I Spent My Stimulus Check on a PlayStation 5: Here Are My Regrets
Written by
Laura Beck
Edited by
Chris Cluff
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When the government announced stimulus checks would be going out to Americans in 2020 to help cope with the COVID-19 pandemic, some people carefully considered how to make the most of this one-time payment. But many others spent it quickly without much thought.
For Tim Connon, founder and CEO of Paramount Quote Insurance Advisors, the $1,200 stimulus check presented an opportunity to splurge on something fun but completely unnecessary: a PlayStation 5. Initially thrilled with his purchase, Connon soon came to regret his decision.
Today, Connon sees that the joy of being an early PlayStation 5 owner was definitely fun, but it was also an irresponsible use of essential funds during a time of uncertainty. He now regrets letting excitement cloud his judgment, and he wishes he had used the money to benefit him in a more lasting way.
What He Spent It On
Eager to get his hands on the newly launched PlayStation 5, Connon spent a good chunk of his stimulus check. Connon was intoxicated by the idea of being one of the first people with the new console.
“I spent my stimulus check on a PlayStation 5 and deeply regret doing so,” he said. “The system had just launched around the time of the pandemic and it was sold out in stores. The only way to get it for me was by ordering through PlayStation’s official site, which had a waiting list.”
When the PlayStation finally arrived, Connon was thrilled to set it up and start playing the latest video games.
Why He Regrets It Now
Connon’s enjoyment of the game system quickly faded. Within just a couple of months, he was regretting his purchase. The novelty of the PlayStation was eclipsed by anxiety over more pressing financial concerns.
“Afterwards I was upset because other bills I was not aware of crept up on me very suddenly and quickly,” he said. “This caused me deep regret knowing I should’ve used the money for those extra bills instead of setting myself back.”
With so many people struggling due to the devastating economic impacts of the pandemic, it became clear to Connon that blowing his one-time stimulus funds on a video game console was irresponsible and short-sighted. The PlayStation 5 felt less like a symbol of luxury and more like a daily reminder of his unwise spending.
“I have seen firsthand the impact of the pandemic on people’s finances,” said Julia Mathers, marketing executive at Pasha Funding. “From my experience, many people used their stimulus checks for frivolous things such as luxury items, vacations or unnecessary purchases. While it may have provided temporary relief or enjoyment, in the long run, it may not have been the wisest decision.”
The excitement of having extra cash convinced many Americans to splurge on luxuries and momentary pleasures. However, these indulgences may have lacked lasting value or financial security.
What He Should Have Done Instead
Connon now readily admits there was a more practical way those stimulus dollars could have been better spent.
“If I could do it over again, I would have sat on that money and contributed it to my savings to prepare for paying any outstanding bills,” he said.
Having extra cash in an emergency fund would have given Connon peace of mind and financial stability during the economic crisis. Paying off outstanding bills and debts would have improved his overall financial health for years to come.
“The pandemic has taught us the importance of having an emergency fund and being financially prepared for unexpected situations,” Mathers said. “Instead of using the stimulus check for frivolous things, it would have been more beneficial to save it or invest it in a stable financial instrument. This would have provided a safety net for any future emergencies or financial difficulties.”
Having reserves available for disasters helps prevent small emergencies from becoming big ones. For many, the COVID-19 pandemic provided a wake-up call about the need for emergency savings and spending a windfall like a stimulus check wisely.
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