Bill Wood, senior lecturer and coordinator of the Financial Services Degree Program in the Raj Soin College of Business, talked to News Center 7 about what people should do with their stimulus checks.
The checks are intended for basic needs: food, medication costs, rent, mortgages, etc.
Once those basic needs are met, Woods encourages setting up an emergency fund. The fund should be three to four weeks of living wages.
Another option is to support local businesses, food banks and local charities to spread the wealth.
Many people on social security have expressed concern over whether or not they qualify to get a stimulus check.
Wood says that those on social security will among the first to get their checks as the government already has their direct deposit information.