LITTLE ROCK, Arkansas — OK, you've got your stimulus check — now what? Do you save it? Do you spend it?
THV11 spoke with Financial Planner Sarah-Catherine Gutierrez of Aptus Financial to get some advice.
According to Sarah-Catherine Gutierrez of Aptus Financial, people are living in different conditions right now and there are different instructions based on where you are right now.
“The question is not what the amount is, but how long we can make it stretch,” said Gutierrez.
She said for those who are unemployed, this can be a scary time. She suggested cutting expenses wherever possible. She said her husband owns a business in downtown Little Rock that was forced to close, so she understands the financial strain this can put on a family.
“The moment we sat down and cut expenses in our business and personal expenses it was the most therapeutic thing in my life that I have ever done,” said Gutierrez.
For those who still have a job, Gutierrez said to start an emergency fund if you don’t have one already.
“Take that stimulus check and take that refund if you are about get a refund and start your first emergency fund. The goal is to have about 4 to 6 months of spending in an account,” said Gutierrez.
Gutierrez said it is the tendency when we get money to spend it, but she suggests not doing that.
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“I think everyone is looking around at their homes right now because we are in them and thinking, ‘I could use new deck furniture,’ but what we have to do is think, ‘OK, do we have an emergency fund shored up?” said Gutierrez.
She said you should also consider contributing to your retirement account.
“This is a great time to be thinking of retirement because stocks are discounted,” said Gutierrez.
Gutierrez said while this is a difficult time, we can also learn a lot from it.
“We can never guess what is going to happen in our future. It’s stressful enough to lose a job ,but then to not know how you are going to pay your rent the next month, that is a stressful way to live and I think a lot of folks are waking up to that right now,” said Gutierrez.
Gutierrez also suggested donating money to a non-profit if you are willing and able.