WASHINGTON (FOX 5 DC) - Check your bank accounts. Chances are you are about $1,042.70 richer. That’s because millions of Americans received their $1,200 stimulus check—after taxes, of course, but is that enough money?
We crunched the numbers to show you how far that money would stretch.
According to Apartmentlist.com, here are the average costs of a one-bedroom apartment:
- WASHINGTON D.C. - $1,369
- GAITHERSBURG - $1,589
- ALEXANDRIA - $1,643
What about car insurance?
According to U.S News, driving in our area varies. Here are the average costs:
- WASHINGTON D.C. - $132.50
- MARYLAND - $129.27
- VIRGINIA - $78.80
When you add in average grocery prices, a single person could spend in excess of $2,500 a month for food, shelter and car insurance.
Financial expert Steve Siebold says the best thing to do with the stimulus check is to spend it wisely.
“If you’re getting a check for $1,200 you don’t have any money most likely. I would recommend buying food and keeping some of the cash and possibly not paying certain debts until we know when we’re all going to go back to work,” says Siebold.