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A Guide for Homeowners: Here’s How to Budget Your Stimulus Bill

Have you received your stimulus check yet? Those government-issued checks that encourage you to spend on something and anything? If so,  you might be looking for ways to get the most out of it.  These funds could cover daily expenses, missed loan payments, and other emergency bills, especially in these trying times where the pandemic has brought our savings to their limits.

Homeowners alike see this as a great way to cushion their savings and last a little longer, along with the money they saved. However, stimulus checks are limited. Hence, here’s how you should budget your checks and make them last as long as possible.

Make a List

Plan before buying anything. Start by having a written budget plan that covers all your needs and priorities. Through careful planning and budgeting, you can get yourself a good picture of what items you can buy and those needed in your home.

This reduces excessive purchases and encourages saving up efficiently. By dividing all expenses by their priority level, it’ll be much easier to adjust and spend your checks in meaningful ways.

If you have already started budgeting, look at how much you’ve been spending in one category and try to see if you can reduce them without compromising yourself. A good example is you can significantly reduce food expenses when you cook your meals instead of ordering them from restaurants.

Having a Good Financial Mindset

You would want to have the right mindset when maximizing your budget. It is always good to prepare for unexpected events and save your Coronavirus Stimulus Package as emergency funds. Even if the pandemic eases shortly, no one knows what would happen still.

There is nothing wrong with spoiling yourself a little, but you have to make sure what you spend is helpful to your situation and make your life better. There is nothing wrong with preparing for what’s to come, and this mindset would surely improve your thinking. Remember that the goal is to make the most out of your checks, not losing them on desires and uncalled expenses.

Repairs, Maintenance, and Upgrades

A great way to maximize your budget is by improving your most significant investment: your home. That is why it makes sense to use this money and time to renovate your house rather than leaving them in its current state.

Start by merely repairing those old, creaky pipes and loose wirings at home, clearing out broken tiles in your kitchen, or maybe a nice repainting of the walls. Getting these things done could lift your mood and generally have a better stay at home.

Even though house renovations and maintenance costs are not cheap, it is undoubtedly an excellent choice to do them anyway since you have an opportunity to do so. When outside conveniences are almost restricted, it is best to shift out funds inwards towards making your home more comfortable as the pandemic continues.

Cut Personal Spending, Make New Hobbies

A lot of people’s expenses have always been in their leisure. It comes in many forms, from entertainment like betting to food trips or salons. But since most businesses that cater to our leisures have either been limited or closed down, it is time to rethink these spendings and turn them into reasonable expenses.

Instead of spending your checks into salons, restaurants, and gyms, why not do them all at home? The internet has many articles and guides to help you be productive and avoid boredom.  Instead of going to the salon, you could experiment with your hair and practice cutting your hair at home. For gyms and restaurants, you have all the time to start reading a cookbook and learn dishes while doing crunches in your room.

This time could be an excellent opportunity to reinvent yourself and find new hobbies and life skills that we usually take for granted outside. Hairstyling and cooking allow you to have useful skills, while at-home exercises could mean cutting off membership fees while challenging yourself to be disciplined at home.

Paying Off Credit and Home Loans

Almost all of us have loans that were left unpaid from banks and other financial institutions due to the sudden crisis. So, what happens when the government casually gives you a stimulus check for you to spend? Pay off your loans right away!

Stay financially afloat longer by catching up to these debts, especially if you could not pay them for quite some time due to the pandemic. Big loans like credit and homeowner loans may provide you some time to save up, but it doesn’t mean you can avoid the payments any longer than needed.


Stimulus checks are provided for deserving taxpayers as a way to give back to their contributions. Getting the right mindset and financial plan would help you improve your situation a little longer while getting the economy flowing and keeping the country running despite the current hardships.