Business Tips

6 Smart Ways to Spend Your Stimulus Check for Peace of Mind

By Ana Garcia with additional updates and editing by Robyn Parets

(Note: This story was updated on March 14, 2021 to reflect the $1.9 trillion Covid relief plan, signed into law by President Joe Biden on March 11. The plan directs additional $1,400 stimulus checks to go to most Americans, as well as extended unemployment benefits, state and local aid, an expanded child tax credit, and money for the vaccine rollout).

The new Covid relief plan could mean relief for many of you, including yoga teachers who have lost income due to studios closing down.

And, for some of you, this additional financial help may be a necessary means to an end.

While you may need to use the stimulus money for rent or food, you might also be earmarking it for an emergency fund, your own self-care during these difficult pandemic days, starting a new exercise routine, or clothes for the kids. Additionally, if you have the means, you may also want to earmark your stimulus check and unemployment funds toward building your yoga business back up, investing in yoga teacher training, or even saving it for a rainy day.

In this article, we list out 6 smart ways to spend your stimulus check for peace of mind. Take a look.

Save Your Money 

Save for retirement 

If you’re not doing this already, this could be the perfect time to consider stashing that $1,400 check (or more) into a retirement fund. And if you can only sock a bit away, that’s fine too. 

Increasing your retirement savings can be a great source of relief during these very uncertain times, especially if you don’t have a regular source of income and want to stay centered.   

Stash cash into a rainy day fund 

During the pandemic, you may be dealing with a lack of work or money – or both. A rainy day fund is a type of savings account designed to help you navigate hard times when you might need cash. 

So, you may want to consider starting a rainy day account now and funding it with your stimulus check.

Get ahead on debt payments

If you’ve got debt, why not use your stimulus money to pay it down or better yet, pay it off if possible. Whether you’re behind on your car payments, need to make your next student loan payment, or you’ve got mounting credit card debt, now is a great time to try to decrease that debt. And here’s another pro tip: Did you enroll in a yoga teacher training course to boost your skills – and are you on a payment plan? If so, consider paying for it in full. You just may sleep easier at night!

Donate to a cause 

If you’re lucky enough not to need your stimulus check for savings or basic necessities, you may want to consider donating to a good cause or giving it to others who may be suffering a huge financial strain due to COVID-19. 

If you need a little extra motivation, these are some charities you can donate to:

Support small businesses and yoga studios

In addition to donating your stimulus funds, consider supporting small businesses or a yoga studio in your community. 

For example, you can buy take-out food from a struggling restaurant in your neighborhood or shop for necessities or a gift card at a local retail shop. As you’re likely spending a ton of time at home, you can always use the gift card later or give it to a friend in need. 

Lastly, sign up for classes at your local yoga studio. So many hometown yoga businesses are struggling right now and they can really use your support!

Take a class or online course and invest in your future

It’s never too late to continue with your education, so think of this stimulus check as the perfect boost to upgrade your knowledge and skills. Just think: You can learn a new hobby or even learn an entirely new skill, like how to become a yoga teacher. Here are some good options:

Enroll in an online yoga class with your kids

A virtual yoga class can be a great bonding experience for you and your children. It’s also a great way to stay active, get moving and destress! 

Become a yoga instructor online

Why not become a yoga instructor by taking an online kids yoga instructor course? This way you can do something fun and earn more money! Pretzel Kids yoga, for example, offers a fantastic online yoga teacher certification course that will give you all the right tools to start teaching children’s yoga classes right away.

Spend a bit of money on the kids

If you’re a parent, you’re likely juggling a lot right now, including your new home office environment with your kids’ remote schooling. So, cut yourself some slack and set aside some of your stimulus money to buy some family board games or perhaps some books on mindfulness for kids. These are gifts that the whole family can enjoy now – and in the future!

The Wrap Up

The bottom line: Use your stimulus check wisely. This way you’ll have peace of mind and feel good about how you spend your money. This extra cash may help you get through a tough time, enable you to start saving for your future, start a new side hustle teaching yoga, or bring your anxiety and stress levels down

One more pro tip: Make sure you continue to prioritize your self-care, as this way you’ll maintain some inner peace, which is so important now and always! 

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