Daily Money - If you give a girl $1,200...

Next, if I want to save it, I’m going to want to consider the big picture.

If I don’t need the money to pay bills right now because, say, my student loan payments are suspended, I might want to figure out a way to use it to help achieve my medium- and long-term goals, said Rhian Horgan, the founder and CEO of financial wellness platform Kindur. 

If I’m trying to buy a house in the next couple of years, for example, I could put my $1,200 into an asset management account or a brokerage account.

If I’m planning for retirement in a few decades, I could put the money in a Roth IRA. Because it compounds tax-free, Horgan said a Roth IRA “would probably be the smartest place to put your money if you don’t need access to it.” It's not hard to set up an IRA online with companies like Betterment. Assuming a 5% rate of return, my $1,200 stimulus check could easily turn into $5,000 in the next 30 years.

“It’s always good to put something aside for the future,” she adds.

Finally, if I want to spend it, I’m going to want to support my local economy.

This is the whole point of a stimulus check, after all: to provide consumers with some extra spending money and hope like hell that it jumpstarts the economy.

Niagara University economist Tenpao Lee told me that global supply chains have broken as a result of the coronavirus. He explained that the whole world’s process for creating and buying goods from each other is screwed up. To repair them, we have to start small.

“It will be easier to rebuild the global supply chains piece by piece, as global is based on local,” Lee says. “So, if consumers have choices, they should buy from local retailers, then national retailers.”

Basically, I should shop my favorite Brooklyn book store instead of Amazon. Can do.

(but please don't tell me you scrolled past all of my hard work)

There are several things I can do with my stimulus money: cover basic expenses, build up my emergency fund, save it for a big goal or shop local. (I could also donate it, as I learned in Issue #37.)

As I decide, I shouldn’t feel like I’m forced to put all my cash in one place. If I want to put some in my emergency fund, some in a Roth IRA and blow $300 on this deluxe Harry Potter book, that’s OK.

“Oftentimes, when you try to make a decision that’s 100%, it’s hard to get comfortable,” Horgan says. “Make sure you’re in a good spot, and then think about what are the priorities?”

via GIPHY

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check out this crazy celebrity purchase

via Getty Images

I’ve been wearing leggings for the past five weeks, but I don’t need to feel ashamed — Ana de Armas is slumming it, too. The actress put on a tracksuit last week to walk the dog with her boyfriend. Oh, did I mention her boyfriend is Ben Affleck? Or that the tracksuit was Gucci? And that it cost $2,600? That price tag makes me want to get my knives out, but at least we can’t see Affleck’s back tattoo.

five things I'm loving online right now

send me cute pictures of your pets, please

CREDIT: ALIA RAFIQ

This is Apollo, who lives in New Hampshire. Apollo plans to rebuild the supply chain by patronizing local re-tail-ers. It’s the leashed he could do for the flagging economy.

Well, writing that whole thing made me want a cookie.

And a glass of milk. 

And a straw… 🤔

See you next week.

Julia

P.S. I got a bunch of birthday hollas last issue, which I very much appreciated! I also heard from Scholar John, who said I might want to consider making my parents joint tenants on my accounts. Meanwhile, Scholars Miranda and Mike said I should get my documents for a will together now… and leave a note behind telling my relatives where they can find and access any copies. Smart move.

P.P.S. Have you received your $1,200 check? What are you planning to do with it? Give me a Dolla Scholla holla at julia.glum@money.com or @SuperJulia on Twitter. OK, bye.