As the stimulus checks start to hit American’s bank accounts, it’s important to make sure you’re aware of a few things and are spending this money responsibly.
In addition, there’s some scams you should keep an eye out for.
“The government’s doing the right things in this situation, not like they did during the Great Depression,” said Daniel Terry, a financial advisor at Edward Jones.
Terry says the government is making the right calls, now it’s your turn.
He says, as always, it’s important to be responsible with your spending.
“Every individual family’s needs are different. Some people need to replenish savings. Some people need to pay their rent. Some people need to buy food. Some people need to buy medical supplies,” said Terry.
Terry advises people to consult a financial advisor to guide them.
“If you’ve been working with somebody and you’re trying to be conservative and intelligent with your investing, always make sure that you have emergency cash set aside,” said Terry.
The Better Business Bureau is also warning people to be responsible when it comes to potential scams regarding the stimulus checks.
“We’re seeing scammers take advantage by sending out text messages with a link saying things like click here to get your stimulus check to make sure your information is right,” said Troy Baker, the director of the Better Business Bureau Educational Foundation,
However he says that just won’t happen.
“You’re not going to get a text message. You’re not going to get an email,” explained Baker.
“If you filed taxes this year or last year, the checks are just going to be direct deposited like your refund was,” said Baker.
Otherwise you’ll get it in the mail.
“All these unknown questions are ripe for scammers to come in and try to fill that information gap with bad information,” said Baker.
If you are concerned about a possible scam, you can click to track local scams.
They are even specifically tracking scams related to the coronavirus.
“If you come across one, please report it to us,” said Baker.
You can also track your stimulus checks by clicking .