Skip to Content
Economy

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.

If you want to see when you will get your payment, click here and click "get my payment" to view more details.

Idaho / Idaho Falls / Life / Local News / News / Pocatello / Regional News / Top Stories / Videos
Adrian Luevano

Adrian Luevano

Adrian is a reporter and sports anchor for Local News 8 and KIDK Eyewitness News 3.

Comments

2 Comments

  1. And now some morons will tell a person how to spend their money? If I was getting any, I sure would spend it where I want, just like the money I get every year from a federal retirement, 401 and other sources.

  2. I am retired, with money enough to pay the bills, play golf & travel some (when it’s allowed!) and be comfortable. My stimulus has already arrived and will be put up and saved for another rainy day. Like J Weld says, I have been managing my money wisely and don’t need someone to tell me how to spend it.

Leave a Reply