Make the most of your stimulus benefit
Sound financial advice stays the same whether it is at a time of financial prosperity or economic downturn. Basic financial principles for personal finances or business have not changed, even in this time of economic crisis.
Many Americans have already or are about to receive money from the government in the form of a stimulus benefit. The amount of the benefit will vary depending on your income and family size. Adults with annual income up to $75,000 will receive $1,200, plus another $500 per child. Benefits will be distributed by check or direct deposit. This online calculator will tell you what your COVID-19 stimulus benefit will be: https:// www.washingtonpost.com/graphics/business/ coronavirus-stimulus-check-calculator/
Plan now to use your stimulus check wisely — pay bills, pay down debt, save for emergencies. As the old saying goes, “Fail to plan, plan to fail.” Taking time to make decisions before you spend will go a long way toward helping you and your family stay secure:
• Pay bills. Stay current on payments and avoid defaulting. Missing payments can lead to foreclosure or repossession. Late and missing payments lower your credit score, making future credit more expensive and more difficult to obtain.
• Pay down debt. Credit cards are high-interest debt. Paying off credit card debt can free more money in your future budget and save money on interest.
• Build savings. An emergency savings fund is more important now than ever. Most personal finance experts recommend an emergency fund with enough to cover at least
2 months and up to 6 months of expenses. An emergency savings fund is your best protection in times of economic uncertainty.
The Cooperative Extension Service is your source for reliable information. We connect trusted research and the adoption of best practices to improve quality of life. We nourish individuals, families, and communities. Visit http://www.uaex.edu/money. Follow uaexMoney and GarlandExtensionHomeLife on Facebook.
For more information, contact the Garland County Cooperative Extension Service office at 623-6841 or email acrane@uaex.edu.
There are several 4-H Clubs for our Garland county youths who are 5 to 19 years old. For more information on all the fun 4-H activities that are available for youths, call Carol Ann McAfee at the Extension office, 623-6841, or email her at cmcafee@uaex.edu.
Master Gardener information
Master Gardener meetings are held on the third Thursday of each month at the Elks Lodge. They’re open to the public and guests are welcome. For more information, call the Extension office at 623-6841 or email Alex Dykes at adykes@ uaex.edu.
EHC information 4-H information
Are you interested in joining an existing Extension Homemakers Club? EHC is the largest volunteer organization in the state. For information on EHC, call Alison Crane at 623-6841 or email acrane@uaex.edu.