8. Renovate Your House
Looking for something to do with your time while quarantine is still going on? Maybe it’s time to put your money to work and renovate your home. Home remodeling and renovations will help you build equity in your home and can improve your home’s value.
9. Take Care of Your Mental Health
2020 was a difficult and stressful year to say the least. The most surefire way to recover and get back to living a life you enjoy is to take care of your mental health. Due to the limits of health insurance coverage for mental health, it’s easy to put off getting the help you need.
There’s no shame in seeing a counselor, a psychiatrist, a psychologist, or another trained professional. Investing in yourself can be just as important as investing in your finances.
10. Improve Your Physical Health
Maybe getting in shape is one of your current goals. And if you have the time and money, you should invest in yourself and improve your physical health. It might be time to hire a personal trainer or a nutritionist to help you get active again after COVID.
Additionally, taking care of your physical health can help you feel more confident, improve emotional regulation and even strengthen your decision-making skills. Taking charge of your health can help you get more momentum for your life when you feel too overwhelmed to tackle your finances.
11. Build Up Your Emergency Fund
The emergencies and emergency responses from last year might have left you dipping into your rainy-day funds. You might not have even had one. Maybe you picked up a new job, or several new jobs to help you make ends meet.
Hopefully, you’re in a more secure position right now. But, maybe you’re still living from paycheck to paycheck. If you have enough stable income right now, take your stimulus check as an opportunity to build up your emergency savings.
An emergency fund should have enough to help you cover the bare minimum for at least three months worth of expenses. If you can save more, then that’s even better.
Learn more about building an emergency fund in our article:
How to Grow An Emergency Fund
12. If You Have Children, Start a College Fund
Or if you already have a college fund growing, keep contributing to it. College sneaks up quickly on parents. The more you can save to help your child pay for school, the less debt they will have to deal with in the future.
What Do I Do If I Don’t Have My Stimulus Payment Yet?
The IRS has created a tracking system so you can follow your check’s payment status on their website. If you provided a direct deposit method on your forms when you filed a tax return, you should have received your payment. You will most likely have to wait longer for a paper check to come in the mail.
If you have not received the first or second payment for economic recovery, you can file for a recovery rebate credit. Visit the IRS website to learn more about tracking and receiving your payment.