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While the money will be a godsend for many, here are the 5 dumbest things you can do with your stimulus cheque ….
Leave your debt for tomorrow. Credit card debt is the worst thing in the world. Not only is debt a financial burden, it is also emotionally taxing to carry around. So use your cheque to start paying down any debt you may have.
Spend it all, immediately. Receiving the stimulus cheque is exciting, but it can all disappear in the blink of an eye. As people earn more, they tend to purchase more as well. While it’s ok to spend a bit on yourself, you don’t want to be blowing through the stimulus cheque as we are not yet out of the pandemic.
Spend it all on the wrong things. When you do spend your cheque, you want to make sure you’re spending it wisely. It’s tempting to try to “save money” by buying inexpensive things. Unfortunately, those cheap products often cost you more in the long run. While it’s good to be aware of pricing, sales, and discounts, it’s also important to recognize when you’re being cheap, rather than being frugal. Being cheap means using price as the bottom line, while being frugal means using value as the bottom line.
Not getting a head start on investing. While it’s tempting to hit the stores as soon as your cheque comes in, do remember to pay yourself first…
