As several people are starting to get their next round of stimulus checks from the federal government, as part of the recent COVID-19 relief package, there are ways people are looking to utilize those funds.

Home State Bank Vice-President Amy Milligan suggests everyone treat this kind of funding to suit their own situation.

“Is that truly extra? And if that’s the case could it go into that savings (account) in case it’s needed in the future. Or isn’t needed for those needs right now to help that monthly budget. If it’s needed to help that monthly budget remember that’s a one time thing. How do you best use those dollars to be helpful?”

Milligan talks about a general goal for someone’s budget to have enough financial cushion in their savings account.

“The rule of thumb is try to have six months of your paycheck in a savings account at all times so that that money is liquid, and when I say liquid I mean that that’s available to you.”

Milligan advises to look at wants versus needs as well when it comes to these stimulus payments to best evaluate how else to use these funds.