As part of the federal coronavirus relief package, many Americans will be receiving a stimulus check of up to $1,200 per adult (and $500 per child).
The best use of your stimulus check depends on your financial situation and your immediate, medium-term and long-term financial goals. If you have recently been laid off from your job or have experienced a loss of work hours or another loss of income due to the COVID-19 crisis, then you likely will use this stimulus check to help meet your immediate financial needs. But if you are still employed and receiving your usual paycheck, this stimulus money could potentially help you shore up your savings or invest for the future.
Here are 5 ideas for how to utilize your coronavirus stimulus check to get the biggest benefits from this extra money, depending on your most urgent financial priorities.