Stimulus checks (of $1,200 for individuals, $2,400 for couples and $500 per child) are expected to be deposited into bank accounts this week.

Answer: Pay bills

Here's how Americans plan to use the funds

Questions:

• How do you think YOU would handle a lump sum payment of several hundred dollars NOW?
• What would be examples of “day-to-day essentials?”
• What is the importance of having an emergency savings fund now?

Click here for the ready-to-go slides for this Question of the Day that you can use in your classroom.

Behind the numbers (Bankrate):

When it comes to plans to use their cash from the federal government, most Americans say they are reserving it for the necessities.

Respondents reported a higher propensity to use the checks for monthly bills (50 percent) or day-to-day essentials such as food or supplies (41 percent) compared with other categories. Three in 10 (or 30 percent) expect to put it toward savings, and a quarter (or 25 percent) will use it to pay down debt.

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Here's what 300+ personal finance teachers said when they were asked the same question. 

About the Author

Tim Ranzetta

Tim's saving habits started at seven when a neighbor with a broken hip gave him a dog walking job. Her recovery, which took almost a year, resulted in Tim getting to know the bank tellers quite well (and accumulating a savings account balance of over $300!). His recent entrepreneurial adventures have included driving a shredding truck, analyzing executive compensation packages for Fortune 500 companies and helping families make better college financing decisions. After volunteering in 2010 to create and teach a personal finance program at Eastside College Prep in East Palo Alto, Tim saw firsthand the impact of an engaging and activity-based curriculum, which inspired him to start a new non-profit, Next Gen Personal Finance.

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