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Check Finances Before Spending Economic Stimulus Checks

Last Updated: May 05, 2008 | Related resource areas: Personal Finance
Pay bills, contribute to your emergency fund, make a deposit in a retirement account or put money towards a child's education fund.

Released May 1, 2008

SALINA, Kan. - A Kansas State University Research and Extension agent who teaches money management classes is encouraging taxpayers to review their financial obligations and debt load before rushing to spend their economic stimulus checks from the federal government.

Using the unexpected funds to pay bills can help reduce interest costs, said Mary Lou Odle, a family and consumer sciences agent in Extension´s Central Kansas District.

If caught up on bills, consider contributing to your emergency fund (aim for at least $1,000) or making a deposit in a retirement account, Odle said.

Families who are receiving $300 per child may want to use the money to establish a savings account for the child to help fund education or future startup expenses as a young adult.

More information on practical financial management strategies is available at county and district K-State Research and Extension offices and on Extension´s financial management Web site: www.oznet.ksu.edu/financialmanagement/.

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http://www.oznet.ksu.edu/news/

Contact: Mary Lou Peter-Blecha, mlpeter@ksu.edu


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