The amount you’ll receive depends on your household’s AGI (adjusted gross income). To find out what your AGI is, look at your latest tax return. If you filed as an individual with an AGI less than $75,000, you will get the maximum amount of $1,200. Supposing that you filed married/joint with an AGI of less than $150,000, you will get the maximum amount of $2,400. If your AGI is more than $75,000/single or $150,000/married, then you will get a reduced stimulus check. If your AGI is greater than $90,000/single or $198,000/married, you do not qualify.

Around this time, everyone should be getting their stimulus checks secondary to COVID-19. Depending on your circumstances, this check could either come as a way to keep your head above water or as a bonus toward your savings goals.

You live paycheck to paycheck

If you still have your job and are making your regular pay, this check could help to build up savings. Having a job today doesn’t guarantee you’ll have a job by the time this is all over. So you want to save that liquidity for a rainy day, ideally in a high-yield savings account.

If you lost your job secondary to COVID-19, you should have filed for unemployment. Hopefully, you’re in a state providing an additional $600 every week on top of your unemployment benefits. If you’ve been managing thus far with your benefits, then consider saving the check for the possibility that you can’t get by.

If you lost your job and the benefits are just not enough, then the check might help cover some expenses that have been incurred in these uncertain times. Most bills, these days especially, can be negotiated to a lower price for a few months or to push the payment off for a few months. If you choose the latter, then make sure you understand the terms of the agreement you came to with the agent you spoke to. Make sure it won’t affect your credit and that when you’re expected to repay is CLEAR. Keep records of who and when you spoke to an agent so if anything happens that shouldn’t have, you have that to back up your argument.

You don’t live paycheck to paycheck

If you have room to breathe between checks, hooray for you!!!

If you lost your job secondary to COVID-19, you may have started to feel what it may be like to live check to check. Hopefully, you’ve filed for unemployment that is slowing down your use of savings. It’s a good idea to use that stimulus check to bolster your savings. Even with the extra $600 that people are getting with unemployment, it may not add up to what you were making before. So you may need that buffer to cover your expenses. You should also evaluate your expenses to see what you can decrease or cut completely to help you ride this time out.

If you still have a job, you are in likely the unique position of not NEEDING this check. Of course, some jobs may still be lost in the months to come. If you’re in that potential category, you should most certainly save this money in case that were to occur. Find a high-yield savings account and stash your money there.

If you have an essential job where your job is practically guaranteed, you can potentially save the ENTIRE thing. Even better, if you have the heart for it, invest it. Find a mutual fund you’re comfortable with (I’m partial to funds like VTSAX & SWTSX) and invest it. Most everything is cheaper now so it’s a good time to invest. If you have an IRA that you haven’t maxed out yet, it’s a great vehicle for this newfound cash. If your ability to save hasn’t been affected by this crisis, invest the whole thing. The market is on SALE right now! If you’re not comfortable with investing at all, just find a high-yield CD you can put it in for growth.

If you’re eligible for this stimulus check, what are your plans on what to do with it?