Whatever you do, DON’T use it to “stimulate” the economy.
Don’t let the Iraq war fool you –
It’s not patriotic to be in debt.
For all of you folks out there who always say that you don’t have enough money to start an emergency fund, this handout really is a prime opportunity. Take your $600 (or whatever amount you received), spend, say $100 of it, if you feel the need to, and put the rest of it in a high-interest savings account.
If you haven’t started an emergency fund yet, this is now your emergency fund. While an emergency fund should have more than $500 in it, at least that’s a start.
Try to add $20-$50 a month to this savings account. Otherwise forget the money exists.
WEALTH, MONEY AND LIFE NETWORK SERIES
The Wealth Money & Life Network is a team of personal finance bloggers ranging in age from 20-60. Each month, we choose a different topic to focus on and write posts about from our perspective. This month’s topic, if you haven’t guessed, is “emergency funds.” Check out some of the other great posts on this topic over at the WEALTH, MONEY AND LIFE NETWORK