Millions of Americans are looking forward to receiving their government stimulus checks this week, but a new survey finds the money won't be enough to pay all their bills.
This week, you'll want to keep your eye on your bank account. The first wave of the government's stimulus checks are on the way.
Americans are likely to feel some relief when they receive their checks. Greg McBride,Chief Financial Analyst with Bankrate, says many want to use the money to pay their rent, monthly bills, or just pay off some debt.
“This is money that’s going to be sorely needed my millions of Americans, and not just those that have recently lost jobs or have been furloughed. People that are still working may not have much of a savings cushion,” McBride told KTRH.
However, McBride says for many it won't be enough. Bankrate's new survey says almost one-third of Americans (31%) say the money won't be enough to sustain them for one month.
There is one positive: the survey finds Americans want to use the money to buy the necessities, like food and supplies. The government's emergency stimulus checks could be as much as 1,200 dollars per person, 2,400 dollars for married couples who have filed taxes together, and 500 dollars per dependent child.