Within the next few weeks, individuals across the country will be seeing extra money in their bank accounts as the U.S. stimulus checks were sent out earlier this week in response to the coronavirus pandemic. If direct-deposit was not set up through the IRS, it could take weeks to get to everyone eligible. Universities, like mine, have announced they will be refunding students now for amenities not used during the time of distance learning, such as meal plans and housing. Some have also opted to just add this as a credit to the students account instead of offering a refund check.
Personally, I'm not a part of the demographic that will be receiving a stimulus check, but I will be receiving a refund from my university for housing and my meal plan. It is a pretty big chunk of money, and I plan to spend it wisely.
1. The majority of my refund will go straight back into my schooling.
As I'm only a first-year student right now, I still have many years left in school, and I plan on taking classes this summer. The majority of my refund check will be going towards school, so it will essentially go right back to my university. For students, I think this makes the most sense because not everyone is able to continue working right now, and it is one less expense to have to pay out of pocket.
2. I'll be paying my bills.
The main reason the government is providing a stimulus check is to provide Americans with a way to pay their bills during this pandemic. If your career isn't fortunate or flexible enough to allow you to work from home, you probably have no means to pay your bills and stay afloat.
I'm lucky to still be living with my parents, but I still have bills I help with, like my cellphone bill and car insurance.
3. I'll be adding unused money to my savings account.
As of recently, I've opened a savings account and started adding money to it. I feel it is important at every age to have a savings account and consistently add funds to it (if possible). By the end of the year, I hope to move into my own place and that was my motivation to start saving. Any money left over from schooling and bills will go right into the savings account.
During this time, I think it's important to think about your future self and only buy necessities. While it may be tempting to go and buy the latest technology or upgrade your wardrobe, seeing extra money in your pocket will be worth it. In the long-run, it's better to use this extra money wisely. There is nothing wrong with splurging a little, but just remember, everything is okay in moderation.