MELBOURNE, Fla. - Eligible Americans across the country are about to get a big boost in their bank account. The White House says some people will receive the latest round of COVID-19 stimulus checks as soon as this weekend.
"It’s going to stimulate the economy, however, it is going to stimulate my life as well," said Buck Mcguire, a Brevard County resident.
"It is going to help me out a lot to get back on my feet," said Robert Vanderheyden, another Brevard resident.
Here in Florida, people have a few ideas on how they plan to spend their $1,400 checks.
"I have been here six weeks homeless, it is going to help me get into a vehicle and a place," said Vanderheyden.
Data from the U.S. Census Bureau shows most Americans will use the funds on essentials: 80% will spend it on food, rent, and utilities; 58% will spend it on household supplies and personal care products; 20% on clothing; and about 8% on other things.
"God only knows, TV’s, cars, whatever," said Vanderheyden.
We asked financial planner Joe Bert how you should spend your money. Paying off your debt is a good start, and for others, investing.
"Some people can pay rent, some people have to put food on the table, some people are going to take it to Best Buy and buy the big screen TV’s and take a vacation, some people are going to go online and do day trading to invest and do Robinhood and play Gamestop. It all depends on what your situation is," said Joe Bert, a certified financial planner.
"I have got my direct deposit set up and I am ready to rock and roll," said McGuire.
Single people making less than $75,000 a year will get the full $1,400 dollars. Couples earning less than 150,000 will get the full amount. You'll also get stimulus money for dependents.
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