$1,400 stimulus checks from the latest bailout bill began appearing in the bank accounts of many Americans this week, with nearly $90 million in payments totaling $242 billion distributed through Wednesday afternoon (March 17).

According to the Treasury Department, the first round of payments includes account transfers for those who filed tax returns in 2019 or 2020, as well as paper checks that were mailed; the IRS will continue the process of distributing deposits, checks, and debit cards over the next few weeks.

Individual taxpayers whose income was $75,000 or less on their last tax return and married couples whose income was $150,000 or less will receive a stimulus payment of $1,400 per person and the same amount if they have dependents. [Taxpayers between $75,001 and $80,000 ($150,001 and $160,000 for married couples) will be paid on a pro-rated basis.

So, once you receive your stimulus payment, what should you do with it? That depends on your employment status, the amount of debt you have, and your overall financial stability.

Here are some of the options experts suggest.

For many Americans, stimulus checks are crucial to covering basic needs, even if they are still inadequate. Paying for food, housing, utilities such as water, heating, and electricity, and other living expenses for oneself and one's family should be a top priority.

If you are behind on paying other high-priority bills, such as Internet access, cell phone service, or cable television, you may want to use some of your stimulus payment to get back on track.

The stimulus payment itself is tax-free, but the deadline for filing and paying taxes for 2020 is May 17 (this was postponed from the usual April 15). If you think you might owe taxes this year and don't need the full stimulus check for your basic needs, set aside funds to cover the bill.

If your current living expenses can be met, you may want to pay off the balances on your high-interest credit cards. This is especially true if you have racked up credit card debt in the face of pandemic-related financial hardship. This is consistent with what billionaire Warren Buffett has suggested in the past regarding similar situations.

Suze Orman, personal finance expert and host of the "Women & Money" podcast, recommends saving the stimulus package instead of paying down debt and getting behind on bills.

She stresses that this is especially important if you don't have a steady income or are worried about losing your job. Orman advocates setting aside money for emergencies while paying only the minimum on credit cards and loans.

If you are in a stable economy with solid employment, you may want to spend a small amount of your stimulus check on things you enjoy, such as activities that are safe for COVID or items you have wanted to purchase. However, avoid making expensive impulse purchases without carefully considering your financial situation.

If you don't need every dollar, you may consider donating a portion of your stimulus check to an organization such as a mutual aid group that has supported your community through a pandemic.