Stimulus Check (File Photo)

(WFSB) – Millions of Americans have gotten or are waiting on that $1,400 stimulus check.

The third round of money is much-needed relief for many who are struggling during the pandemic.

But, where should you spend the money?

For millions of Americans, after the money hits their bank account, it’s time to prioritize that payment.

Catey Hill with Millie Magazine says tackle the essentials first.

“Any major bills, the utility, rent, the things you really need in life, those go first. And don’t just pay them, sometimes you can call and negotiate them down if it’s just going to be a lot for you,” Hill said.

Hill says many companies and even landlords are willing to work with people who are in a tough spot.

If those basic bills are covered, it’s time to save. Make sure you’re taking advantage of a company match for your 401K, and stash away in your emergency fund.

“They recommend three to six months of income, sometimes more, into that emergency fund. Start small, even if it’s $100, start there, it’s a great thing to do,” Hill said.

Having that cash on hand can help avoid charging emergencies and if you have high interest debt, tackle that next.

“If that stimulus check allows you to pay a little more, then do it, and I think for a lot of people, it’s going to give them this breathing room. ‘I can pay off this high interest debt,’” Hill said.

And if your bills are covered, you’re saving for retirement, debt free and have an emergency fund already, Hill says that means maybe you should enjoy a little bit of that money and pay it forward by helping others.

“Go ahead and enjoy it because this has been a hard year. I love supporting local businesses, also donating to charity. There is a $300 deduction if you give cash,” Hill said.

Copyright 2019 WFSB (Meredith Corporation). All rights reserved.

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