Using your new money wisely

IDAHO FALLS, Idaho (KIFI/KIDK) - You may be checking your bank app waiting for the government to send you a direct deposit.

Many Americans are starting to get their stimulus checks from the federal government this week. Financial experts say you need to use that money sparingly.

"Everybody's situation is going to certainly vary in this," Patrick Trimp of Trimp Wealth Management in Idaho Falls said. "But based on the fact that we really don't know how long this is going to last, building a cash cushion as much as you can and paying for essentials at this juncture in time is critical."

Even though you can get extensions on certain bills, it doesn't mean they no longer exist.

"This money was just meant to be a critical bailout for a short term problem," Trimp said. "The problem is, it may be a little longer than a lot of people realize. Getting the economy back on its feet could take some time. So, be prudent, be careful, be safe, and keep the money liquid."

One thing Trimp said not to do is spend your new money in one place.

"I would certainly advise against going out and blowing the money in the short term, that's for sure," Trimp said.

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