What you can do next
If you qualify for a federal payment related to the coronavirus pandemic, and you don’t need to earmark the money for essentials, consider how best to use it. (When you’ll receive the payment depends on a variety of factors, but in general look for it via direct deposit to your bank account or, if the IRS doesn’t have that information, via a check in the mail.) It’s a good opportunity to help pay down high-rate credit card debt, build up an emergency fund or shore up your insurance. But if you have those bases covered, consider saving for long-term goals like retirement or college, or short-term goals like a car purchase or home improvements.
This article is for informational and educational purposes and does not take into account your personal investment objectives or financial situation. Consult a financial professional regarding your particular circumstances.