How you can wisely spend your $1,200 stimulus check

People throughout the region are going through tough times thanks to COVID-19 and some are already planning on what to do with the stimulus check they receive from the government.

Posted: Mar 30, 2020 8:30 PM
Updated: Mar 31, 2020 10:29 AM

FORT WAYNE, Ind. (WFFT) - Thanks to COVID-19, it's a tough time for people throughout the area, but with the new stimulus package approved by Congress, it’s giving some people some hope.

Danielle Campbell helps take care of her sick mother.

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Her hours at work? Essentially reduced to zero, so she already has plans for the $1,200 she’ll be getting from the government.

Bills basically," Campbell said. "I need it. I mean, I’m a cleaner, so I am essential, but I don’t have any hours or anything because the company that I work just lost a lot of business."

It's a similar story for Kerra Cook’s family. Her fiance was laid off from his factory job due to a COVID-19 shut down and she’s the only one working to provide for her two kids.

"I'm fortunate to be working in my family right now and it would help with like bills and stuff. Not just for these two, but for every family that’s been going through this," Cook said.

For Luis Knight, his family has been lucky.

Being able to save some money means they’ll save their check for a later date.

Knight explained, "Being able to save money kind of puts that into a predicament where you can look at it as, ok I have money for food now and actually since we don’t get a 40 hour a week paycheck now that we be like ok we have this for rent."

HOW MUCH ARE YOU GETTING? Use this calculator to get an idea of how much you're getting in your stimulus check.

Financial Advisor Colin Zwiebel with Miller and Christian Asset Management in Fort Wayne says people should be doing what Campbell, Cook, and Knight are doing.

"It should be something that is going to benefit them in the long term," Zwiebel said. "Whether it is paying off more debt, paying off a credit card, or putting that money into the market."

Zwiebel explained that this money is like a tax check-in that it won’t be taxed, but like a tax check, he warns you shouldn’t spend it on luxury items.

"The worst thing you can do is go buy, say, a new car or a new boat, something like that where you’re going to incur a new, on-going debt because of this money that’s coming in to you," Zwiebel said.

His last piece of advice?

Zwiebel says with the stock market being down, now might be the time to invest that money for savings down the road.

Indiana Coronavirus Cases

Data is updated nightly.

Cases: 1101185

Reported Deaths: 17557
CountyCasesDeaths
Marion1441632231
Lake715041238
Allen65802880
Hamilton50322484
St. Joseph48966643
Elkhart39621543
Vanderburgh34317495
Tippecanoe30336273
Johnson27293465
Hendricks25947380
Porter25171386
Madison20749447
Clark19985277
Vigo18838308
LaPorte16924261
Delaware16480297
Howard16432311
Monroe16415219
Kosciusko13976165
Hancock12899185
Bartholomew12729189
Warrick12051190
Wayne11921267
Floyd11901226
Grant11755240
Morgan10276190
Boone9706121
Noble9094122
Henry9040165
Marshall8932147
Dearborn8866100
Dubois8751139
Shelby8101129
Cass8055127
Lawrence7939184
DeKalb7638107
Jackson752693
Huntington7475110
Gibson7019118
Montgomery6930123
Harrison688298
Knox6855115
Steuben655787
Miami6497109
Whitley644860
Putnam635583
Clinton619877
Wabash6080109
Jasper604992
Jefferson5710103
Ripley550292
Adams533781
Daviess5020117
Scott482880
Wells4733101
White470368
Greene463899
Clay459762
Decatur4548110
Jennings441766
Fayette438494
LaGrange421290
Posey404044
Washington385455
Randolph3834107
Fountain368762
Spencer357347
Fulton356872
Starke349073
Owen347577
Sullivan345754
Orange325571
Jay321950
Rush299632
Carroll290238
Franklin287144
Perry285153
Vermillion281158
Tipton248265
Parke247030
Pike245044
Blackford218744
Pulaski206458
Newton179752
Brown174050
Crawford168129
Benton163917
Martin151719
Switzerland145612
Warren132316
Union118316
Ohio91813
Unassigned0587

Ohio Coronavirus Cases

Data is updated nightly.

Cases: 1690217

Reported Deaths: 26587
CountyCasesDeaths
Franklin1772171827
Cuyahoga1648472640
Hamilton1125391528
Montgomery796451395
Summit705111199
Lucas620241020
Butler56096805
Stark527941171
Lorain41276642
Warren35509412
Mahoning35270771
Lake31622495
Clermont30804363
Delaware26791182
Trumbull26782616
Licking26297336
Medina25419351
Fairfield24256287
Greene24097372
Clark21748387
Portage20807281
Richland20686340
Wood19745246
Allen18638320
Miami17074348
Columbiana16571332
Muskingum16483206
Wayne15482306
Tuscarawas14158360
Marion13116194
Erie12479198
Ashtabula12417232
Scioto12288184
Pickaway12114153
Ross11526225
Hancock11321173
Geauga10726175
Lawrence10531172
Belmont10304234
Huron9633158
Jefferson9504227
Union944075
Sandusky9106166
Seneca8752157
Knox8663170
Washington8632158
Athens828996
Darke8288180
Ashland7873149
Auglaize7794117
Shelby7369133
Defiance7243115
Crawford7129150
Brown7072115
Fulton7058112
Logan6899108
Guernsey684284
Mercer683998
Highland6659119
Madison643889
Clinton6422106
Williams635899
Preble6194140
Putnam6126120
Jackson574096
Champaign570687
Perry561179
Coshocton5576104
Ottawa555499
Morrow509364
Fayette485370
Hardin480699
Gallia465478
Pike460176
Van Wert458993
Adams4531109
Henry426978
Hocking403093
Holmes3947140
Wyandot369373
Carroll354478
Paulding320551
Meigs303459
Monroe233661
Noble218047
Morgan212138
Harrison206953
Vinton184337
Unassigned06
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The warming trend is expected to continue through Thursday, before cooler air returns to the Midwest for the weekend.
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