How to Create Your Own $1,200 Stimulus Money

By Dana Cruz Sep 13 2020, 21:48 PM EDT

Congress plans on the next round of $1,200 coronavirus stimulus looked quite certain for a while, but a clear price tag is getting a bit more uncertain now.

Democrats and Republicans do want to send payments to people who are struggling financially. The problem is they can't seem to agree on the amount that they will allot for the next round of stimulus checks.

You are likely not the only person who needs economic impact payment. According to MagnifyMoney, six out of 10 Americans could use some money right now.

If you are in great need of some $1,200 right now, waiting for a decision might not be the best option. Make your own stimulus money through your own sources and give yourself your own 'stimulus check.'

Here are some ways to create your own, as said by Moneywise.

Round Up Long-Lost Money

This could be from an old bank account, someplace you've forgotten about. It's surprisingly common.

The National Association of Unclaimed Property Administrators said one in 10 Americans experience losing long-lost money. They said the states return $3 billion in unclaimed property to its rightful owners yearly.

The MissingMoney.com can show you state databases of unclaimed funds. There, you'll find out if you left some money in an old checking or savings account. Maybe you were even entitled to life insurance from relatives and didn't know about it.

Some people can also have some tax refunds missing, and it might be a good idea to check IRS if you're one of those people.

Previous tax returns can also be amended for up to three years if a person is eligible for refund. IRS said $1.5 billion in refunds were put on 'last call' for taxpayer returns from 2016 filed in 2017.

Get a Side-Hustle

Having some special talents and skills can also help you make your own $1,200. You might land some side work or earn the equivalent of a second stimulus check.

Online marketplaces are all over the internet for some gig work and many people are looking forward to pay for unique services.

Once you're getting more gigs and positive reviews, you can start bumping up your price and maybe make even more money.

Eventually, you might be able to support yourself from the side hustle alone.

Slash Insurance Costs

You can cut your insurance costs even further from what many car insurance companies offer as 'reduced premiums.'

Research shows that choosing a bundle of car and home insurance policies can lower premiums by 15 percent to 20 percent.

Look for advertised discounts. One example would be if your car is loaded with safety features. You can also agree to higher deductibles, covering more of your own losses before the insurance kicks in.

Be wary with your homeowners insurance payments as well.

Get Cash-back Cards

Cash-back is a great way to go about everyday life without worrying too much with your purchases. It's a good way to get a bit of money back every time you go for gas, food or the likes.

The small amounts that go back to your wallet can really add up and make some good savings.