GREENSBORO, N.C. — As millions of Americans check their bank accounts for the latest round of stimulus checks, many could be cashing in on tax refunds at the same time.
This means many families could see thousands of dollars at one time. Money expert Ja'Net Adams has some advice on how to make sure that money goes far.
For those still feeling the effects of the pandemic, Adams said this money could be best used to catch up on any bills that are behind. This would include people who are unemployed and recovering from COVID-19.
Many people only felt minimum effects of the pandemic. Adams advises this group to build up a $1,500 emergency fund, pay down any debt, start saving for retirement, and if money is left, then you can spend a portion of it.
Adams also wants parents to remember that this money doesn't belong to just you. If you have children under the age of 17, you will be getting more money from the stimulus bill and your taxes than people with no children.
She said this would be the perfect time to open a savings account in your child's name and put $1,000 in it. You can also start their college savings account. If you have money left over, open an investment account for your kids so they can start building wealth.
"A lot of households are going to be receiving thousands of dollars over the next few weeks and what you decide to do with that money could determine how your life looks financially ten to twenty years from now," Adams said.