Jump to main content
News & Announcements

Getting The Most Out Of Your Budget By Maximizing Your Stimulus Check

Stimulus checks are coming soon. Maximizing their potential will help set the course for your short-term and long-term financial well-being. So, what’s the best way to use your stimulus check? WyHy has used this critical time to formulate customizable solutions for members looking to keep their funds balanced alongside those who need financial assistance. Perspective matters, and if you’re looking for guidance, we’re with you.

One of the best ways to frame the federal aid package is to think of it as less of a definitive financial solution and more of a tool we can use to reorganize priorities. This temporary pause in economic movement means we have to think of money a little differently. Here are some tips on what to do with your funds:

Prioritize What’s Needed Right Now

Consider your most critical upcoming bills and what you need to pay first. We understand different households have different priorities so the list will look different from member to member—some may have water included in their rent, others may have their house paid off. Either way, look at how your particular needs pair up with your budget today and what it will be next month if things stay the same. Plan it out so your check can give your finances a break today and down the line. If necessary, be sure to chat with local government reps, power companies, and internet providers about payment options as many are waiving fees or have tailored services to help at this time.

Talk With Your Local Experts

Utilizing other forms of assistance can help you get more mileage out of this stimulus check. Talk with your team at WyHy and other financial advisors about steps being taken to help out. From our extended Skip-A-Pay options to  Streamline Mortgage refinancing opportunities, many tools are now modified to offer as much relief as possible during this economic pause.

Save A Bit

Although this is probably the most obvious advice to give, it’s often the hardest to follow. With a sudden boost in your funds, the impulse to spend it all on immediate needs can be hard to resist. But, it’s important to remember that there are still weeks ahead of us. Saving a bit of the stimulus check, even if it’s $100 or $200, can make a big difference down the line when other bills start to roll in.

Don’t Hoard

Remember, this slowdown is a temporary issue—even if it doesn’t feel like that right now. Experts agree that keeping money in your credit union is the best practice. Your money is safest with us.

Stay Vigilant

Times of stress are when financial predators thrive, and watchdogs have unfortunately reported increases in phishing scams over the past few weeks. Make sure you keep a watchful eye over your money and read up on signs of fraud.

Pay Your Taxes

If you haven’t set aside money to pay your income taxes yet, reserving some of your stimulus check to cover that could be a smart move. (Plus, keep in mind the deadline for filing this year was pushed back to July 15th.)

Now, more than ever, how we choose to act is crucial to how it impacts our community, our families, and ourselves weeks, months, and even years down the road. In challenging times, The Equality State has never shied away from an opportunity to create a smarter future—and we’re not going to stop now. If you have questions, we’re more than happy, and available, to talk. Reach us through online chat via the website, by telephone at (800) 442-2392 or email us at memberservices@WyHy.org. Please don’t forget that even though branch lobbies are currently closed, you can visit our Video Teller Machines. Make sure to check up on our current news, modified hours, and closures here.

WyHy is with you. Every step of the way.