Financial expert says use stimulus check wisely

Published: Apr. 23, 2020 at 1:23 PM EDT
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Stimulus checks are still arriving for people throughout the nation. Many are thankful to be receiving this money, but financial experts are reminding folks, this money is just a band-aid, and should be used wisely. Chris Hogan is a financial expert and Ramsey Personality. He says the goal of the stimulus money is to help people keep the lights on and food on the table. But he says it's not going to be enough for some people who have lost their jobs. So he says it's important for people to conserve as much of it as possible.

"When I say conserve mode, that means you want to start to be very intentional with every dollar that you have or whatever's coming in. And you really want to make sure that you're taking care of the four walls, I call them. The four walls would be, your shelter. That would be your mortgage or your rent. Next you want to make sure that you're taking care of all of the utilities associated with that. The water, the lights, the electric. Next you want to make sure that you've got food on the table and then finally you want to make sure that your transportation is up and running. That you're able to keep gas in the car so you're able to go wherever you need to go. And so realistically, we have to be able to get into that mindset to be able to move on because we don't know how long this is going to last." says Hogan. He adds if you aren't careful with your money right now, you could find yourself in financial trouble, since even if bills are put on hold, they will still be due when the pandemic is over.