Make the Most of Your Stimulus Check

If you are one of the thousands of CFCU members who received an Economic Impact Payment – or stimulus check – this week, we’ve put together a few quick tips on how to make the most of it.

Essential Purchases: These items – including food, household staples, medications, and utilities – should be first on your list. Buying in bulk and choosing goods with a longer shelf life can save you money and minimize the need to make extra trips. Check out BudgetBytes for recipe ideas and a list of pantry staples.

Make it Grow: If you don’t have an immediate need for the funds, we recommend putting it in a high-yield savings account, like our Reverse Tier Money Max account, which offers an impressive 2.50% APY* on the first $2,000! The best part? You can earn that rate and access your money any time without penalty.

Pay Off Debt: Using your stimulus check to pay off high-interest loans or other debt can result in big savings on interest. Just keep in mind that paying off debt means that the funds won’t be available if you end up needing them later on down the road.