It’s been a busy past few weeks: the final rounds of stimulus check payments have been issued, the tax deadline has been pushed back, and many Americans have been hard at work assessing how all of this will impact their financial plans.
While there is no one-size-fits-all solution for how to react to these changes, we put together a few tips.
- Consider the best way to use your stimulus
Many of us will need to devote our stimulus check funds to meeting short-term goals, like paying off outstanding bills or credit cards, managing household expenses, or making car and home repairs. However, if your short-term goals are met, consider how you could use this cash to further your long-term financial goals. For example, using excess stimulus funds to pay down high-interest debt. This could ultimately help you avoid expensive interest, which will save you more money in the long run. Or deposit this money into a high-yield savings account or 401(k) so that it can grow exponentially over time, setting you up with a larger financial safety net.
- Re-evaluate your budget
In a year of uncertainty, one thing that remains true is that tax season is coming – and with it, a potential refund. But because the tax filing deadline was pushed back, the timeline for when a refund might hit your bank account has been pushed back, too. This delay may pose issues for your budget. If you have not yet filed, be sure to take a close look at your upcoming expenses and identify areas that may now be harder to cover. Consider how you could move funds around to manage those expenses, such as cutting back on dining out this month, pulling from a vacation fund, or reducing other non-fixed expenses. If you may end up owing taxes, consider saving now so that your budget is safe come Tax Day.
- Leverage low-cost loan options for plugging the gap
No matter how these changes may affect your wallet, Kashable is here to help. Kashable is a low-cost loan solution that makes it easy to plug the gap when stimulus checks or tax refunds simply aren’t enough. With loans up to $20,000, you can make sure all your bills are paid and your expenses are managed. Plus, you can even begin to tackle longer term financial goals like paying off high-interest debts. Unlike other options, Kashable’s automatic repayments have been specially designed to never cost too much of any one paycheck. We even offer financial education resources that can help you to plan in the event of further changes this year!
Get started today at Kashable.com
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