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IRS sends out stimulus payments

What should you do with your money?

HARTFORD, Conn — The Internal Revenue Service started sending stimulus money this week, and while more than 80 million people can expect theirs this week, others can expect to wait.

The first round of payments automatically went out to people who filed their 2018 or 2019 taxes along with direct deposit information.

Wednesday the IRS launched a new tool on its website called “Get my Payment” to help you track the status

“We weren’t expecting it so absolutely so we are thinking about paying the mortgage and paying some credit debt,” Middletown resident Eleni Ozga said.

For those who did receive a payment, Denis Horrigan, partner at Connecticut Wealth Management says put the money towards necessities.

“I would not want to see people take that money and go spend it frivolously and buy some sort of a consumer good we always try to encourage people to have an emergency bucket of money,” Horrigan said.

If you are in a pinch right now, Horrigan refinancing bills like your car note,  may be a good option to help lower some bills.

“Now is a great time to consider refinancing those because interest rates are extremely low and actually another idea for you is for those folk that have credit card debt they might want to call the bank and see if the bank would reduce the interest rate on their credit card,”