How to Stretch the CARES Act Stimulus Check
Coming soon to a mailbox near you is a check from the government to help you to get through these rough times. However, this check is a one-time payment, and you may need to find creative ways to make the amount last longer. Whether you’ve lost your job, still work, or need additional sources of income, check out these tips for stretching your stimulus dollars through unusual ways like the Giftloop app and other means of increasing your income and cutting your spending.
How Much Is a Stimulus Check?
According to the IRS, the economic impact payments will depend on your income from last year. If you made less than $75,000 individually or $150,000 as a couple, you get $1,200 per adult in your home plus $500 per child. For every $100 you make above this threshold, you get $5 less on your check, up to $99,000 for an individual and $198,000 for a couple. Those who make above these amounts do not get a check.
How Far Will the Stimulus Check Last the Average American?
Did you know that the median income for full-time workers in the United States is $936 a week, as of 2019? Calculated out over the year, this means that the average American makes around $48,000 annually. This means that the stimulus checks of $1,200 per single adult only equal about a week and a half of income. While it might help out with a few bills, it won’t provide lasting relief, especially if the economy takes months to recover.
How to Make Your Stimulus Check Last Longer
While the checks will help, there are ways to make the money last longer, even if you currently don’t have a job. For instance, consolidate your grocery trips. This does two things. First, you will spend less time in public, reducing your chances of catching the virus. Secondly, you will spend less due to impulse shopping.
Another option is to join the ranks of those working at grocery stores and other essential businesses. Places like Amazon and Walmart are looking for temporary associates. However, if you have someone in your home with the virus or has a chance of developing severe complications, you should stay home and find other means of making money.
Lastly, you can use your free time to make money through apps like the Giftloop app. Just by staying in bed or sitting on your couch, you can make money through your phone. It’s an easy way to stay compliant with quarantines while still boosting your income. Try the Giftloop app today at the Google Play store.