Illustration by Darlene Maes.
By Darlene Maes, Staff Reporter
Now, we are all guilty of it. Daydreaming about what we would spend money on if we weren’t burdened with the tedious side of adulting. The fund-draining lifelong commitment we wish we didn’t sign up for: bills. Now let’s say we were set on all those bills the hypothetical $1,200 question remains, what would you spend your stimulus check on? Concert tickets for the hopefully near coronavirus free future? An entire new wardrobe? That amazing entertainment system? As consumers of the current struggling U.S economy, it is crucial that we make the best decision for ourselves on how to spend this recent lump sum of cash.
Many college students can agree that this surprise support from our government is an appreciated one. According to BuisnessInsider.com, “When President Donald Trump signed the Coronavirus Aid, Relief, and Economic Security Act, or CARES Act, into law, he initiated a $2 trillion stimulus package, the largest emergency relief bill in American history.”
Although his methods and examples of presidency have been debated during his time in office, Trump made a choice to provide some sort of assistance. However this appears to be, until further notice, a one time cash payment to help Americans during this troubling time. So the choice on how to spend this aid is a crucial one.
The idea of having this large amount in our pockets can have anyone itching to spend it. Even those who have not received their checks have already made mental notes on how to spend it. Hulisses Lopez, a 25-year-old junior, detailed his type of “hypothetical spending.”
“I know it doesn’t seem like alot of money. But as an “essential” worker, it makes up for the demand I’m facing at work. I want to treat myself, I want a switch and a new gaming setup for my computer.” Lopez said. “ Whatever is left I plan on saving for any school expenses.”
Forbes.com discussed with Behavioral Economic expert Jeff Kreisler on the realistic spending. “A lot of our financial decisions that are often irrational are about stress and uncertainty, and that is really heightened right now,” said Kreisler.
Retail therapy can easily be a growing coping mechanism to what we are all facing at the moment. The ongoing effects of the coronavirus have impacted various aspects of our life currently. However, we remain in charge of the outcome and among Americans, there may be some hope.
Understanding the long-lasting results of responsible spending can set yourself up for success. Using this $1,200 dollar check towards paying off debt, a new car, better insurance coverage, anything that paying our daily bills cannot meet. Doing that can give ourselves the safety net that no one can give us but ourselves. Unfortunately, we do not know how our daily routines and ways of living will be impacted from three months to a year from now. so many adjustments and sacrifices have had to be made due to this ongoing pandemic. Remaining responsible and hopeful about what is to come may be the only way to remain stable in our society today. So let’s be mindful and not waste our well deserved check on overpriced shoes and unnecessary toys that will not serve us well into the future.
