Financial adviser has tips for your federal stimulus payment

FOX 2 - How do you plan to spend your stimulus money? For the number of people, you survey you'll get plenty of answers.

But financial advis\ers recommend that you get savvy and not let a financial boost set you back.

"The first thing that you want to do is look at the debt you acquired during the pandemic," said Bradley Vey, an investment advisor.  

But not all debt is created equally. Financial Advisors recommend using stimulus funds to confront debt with high-interest rates first.

"A lot of credit cards have high-interest rates," said Vey, with Foguth Financial Group. "Like, 24, 25 percent. You want to look at that first and pay down accounts because that really does accumulate every month." 

After you pay down debt the next thing you should do with stimulus funds is creating a financial cushion. 

"Utilize and put it towards a safety net or emergency fund," he said. 

If you have money left over, it’s recommended that you invest.

"It makes sense to consult a financial advisor," said Vey.

"The entire check is going into Kiddie IRA for her," said parent Camille Taylor.

Financial advisors say if you decide to spend your check on vacation or self-care don’t spend all of it.