Pier Yvette Alsup 
Chief Community Engagement Officer 
Together Credit Union 

 

Helpful Tips on “Best Ways” to Use Your CARES Economic Impact Payment 

Under the CARES Act (Coronavirus Aid, Relief and Economic Security) passed in late March, Americans whose income falls below a certain threshold are eligible to receive a one-time economic impact payment up to $1,200, and receive up to $500 per dependent child under age 17. 

 

Here are a few tips on “best ways” to use these funds: 

1:  Write down your plans for your economic impact payment.   

2:  Use the funds to take care of your immediate needs – medications, food, utilities, housing – as these expenses are typically essential.   

3:  Put some of the funds towards “emergency savings”.   

Finally:  Review all of your existing loan obligations – auto, home, credit cards.  

 

What can you do if you have not received your economic impact payment? 

In uneasy times, the fraudsters and scammers are at their best.  How can someone know what is legit or not when it comes to the IRS?   

Any tips to protect yourself from fraud? 

For more information and convenient tools for budgeting, emergency savings, debt management services, and other financial education, visit the Together Credit Union web site today!