Making the most of your COVID-19 stimulus check and helping the Arizona economy

The smartest ways to spend your stimulus check

With Americans about to receive another stimulus check, experts offer advice as to how to make the most of your check, and also how to make sure that money stays in the Arizona economy.

PHOENIX - After such a tough year, many people are excited for their next stimulus check and they already know how they may be spending their money.

"Paying bills," and "save it," are just some of the responses we received.

If the COVID-19 pandemic has hit them especially hard, some may just spend it. Whether they are eligible for it or not, they're happy help is on the way.

Scott Roelofs, Chief Financial Advisor and CEO of RCG Valuation and Monetization has tracked the ways people use their stimulus money and says there are ways to use this check to help you get ahead.

"Most people are going to have to prioritize what they are going to use that money for," he said, adding if you are caught up on your bills, the best thing is to prioritize your high-interest credit card debt.

"That will be a revolving debt to use in the future. It is going to be the most expensive money out there if you are able to reduce that in any way."

If you would like to spend it, the best way, according to Roelofs, is to give it back to your local economy by shopping small.

"You put money in the hands of other Arizonans and what they are going to do is take that money and create state tax revenue and they will buy other products from the state."

In the last stimulus bill, Roelofs said many people did prioritize their credit card debt and focused on reinvesting and refinancing their homes, indicating that not everyone will spend it on something frivolous.

"It really does signify a pretty intelligent consumer," he said.

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