The third stimulus check is expected to be larger than each of the previous payments at $1,400. Here’s what you may be able to expect when the next stimulus checks are released.
When to Expect the Next Stimulus Check
The emergency aid bill containing the $1,400 stimulus check has not been passed yet, but ClearOne Advantage has you covered on all you need to know as you wait for the payment to arrive. Congress first needs to approve the bill and then President Biden will need to sign the legislation before stimulus checks can be distributed.
Experts have predicted the next stimulus check could come out about a week after the bill is approved, possibly early to mid-March
Who is Eligible for the Next Stimulus Check
While there was talk of lowering income thresholds for the next stimulus check, they stayed the same in the most recent draft of the bill. However, college students and disabled adults may be eligible to receive the payment, unlike the previous checks. You will remain eligible for the full $1,400 payment if your income is below the following thresholds:
- $75,000 if filing single
- $150,000 if filing jointly
- $112,000 if filing as head of household
The previous two checks phased out individuals decreasing the payment by $5 for every $100 his or her income went above the thresholds. This system allowed those individuals to remain eligible for a partial payment, but that may change with the next stimulus check as those who make more than the following may not be eligible:
- $100,000 if filing single
- $200,000 if filing jointly
- $150,000 if filing as head of household
What to Do with the Next Stimulus Check
The third stimulus check will be the largest of the Coronavirus Pandemic payments, which may be able to give you a little more wiggle room when you use it. You have options when it comes to using your stimulus check but the important thing is to use it in a way that best supports you and your financial health.
Buying Necessities and High-Priced Items
Your stimulus check can help you buy groceries or other everyday essentials, potentially giving you a break that month on bills. You can also use it on higher-cost items like a car down payment or laptop. The important thing is that you manage your money and use it responsibly. It may even benefit you to take your time, especially on higher-priced items, and do your research in price comparison before buying.
Save for an Emergency Fund
However, you have other options for using your $1,400 payment. You can save the check for a rainy day or to create an emergency fund. If you usually can’t afford to put money away on a regular basis, a stimulus check is a perfect opportunity to make a real boost to in your savings. Even if your stimulus check is the start of your savings or emergency fund, that money can grow on its own depending on the type of account you keep it in.
Pay Down Debt
A stimulus check can also be a great opportunity to pay down credit card debt. Take advantage and use it to pay down your debt. Even if the check doesn’t cover the entire debt, you may be able to take a big step toward debt relief.
If the third stimulus check still doesn’t even make a dent in your credit card debt, it may be time to seek professional debt relief help. Call a ClearOne Advantage Certified Debt Specialist at 866-481-1597 today to discuss your situation, explore your options, and get a free savings estimate.