So, I had to wait 2 weeks to get my stimulus check. And finally it’s here!
If you’ve been following my journey so far, you’ll know that I’ve made some plans on what I was going to do when I get my stimmy. When they announced that the checks would be distributed around March 13th, I was hoping that they would deposit the amount directly to my account. But to my disappointment, the IRS has decided to delay my check and send it via mail instead.
That didn’t make sense to me, to be honest, because while my first check was a paper check, I got my second via direct deposit. They should’ve had my bank details already, but they still went the other route.
Through the IRS’s Get My Payment tool, I learned that they were going to send my check via mail by March 26th. When 27th came, I got my mail and to my surprise, I got an EIP Card. Now, I got all my checks through all the possible means!
Getting your stimulus through the EIP card is simple. You just have to call the number on the card, activate it and you can now use the card as if it were a debit card.
Now, what am I going to use my $1,400?
First, I’m going to use $500 as an extra payment on my student loans. If you’ve been following me, the student loan I’m tackling right now is Sallie Mae, which as of this writing, has around $2,120 still in it. I’ve made a payment of $625 last Sunday (March 28th), and that will lower my balance to around $1,500.
Before, I calculated that this student loan would be paid off by the end of August. With this huge extra payment, I’ve shorten the time by 5 weeks! So, I’m expecting now to pay this off by mid-July.
Second, I’m tucking away $500 into my emergency savings. As of this writing, I have around $2,500 in my emergency savings. With this addition, it will go up to $3,000. That’s already half of the $6,000 goal I have set for myself before the year ends.
Third, $200 will be set as discretionary money. As much as I’d like to keep all the money into savings or into my investments or to my student loans, I still need to pay other bills. Having at least $200 as liquid cash will be my cushion.
Fourth and final, $200 will be sent to my parents. I help my parents as much as I can, so I help my mom in the Philippines and my parents here in the US. $100 will be sent to my mom in the Philippines to help with whatever she needs there, and the other $100 goes to my dad’s family here. I wanna help them all as much as I can.
As you’ve noticed, no portions were set for my investment accounts. And this, I would say, was by design. My goal of reaching $7,000 in account value is already set to be achieved with my system. As of this writing, I’m already at $6,200. $900 in 9 months for my contribution is already enough to reach that goal. This doesn’t even included reinvested dividends yet! That’s why I didn’t include it in my stimulus check contribution plan.
This $1,400 stimulus is a big help. It’s made achieving my financial goals closer. And I hope that this check was also a big help to you too, whether it’s helping you get closer to your financial goal, or help you get by throughout this pandemic.
