I'm splitting my stimulus check 3 ways: savings, donations, and frivolous spending — here's why

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• When I received my $1,200 stimulus check, my gut reaction was to save all of it. 
• But to help my community, I've decided to donate a chunk of it. 
• I've also allowed myself to spend some of it, which could prevent impulse spending down the line.
• Read more personal finance coverage.

When I received my $1,2000 stimulus check a few weeks ago, I mulled over how to best use it. With so much uncertainty about the future of the economy, my initial reaction as a longtime, diligent saver was to squirrel all of it away.

As a single woman who is the sole income earner in a household of one, I never feel I have enough in my emergency fund. Should something happen to my ability to make a living, I would be hard-pressed money-wise. That being said, a lot of my favorite local businesses are also struggling, and people in my small community could use a financial boost.

After some internal back-and-forth and wrestling with the fact that the wise thing to do is tuck away my entire stimulus check into savings, I landed on a compromise. I'd put $600 into my savings, and spend the remaining $600 since I'm still able to work through the pandemic.See the rest of the story at Business Insider

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See Also:

• Some people were sent stimulus checks by mistake, and now the IRS wants them back. Here's how to return the money.
• 6 signs you're using the wrong savings account
• 7 things you can do to build wealth and boost your savings while you're stuck at home