GREENSBORO, N.C. — At least $1,200 in stimulus money is coming your way.
So, what will you do with it? Spend it on bills or groceries? Maybe save it for a family trip? Or buy something you’ve been waiting to save up for?
The best thing you can do with it right now, according to money experts, is to pay your bills right now if you can. Things like utilities, rent, even groceries.
The next best option is to put the stimulus in your saving, that way you can save it for bills, or spend in locally once things start to reopen.
Of course, if you can’t pay your bills right now, the executive order signed by Governor Cooper is allowing all North Carolinians to miss payments without penalty. But you’ll still want to let the company know you may have to miss a few payments.
“I have been laid off thanks to covid19. Those are the key words that you need to say” according to financial expert Ja'net Adams “it will trigger some things to delay your payments or adjust some of the debt you might have. This is a way to stretch your dollar to save it for necessities like groceries and anything else you may need right now.”
Now if you want to pay your bills of no matter what, maybe you’re thinking about charging those bills to a credit card. Financial experts say to hold off on that. Because interest will still pile up on your credit card bill. But if you hold off on paying the bill directly, interest will not build, and your service will stay on. But just remember, because you’re not paying now, doesn’t mean you don’t owe anything. The companies will still be charging you for the service and you will owe them for how much you racked up.