The third round of stimulus checks is on the way and a financial expert has tips on how to put it to good use.

There are more spending or investment options for those eligible for the $1,400 payments for individuals and the $1,400 for each of their dependents. Under new regulations any dependent, whether child or adult, will qualify.

Certified financial planner Chris Kampitsis, of Elmsford, cautions taxpayers to pay close attention to their own personal debt situations.

"If you don't already have a cushion, use this as an opportunity to create one," Kampitsis says. "If you've been deferring student loans, or your mortgage, or building up credit card debt, I would address that first and foremost."

Financial experts also recommend using that stimulus money to stimulate the economy and patronizing stores and businesses that have suffered so much during this pandemic.

If you haven't already received your stimulus check, check out the irs.gov and click on "get my payment." it should tell you the status of your payment and when you can expect to receive it.