You’re getting an additional $600 x ___ eligible family members from the federal government, arriving as soon as January 2021. You’re now asking yourself, “What should I do with it?”

As always, follow your Investment Policy Statement for windfalls.

In 2020, this may involve staying focused on resupplying your raided Emergency Fund. Maybe you’ve realized that you have need for a larger Emergency Fund than you’d previously thought, such as if your previously dependable employer proved themselves less reliable of a source of a paycheck than you thought. If that’s the case, then you could use this additional money to beef up that EF.

Maybe you’re going to use it to top off an HSA or IRA before the end of the year (although you’ve got a bit into 2021 before the window closes on your 2020 IRA).

If you’re someone who can’t have money burning a hole in your pocket, maybe you’re going to fill up your 2021 IRA right away in January before you can be tempted to spend the money. This has the double benefit of maximizing your time in the market (way better than trying to time the market, whatever the markets do or don’t do in 2021).

And maybe you can use it to support your community.

Maybe you’re going to get carry-out or delivery from your favorite locally owned businesses. Tired of eating out, but want to support them anyway? Try buying a gift card.

Maybe your neighbor isn’t getting the groceries they need, and you’re going to drop a cart full off for them, on you. Or you see someone in the grocery store being very careful about what goes in their cart; can you get in the checkout line ahead of them, and pay for their groceries?

Maybe you’re going to do some remodeling or repair work, and hire a local crew.

Finally, local Olmsted County Minnesota non-profits that have had a heavy load under COVID-19, and would welcome your donation, include:

• The Channel One Food Bank, feeding our hungry as unemployment has jumped way higher than those of us in Rochester ever thought it would
• The United Way, answering many phone inquiries about how to get support when everything was closed and people felt lost
• The Salvation Army, caring for an even larger population of homeless, as safely as possible
• The YMCA, stepping up to care for the children of essential workers
• The Rochester Public Library Foundation, supporting the Rochester Public Library – answering many phone and chat inquiries with ever-changing community support information, and providing curbside pickup of materials
• Also consider your church or other place of worship, if they have been supporting additional parishioner or community needs during COVID-19.
• Need more ideas? Here’s a great local list for the Rochester Minnesota area.

You can also refer to my more diverse answer, from March, when we were all in shock as the upheaval was fresh and new.