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.Â
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.Â
"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.Â
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.Â
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.Â
When it comes to their own finances,...