The Common Cents Lab has created a free COVID-19 Stimulus Check Planning Tool to help you get the most of your stimulus check.
For many of the communities we serve are struggling to make ends meet as a result of financial hardship related to the COVID-19 pandemic. An unprecedented number of people have filed for unemployment. Millions more are working fewer hours. The last few weeks have been especially hard for hourly, lower-income, and gig workers.
To help offset some of the financial hardship, Congress passed the CARES Act which provides economic hardship payments directly to families. Although most people’s check will amount to a few hundred dollars, even this amount can be hugely beneficial. For people living paycheck-to-paycheck, the check can help cover regular bills and living expenses. Research has shown that just a small amount of savings can help a family weather a financial shock, reducing their likelihood of paying bills late, missing rent, or needing public benefits. The stimulus checks represent just the windfall that households need to replace the lost income and serve as savings to address immediate financial needs.
Unfortunately, though, the stimulus check is not likely to be enough. People will need to make trade-offs and hard decisions. They must decide how to best use their check but also how to make it last. Navigating an immediate financial crisis while also making decisions about a complicated and uncertain future understandably feels overwhelming and stressful.
To make this easier for people, the Common Cents Lab has created a free COVID-19 Stimulus Check Planning Tool. All you need to do is click the link and it takes about 10 minutes to complete a simple plan that will make sure you’ve done everything to get your check and will help you get the most from your stimulus check. In the end, you’ll be given a summary of your plan to keep.
For additional help budgeting, Resource One offers financial coaching free of charge for members. Find a Budget Buddy online and schedule an appointment today.
Already have a plan for your future budget? Keep track with Resource One’s savings goals and budgeting tools for online and mobile banking. It’s free to use for members, just sign in to your R1CU account to get started.
When will my stimulus payment deposit into my account?
Resource One will be processing stimulus payments as soon as files are received from the IRS. Financial institutions do not have a way to see when an individual’s payment information will be sent, or the amount they will be receiving. For additional information on your stimulus payments, please visit irs.gov.