How I improved my financial standing with my stimulus check

Thankfully, my stimmy came right on time. That extra $1,400 can be a godsend, especially if you don’t blow it on Uber Eats and Amazon Prime. I used my stimulus check as a tool to increase my financial standing, and it’s by far the best decision I’ve made so far in 2021.

Here’s how I made my stimmy stimulate my pockets.

Pay down your credit card debt

Jay-Z said it best: “You wanna know what’s more important than throwin’ away money at a strip club? Credit.”

This is what we like to call BIG FACTS. Blacks in America have the lowest average credit score (677) when compared to Hispanics, Whites, and Asians, and 54% of Black Americans to participate in Credit Sesame’s survey reported no, poor, or fair credit scores.

The first thing I did was pay off my credit cards, and I had two just outside the 50% credit utilization range. I paid one off completely and the other down below 3%. I got a credit boost within days!

Buy some cryptocurrency

The crypto world can be a dark and scary place if you haven’t been exposed to it yet, but here’s a sign that digital currency is here to stay.

Invest in ETFs

A good friend of mine works in the finance sector, and we struck up a conversation about long-term investments. I, like many others, thought it best to find individual companies I resonate with or support regularly to invest in—my friend flipped my world upside down.

Exchange Traded Funds are bundles of similar stocks, so instead of investing in one individual company, you’re investing in an entire sector. Look into ETFs and invest in them as a set-and-forget type of savings account that you don’t touch for the next 20 years.

Add to your emergency fund

Everyone needs an emergency fund for those rainy days but living a fruitful day-to-day life can make it tough to prioritize saving in case things go left. You generally want to stack at least $1,000 in an emergency fund, but you can never have too much of a cushion. The goal should be to save enough money to sustain your current living conditions for six months should you become unemployed.