Make the most of your stimulus checks

Hey Randolph,

If you haven't received a stimulus payment from the federal government, you probably will soon.

By the time all the money is disbursed, about 85% of American households will have received at least a $1,400 check. So what's the best way to use those funds?

Here are a few recommendations

Prioritize necessities and paying off debt.

For many families, this stimulus check is a lifeline. If you've had to miss a rent or mortgage payment, need to stock up on essentials or pay off other high-priority debts, tackle those things first.

Strengthen your safety net.

Protect your future self by stashing some of that cash in an emergency fund. Given the current low-rate environment, cash management accounts and high-yield online savings accounts are your best bet for worthwhile returns.

Put that money to work.

Investing some of your stimulus money now will ensure it pays dividends in the long-term. Even investing a modest amount—like $500—can pay off in a big way down the road. If you're unsure where to start, a financial advisor can help.