to stimulate the economy, because when we pay professionals for their expertise, they also can move their businesses forward.

Time is money, so another way to spend your stimulus check could be on hiring help that allows you more time in your day. Whether you’re hiring a babysitter, dog walker, cleaning crew, or a grocery delivery service, securing time-saving services could even help to save you money if you use it wisely. 

For business owners, hiring a virtual assistant could be a great use of this money, in order to free up more time for you to focus on other areas of your business. 

Now is a great time to focus on self-care practices that might normally be considered a splurge. Maybe you would benefit from seeing a chiropractor, massage therapist, or acupuncturist. Maybe you’ve been wanting to get some dental work done, and just haven’t wanted to spend the money. Investing in yourself in this manner can help to lower your stress level, and up your productivity, so don’t feel guilty about spending on yourself.

I say the smartest way to use your stimulus check is to reinvest in yourself and set up your financial future. Hiring an expert to help you improve your finances can set you up for success in the long term. Maybe you should hire a tax professional or a financial planner. Maybe you decide it’s time to invest in your goals, and maybe even some coaching from me! If you think you might benefit from financial coaching, request your 45 Minute Initial Discovery Session. You can book your appointment on my website at

About Penny Kidd

I'm a social worker turned Financial Coach. I'm completely debt-free (including my house!) and help others make their money behave by doing a budget and becoming intentional with their money.

Embracing Gratitude: Cherishing Your Financial Wins

Why Every Penny Matters in Your Money Journey As Thanksgiving approaches, I've been reflecting a lot on gratitude. Now, I know that when it comes to our finances, it's super easy to think about what's left to do or how far we've yet to go. But today, I want to chat...

Financial Coaching Client Testimonial | Matt & Lindsay

Hear from real Pennywise Coaching Clients Matt & Lindsay on their experience working with Penny and their progress on the road to financial freedom. Schedule a free discovery call with Penny today.

Budgeting for the Holidays: Steps to Financial Peace & Stress-Free Celebrations

Prioritize what truly aligns with our values, hearts, and wallets. While it's easy to get swept up in the idea of the perfect holiday celebration, it's crucial to ground ourselves in what genuinely brings joy and meaning this holiday season. Before diving into the...

Dividends and Rentals and Freelance, Oh My! Understanding Passive Income Streams

The Lure of Passive Income: Why Everyone’s Talking About It Have you ever dreamt of earning money while you sleep? That dream is closer to reality than you might think, thanks to passive income. By definition, passive income is money earned with minimal to no direct...

Pennywise Coaching Client Check-in after 8 years! Updated testimonial for 2023. Previous testimonial below: "We have been working with Pennywise for three months, and we have been very pleased with the results." "For us, a lot of the success comes from straightforward tactics and accountability. We are doing well...

You have Successfully Subscribed!

Share This