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.