I'm a Gen Zer who just received a stimulus check. Here's what I did with it to take more control of my finances.

• I was born in 1997, which means I fall right on the cusp of the millennial generation and Gen Z, but I tend to align myself more with the younger generation.
• After filing my taxes for the very first time, I received a $1,200 stimulus check two months later as part of the government's coronavirus stimulus package.
• I decided to put the money towards opening a savings account, paying off my credit card debt, and preparing myself financially for the uncertain future.
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Members of Gen Z are often accused of being obsessed with social media, memes, and the internet.

However, as a generation of forward-thinkers, we also often consider how we can best prepare for the future, ranging from climate change issues to financial preparedness.

I was born in 1997, which means I fall right on the cusp between the Gen Z and millennial generations. However, while I definitely identify with certain aspects of the millennial mindset, I more closely relate to the younger generation.

This year, instead of being claimed by my parents, I filed my own taxes for the first time. My personal income qualified me to receive a stimulus check as part of the government's coronavirus stimulus package.

I am fortunate that I still have a job and can work from home, but during such an uncertain time, I wanted to use the money to set myself up for the best financial future.

After receiving the check, the first thing I did was start a budget for how I would use the money

In researching the best ways to start a budget, I came across a budgeting technique called the 50/30/20 method.

According to this budgeting method, 50% of your monthly income should go towards things you need — rent, groceries, transportation, etc. — and 30% should go towards things you want, like new clothes, nights out with friends, and other "luxuries."

Experts then recommend that the remaining 20% of your income should be put into a savings account.

I focused on my 'needs' first — I paid off my credit card balances and set aside some money for my next month of rent

As a young person, I've always lived in the moment — and this applied to my finances as well.

Before the coronavirus pandemic, the only expense I specifically allotted money aside for in each paycheck was my monthly rent and utility bill. I didn't worry too much about where the rest of my money went, even though I had credit cards yet to be paid off from years ago.

The very first thing I did with the $600 I allotted for my needs was to pay off my small credit card bills. The immediate relief I felt after doing so made me feel so much more in control of my finances.

While I understand that many people need the stimulus check to pay for immediate needs like groceries, gas, mortgage payments, or other necessities, being able to pay off my credit cards was something I've always needed to do but simply hadn't been able to without seriously cutting into my monthly budget.

I then opened my very first savings account

I only needed to deposit $240 of the $1,200 check into my savings account to fulfill the 50/30/20 method's savings requirement. However, I decided to put in a little more right off the bat, and set up semi-monthly automatic deposits of $50 into my savings.

My "wants" while quarantining have been significantly less than usual. I'm not going out to restaurants, buying new clothes, or spending money that I normally would on weekends out with friends, since we're all staying safely indoors. Rather than putting 30% of my check on "wants," I added a little bit more to my savings.

Having a couple hundred dollars in my savings account may not seem like much. However, growing a savings account is something I've never had the extra money to do. Being able to have a nest egg of emergency funds makes me feel a lot more financially secure as a recession becomes increasingly likely.

I still made sure to set aside a small amount of money for 'wants'

Social distancing and stay-at-home restrictions have meant many restaurants, shopping centers, and other businesses have been forced to temporarily close. However, this won't always be the case.

I made sure to set aside a small amount of money — about 15% of the check — for things I will undeniably want to purchase after the quarantine ends — things that people of every generation undeniably enjoy, like movie tickets, birthday gifts, dinners out, and trips to the beach.

Even though not much of my stimulus check money was left for luxuries, there's enough to guarantee a fun night out once things return to a state of normalcy.

I feel a lot more prepared financially than I ever have

Receiving the stimulus check was a happy surprise — without it, I'm not sure I would have had the motivation to take control of my savings and debt. However, even though the stimulus check money was a one-time thing, I want to continue the same practices and continue with the 50/30/20 method well into the future.

In these uncertain times, it's a relief to know that I have made a step towards being debt-free and having a small amount of money for emergencies — no matter what happens.

• Read more:
• Everything we know about the coronavirus stimulus checks that will pay many Americans up to $1,200 each
• We don't need our stimulus check to pay bills, so we're using a needs/wants/savings formula to split it 3 ways
• The coronavirus pandemic has fragmented Gen Z into 4 distinct groups — and each one is dealing with a different set of challenges
• 10 ways Gen Zs spend money differently than their Gen X parents

Do you have a personal experience with the coronavirus you'd like to share? Or a tip on how your town or community is handling the pandemic? Please email covidtips@businessinsider.com and tell us your story.

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