Those who qualify for the $ 1,400 payout are free to spend the money on anything they want.
One married couple from Havertown, Delaware County, did the unexpected with their stimulus checks.
“Our feeling was that that money should really go to help address the weeping needs exacerbated by the pandemic,” Larry Passmore said.
Larry Passmore and Maureen O’Ryan did not keep the money. They donated it all to local charities.
“There are a lot of people who need it, and obviously, if you need it, you absolutely should keep it. But if not, I think it’s an idea that could be expanded,” Maureen O’Ryan said.
The couple didn’t need cash, but they wanted to make good use of it.
They gave donations to organizations that deal with homelessness and food needs in the community.
“If you don’t really need it, it seems to me that you should give it away, and one way is to donate it to charity, and there are other ways to do that, you can help individuals,” Passmore said.
Professor Cindy Axelrod of Temple’s Fox School of Business says that before you start spending money, take some time and think about where you can make the most of it.
“The first thing to do is step back and activate your personal financial situation. Look where your accounts are, where your savings accounts are, what your upcoming accounts are,” Axelrod said.
Axelrod says once you have a plan if you have any left, it’s okay to use it for a long-term investment.
“The first thing I would recommend is to invest in yourself. Put the money in the IRA or the Roth IRA,” Axelrod said.
Whichever way you use your incentive, financial experts say you use it wisely and if you can afford it, donating to your community is a great way to boost the economy.
“People who are losing their jobs need help with housing, etc. And so on. It was just a tough time for so many people that we really felt compelled to do something to help, and that was the way,” O’Ryan said.
The tax administration has so far issued $ 1,400 in incentive checks for about 127 million households.
The U.S. rescue plan cut off payments to adults earning more than $ 80,000 and married couples with incomes in excess of $ 160,000.
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