Local 5 News: You know, this is a big decision for a lot of Iowa families: How to spend that stimulus check in the coming weeks. It could be emotional decisions as well, for some families that are dealing with just all the emotional baggage of this.
What what are your general guidelines, how you might advise families to think about this?
Cindy Fletcher: I urge families to step back this time and that uncertainty does breed stress. First suggestion I would have is for people to understand what they can control and what they can't control and put their energy into the things that they can control.
Secondly, I'd encourage people to do their best to use your most trustworthy sources of information to make decisions. That's tough today because of all the changes going on and a lot of misinformation that's out there.
Then, the last thing I'd suggest is for people to make a plan. A plan not only for that stimulus check, but for the use of all resources that the family has available, and making a plan for the first time or revising a plan.
Local 5: You know, we just assume that everyone is going to be able to think very clear-headed about this financial decision that everybody would immediately, you know, go to the most pressing bills that they have and so forth.
But with families under a lot of emotional stress at this point, and do you think there's a probability that some people might not make the best decisions?
Fletcher: Of course, stress does bad decision-making skills.
One thing that can help is talking things through with a trusted person. And that is something at ISU Extension we have decided to do. We have 11 family finance educators across the state who typically would be out there teaching groups through classes.
They now are working and are available for phone or email conversations with Iowans who just want to talk through ideas, those decisions that are important to make and an extension staff educator is available.
You can contact an ISU Extension and Outreach Finacial Educator by calling 800-447-1985 (toll-free).