Stimulus direct deposits starting to arrive

Stimulus direct deposits starting to arrive

RICHMOND, Va. (WWBT) - Check your bank accounts! There’s a little good news to start your New Year. Stimulus checks have started to arrive through direct deposits.

For each eligible adult and child in your home, $600 is starting to appear as direct deposits.

The government says it began mailing physical checks on Dec. 30 and will continue the rollout over the next 5 to 7 weeks.

How you get the money depends on how you filed your taxes and if the IRS has your bank account information. If you received a direct deposit last time, you will again.

If you received a check or debit card, you will receive one again.

Whether you have the money or you’re still waiting, experts tell us it’s good to develop a plan for it now.

Cherry Dale with the Virginia Credit Union says the best thing you can do is go over your budget and prioritize every dollar.

“Even if you are in a finally secure situation it’s also very good to have a plan as well. The worst thing you can do is just get that money and go online and end up spending it when it needs to go to basic needs,” Dale said.

You don’t have to use a fancy app either to create a budget and track your spending.

Michael Joyce with the Richmond Financial firm Agili says, “Do what’s most comfortable for you. You can be old school by writing it down, use excel spreadsheets, or keep it in any way that you want to,” Joyce adds.

Kim Palmer a personal finance expert with NerdWallet tells us if you don’t need the stimulus money for immediate needs like rent or food, then use it to boost your emergency fund in case something does happen to your income as the pandemic continues. “This experience really underscores how important those emergency savings are,” Palmer said.

The IRS has a Get My Payment website so you can track your money, but it’s currently offline. The agency says it expects to get it operational again in a few days.

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