Who would have ever thought that the COVID-19 pandemic would drag on for more than a full calendar year?

Along those same lines, who would have ever thought that the United States government would make a regular habit of cutting checks directly to residents in an effort to encourage spending to stimulate the economy?

Whether you expected it or not, and regardless of who you voted for last November, the majority of Americans received another big stimulus check over the past few weeks, and nothing is stopping most of them from spending it on a wide range of stuff that they probably don’t really need.

If you are looking to be a little bit different and are attempting to put that money towards some type of long-term improvement in your life, let’s take a few minutes to talk about some of the options that you might want to consider.

Start an Emergency Fund

The very first step in Dave Ramsey’s Total Money Makeover is to establish a $1,000 emergency fund that will give you the peace of mind of knowing that you can afford most anything life will throw your way.

The most recent stimulus check is actually more than Ramsey’s suggested $1,000 for most Americans, so you can check this item right off of your Total Money Makeover task list immediately and have a little bit leftover to move on to the next steps.

Pay Off Those Credit Cards

No matter what personal finance guru you prefer, just about every single one of them will tell you that using your stimulus money to pay down your highest interest credit card balances is one of the very best ways to put it to work for you.

Regardless of how big those balances might be, every little bit is going to help make a difference getting you closer to a place where you don’t have to stress about it each and every month.

Pay Down Your Home Mortgage

If stocking your emergency fund and paying down those credit card balances isn’t something you need to worry about, the next option worth considering is applying your entire stimulus check straight to your home mortgage.

Any amount of principle you pay down on your home mortgage is going to have a powerful impact on getting that home paid off much sooner than you anticipated, which is one of the original American dreams.

Put it Towards Something Special

If you are the kind of person that already has a strong financial foundation in place, you might think about setting your stimulus money aside for one of those special expenses you might be planning to purchase down the road.

This could be anything from an engagement ring to new home construction. The options are endless and totally up to you…just make sure that the expense is something special that you are going to cherish for years to come.

Invest and Grow That Money

With apps like RobinHood bringing the stock market right to our phones, there is no shortage of stimulus money heading straight for the market.

With a little time and research, there is no reason that you can’t use that money to turn yourself into either the next Warren Buffet or one of the many Bitcoin millionaires.

Start a Side Hustle

The appeal of most side hustles is that they are relatively cheap to get started, but having that extra cash in your hands can make it even easier to launch what could be a lucrative project that you have been thinking about for years.

No matter what type of hustle appeals to you, now is the time to take your shot at making it a reality.

Donate to Your Favorite Charity

In the event that you already have all the money you need for yourself (or if you just want to feel good about doing something nice for someone else), another excellent option for that stimulus money is donating it to one of your favorite charities.

There is no end to the ways that money can be used to help people in need around the world, and it’s hard to imagine a better reason than that for spending it.

Your stimulus money is yours to spend as you see fit, but that doesn’t mean you shouldn’t make a point to spend it wisely. Think about some of these options and spend it intentionally before it slowly disappears from your bank account without you even knowing what you spent it on!