Back Outlines How Americans Should Use their Stimulus Payments
April 23, 2020

Foster City, CA – April 23, 2020 – Many Americans are experiencing major financial distress from the coronavirus pandemic. With unemployment now exceeding 26 million, relief is needed for many. For some, the IRS stimulus checks provide some financial assistance. For others who are unsure how to spend their stimulus payment or are still employed, personal finance site pulled together an outline of the steps consumers could follow:

How to Spend a Stimulus Payment

  • Address immediate, unavoidable expenses - many payments can currently be suspended without major penalties, i.e. most utilities providers are waiving late fees. Other expenses, such as food, cannot be avoided.


  • Build (or add to) an emergency fund - for those that have income and/or cash reserves, start or add to a rainy day. More job losses may be coming, so prepare now. A minimum of three months of living expenses is recommended. Consider increasing it to equal six months if possible.
  • Pay off debt - an extra $1,200 can make a large dent in debt, which helps reduce interest charges and speeds up the process of becoming debt-free. Generally, prioritize high-interest debt such as credit card balances.


View the complete article here, How to Use Your $1,200 Stimulus Check Wisely

The research analyst and spokesperson for, Simon Zhen, can offer guidance on how to financially navigate these uncertain times. He is a personal finance expert on emergency funds, consumer banking products, credit cards, bank innovations and financial technology.

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