How to get your coronavirus stimulus package money
FOX Business’ Edward Lawrence on what Americans need to do to receive their coronavirus relief check.
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Having liquid cash that can be used in an emergency, like the economic standstill and skyrocketing unemployment caused by the coronavirus pandemic, is the best way to get through a bad economy.
Experts generally suggest having three to six months of savings on hand, but that can be tough for many people who are living paycheck to paycheck. At least one-quarter of American adults say they wouldn't be able to cover an unexpected expense of $400, according to a survey by the Federal Reserve.
Even though President Trump signed the $2 trillion CARES Act stimulus package, which includes ramped-up unemployment benefits and individual payments to be distributed at a future date, some may want an extra boost to help them put more toward their nest egg.
In a new report, the financial website Magnify Money highlighted three mobile apps for things like saving on a budget or for an emergency, as well as saving for other goals.
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Category: Saving on a budget.
How it works: This is the tool to use if you want to take control of your finances. Available for iOS, the Joy advice platform analyzes your income and spending habits before estimating how much you can save each day without breaking your budget. It doesn’t make the transaction for you, however, leaving the decision up to you.
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Category: Saving for an emergency fund.
How it works: When you enroll in direct deposit and Chime’s Save When I Get Paid plan, the platform will automatically transfer a designated percentage of each paycheck into a separate Chime account. Experts recommend saving three to six months’ worth of expenses.
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Category: Saving in general.
How it works: No matter your goal, this app lets you save for it with its customizable auto-save rules. Users can set time frames and other custom parameters on their savings goals, and with the Round Up rule, each of their transactions will be rounded up to the nearest whole number and the difference will be transferred to a designated account.
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This story contains material from the Associated Press
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