This article is part of our series on the ongoing coronavirus pandemic. Make sure to also check out our guides to student loan relief, direct payments,  the Paycheck Protection Program, the costs of testing & treatment, and existing relief programs.

Although many Americans have been out of work for more than a month, expenses keep piling up. Besides the mortgage and student loan interest moratoriums, the government has done very little to alleviate the financial burden of the lower and middle class majority. Perhaps the only silver lining is the stimulus check provision within the $2 trillion Coronavirus relief package, where qualifying Americans receive up to $1200. Here are a few tips on how you can best spend that money.

What’s happening?

Washington responded to the economic downturn with a $2 trillion stimulus bill aimed at keeping businesses and individuals afloat. The stimulus bill included a program offering a one-time payment of $1,200 to single Americans and $2,400 to American couples with no children - read about the full qualification guidelines here. This cash infusion is intended to provide citizens with the resources they need to pay their bills and support local businesses during this period of unemployment.

In a recent interview with CNBC, Karl Widerquist, associate professor at Georgetown University-Quatar, reported that “the economy needs money, and it needs money to go into the hands of people who will spend that money… this (cash infusion) will keep people working by keeping people spending.”

According to a 2019 survey conducted by Charles Schwab, 59% of Americans say they are living paycheck to paycheck. If this is you, then it may be difficult to determine what the best use the stipend will be once it’s received. Compiled below are a few financial tips that can benefit you, your family, and your community:

Pay your bills

Determine which of your bills have approaching deadlines and pay those first. Be careful to not pay bills that are suspended during this Covid-19 crisis. Many banks are gracefully pardoning credit card interest during this time, but it might take some determination on your part. For example, my mother was able to suspend the interest on her Wells Fargo all three of her Wells Fargo credit cards, but only after a 2 hour wait on the phone. Forbes published a great article highlighting the various relief programs that banks around the country are putting in place to aid their customers. We highly recommend you check out all these options before paying off any of your upcoming banking bills.

When considering buying groceries and other essential products, we recommend checking if any local retailers are offering discounts or free products, especially if you are a medical professional or a first responder. USA Today wrote a wonderful article outlining the numerous national chains who are participating in these efforts. Two notable examples include Walgreens, which is offering 20-30% off purchases on April 25th, and Starbucks, which is offering free coffee until May 3rd. These offers are only available for first responders, medical professionals, and police personnel.

Other noble efforts directed towards healthcare workers and first responders include BP's commitment to provide a $0.50 discount per gallon and Uber's pledge to provide 10 million free rides, free deliveries, and free food.

Aside from taking advantage of all these free and discounted resources, we heavily recommend that you take the time to budget properly. Map out all your expenses during and after this crisis - this includes recurring expenses like a Netflix subscription and one-time expenses like an emergency medical supply run - and map out all of your income. Make sure to document all of the interest rates on each loan & credit account you have open - and measure how much interest you will have to pay once the moratorium lifts and these companies start demanding their payments. Finally, calculate your necessary expenses (groceries, gas, toiletries, wifi, etc) for the next few weeks. If your regular income doesn’t cover these, then consider directing your stipend towards them. If it does, then consider using your stipend for something else. It will save you a huge headache if you know what's coming and can plan accordingly.

We know how stressful it can be to face your finances head-on, but trust us, you'll be thankful that you did. To help you in this process, we recommend using one of the many budgeting apps available on the market. Our favorites are Mint, Prism, and Simplifi.

Lastly, there is a resource hotline for locals in need of financial assistance. We recommend giving this a look once you expend all of the other resources mentioned.

Kickstart your savings account

If your recurring income is enough to cover your basic expenses, then ask yourself; “Do I have enough savings to support my family for a few months if I lose my job?” If you consider yourself part of the 59% who live paycheck to paycheck, then this stipend might be a good chance to kickstart your savings. Here's a guide of the savings accounts with the highest interest rates. We also recommend that you consider opening a checking/savings account with an online bank such as Sofi, Chime, or Ally. These companies offer competitive interest rates without the traditional requirements of brick-mortar banks like minimum deposits and account fees. Sofi even goes as far as offering you 0.20% interest on your checking account, while Simple banks offers you 1.55% interest on your checking account. In comparison, traditional banks like Chase and Wells Fargo offer only 0.01% interest on these accounts.

Invest in the stock market

Investing in the stock market injects funds into the economy by keeping businesses afloat. Aside from that, it can also prove beneficial to you. Investing during an economic downturn may result in major profits. Keep in mind that some of the world’s wealthiest investors, like Warren Buffett, made alot of their money during recessions. As he once famously said, be fearful when others are greedy, and greedy when others are fearful. Just make sure that you do enough research to make educated decisions, as investing is a very tough sport to play.

Support your local businesses

Consumer spending is an incredible way to keep local businesses above water. The more business they get, the fewer people they lay off. Just remember to order takeout and avoid large public gatherings. Consider ordering food off one of these apps. They’re offering free delivery for now!

Invest in yourself

This crisis has shown us that traditional, brick-and-mortar work isn’t as “safe” as we had previously thought. Now might be the perfect occasion to create an alternative revenue stream from home. What's stopping you from finally taking your passion seriously and turning it into a business? Here are a few lists of internet, education, and entertainment providers who are offering their services for free because of the Covid-19 crisis (2nd list). Some noteworthy mentions include Adobe, who’s offering free Creative Cloud memberships to students until May, and Udemy, who’s offering up to 90% off on a variety of their courses . Last but not least, don't forget about the beloved Youtube - here's a few lists of some of the best education youtube channels out there. You'd be surprised how much great free, monetizable content you can find if you just take the time to look. So do yourself a favor and pick up a few new skills during this lockdown so that you can finally give that online business you've always dreamt about a try.

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