/How to Wisely Use Your Second Stimulus Check

How to Wisely Use Your Second Stimulus Check

CNBC weighed in with financial experts to determine the most thoughtful ways millions of Americans can spend the likely soon arrival of a second stimulus check.

Here is what they learned. (cnbc.com)

Negotiations between the Senate and the House still need to happen before any final package is passed, but it seems increasingly likely that there will be another economic impact payment hitting millions of Americans’ bank accounts.

CNBC Select asked Sallie Krawcheck, co-founder and CEO of the digital investment platform Ellevest, how you should spend this cash if you get it, depending on your circumstances.

If you’re falling behind on high-priority bills, like housing and utilities, consider using the second stimulus check to catch up on these payments.

Krawcheck suggests that if you are current on your bills but you think your income may be in jeopardy (you expect a layoff, being furloughed or reduced working hours), save the money from the stimulus check in a safe place. Consider savings accounts that are FDIC- or NCUA-insured and easy to access. A high-yield savings account is a good choice because the best ones can earn you over 16X more money than the national average.

Continue reading at cnbc.com.