TYLER, Texas — The money from the $2.2 trillion stimulus package will soon be on its way to millions of Americans across the country.
However, some Americans are debating how to best use the money.
Jose Feliciano, Founder, President and CEO of Feliciano Financial says there are different ways to use the stimulus money, depending on your financial situation. Feliciano says first, you must evaluate what your financial needs are.
“There’s a difference between wants and needs. And there's a lot of people that need to pay rent, they have bills they need to pay,” Feliciano said.
For anyone hit especially hard by the recession caused by the coronavirus, major bills like rent, car payments and energy bills should be first on the list.
“If you don't have an emergency reserve, you definitely want to go ahead and create one,” Feliciano said.
For those still working and collecting a normal paycheck, Feliciano says put the money away for later in the form of an emergency reserve fund.
“We don't know how long this is going to last," Feliciano said. "So I would just prepare for the worst case scenario and I would make sure that you've got that emergency fund. Take care of the needs that you need to accomplish."
Feliciano says in this time of uncertainty, investing in a volatile stock market might not be the best idea.
"I would sit and hold, maybe just wait and evaluate three to six months from now,” Feliciano said.
Feliciano also says the money can be used to pay down debts.