$34,999.44 -4.37%
BTC · 1w

Majority of Americans plan to use $600 stimulus check to pay household bills—here's how far it will go

About two-thirds of the second round of $600 stimulus payments have already hit Americans' bank accounts. For the majority of recipients, that money will go toward keeping a roof over their heads and putting food on the table. 

Nearly 6 out of 10 Americans, or 59%, say that as soon as they receive their stimulus check, they're using the money to pay household bills, according to a recent survey from bill pay service doxo of over 1,000 U.S. adults that ran from December 23rd to January 4th. Another 11% report the stimulus payment will be used to keep their families fed. 

"Unfortunately, the $600 checks won't get them very far," says Jim Kreyenhagen, doxo's vice president of marketing and consumer services. That's because the average U.S. household spends $21,378 per year on bills, or about $1,782 on expenses each month, according to doxo's latest research.

The largest chunk of that spending is on housing: The average American spends about $1,268 a month on mortgage payments or $1,023 on rent, according to doxo. The $600 stimulus payment comes nowhere close to covering those expenses for many Americans. 

That said, the stimulus payments will cover some expenses for at least a month, and some household bills even longer. The average car payment, for instance, is about $374 a month, while utilities tend to average about $290 a month, according to doxo. 

While the majority of Americans are planning to use their stimulus payments immediately on household expenses, about 1 in 5 plan to put that money to work for longer-term goals. About 10% plan to use the funds to pay off credit card debt and 11% say they'll dump the money into their savings.

Despite the second round of stimulus payments only being worth $600, most Americans believe the U.S. is on the road to recovery. About 83% of those surveyed by doxo believe it will take 10 months or more for the U.S. economy to recover. 

When it comes to their own finances,...

Continue on
Recent news
BTC -4.37% · · 12h

Pay Me in Bitcoin is going viral

FORMER Real Madrid striker David Barral has become the first footballer to be transferred for BITCOIN. The 37-year-old has joined Segunda B side DUX Internacional de Madrid. The deal to bring him t…
BTC -4.37% · · 19h

Grayscale Buys Another 16,244 Bitcoins

Grayscale Investments bought another 16,244 bitcoins on Monday, making it the company’s biggest single-day purchase ever, estimated to...