Maine Relief Funds…How Will You Spend Yours?
What would you do with an extra $850? Starting in June, qualifying Mainers will begin receiving $850 relief checks. With the increase in inflation experienced in 2022, this money couldn’t have come at a better time. There are several ways to use this money to help get your finances on track.
Save: Using the relief money can be a great way to start your emergency fund! It will be most beneficial to you if you save money for future expenses such as cold-weather heating expenses, holidays, car registration, property taxes, or other costs that may unexpectedly arise.
Pay off debt: this option will allow you to pay down any high-interest debt such as credit cards, increasing your cash flow each month. Using that ‘extra’ money toward other debt or simply adding it to your emergency savings will put you in a better financial position.
Fun: Has it been a while since you had a vacation? Use the money to fund your summer adventures! Many people have spent the last couple of summer months at home. This could be your summer to explore the great state of Maine or take off to another place you’ve always wanted to visit. In short, this extra money is unexpected, and your budget isn’t relying on it, so using the relief money may help fund some much-needed fun and recreation.
If you are unsure what to do with your relief check and would like some budgeting tips and ideas, contact Carrielyn Reynolds, Financial Coach, who can work with you to brainstorm ways that will be most beneficial. To set an appointment, contact her at (207) 660-6267 or email Creynolds@newdimensionsfcu.com.