How To Spend, Stretch Your Stimulus Check

CHICAGO (CBS)-- Millions of Americans are waiting for relief in the form of a stimulus payment.

CBS 2's Audrina Bigos spoke with financial experts on how to spend and stretch that stimulus money.

Experts say for anyone who has lost their job or had their hours significantly cut, the first step is to find out what payment do not need to be paid right away. So, you only make payments you absolutely have to pay.

Experts say to hold off on student loan payment because federal student loan borrowers are now in forbearance, meaning you can temporarily stop making monthly loan payments, until September 30.

Experts also recommend contacting your mortgage lender or servicer before using your stimulus money to pay your mortgage.

Experts say regulators have put in place programs where you can get relief on your mortgages for about six months.

Some of the priority payments should be health care costs, or any credit cards with high interest payments. If you're still working and can cover your bills, experts recommend using the stimulus money to shore up some emergency savings savings.