What is the permanent fund dividend?
How much will Alaskan citizens be getting from the PFD this year?
How you can use your PFD payment for your car
How can I get my Permanent Fund Dividend
What is the Permanent Fund Dividend?
Alaska’s Permanent Fund Dividend has long been one of the best parts about Alaska. Each year, every resident in the state gets a check from the state, just for being a resident! Realistically, every Alaskan resident gets a check each year from the PFD because all Alaskan Residents are considered stakeholders in Alaska’s Permanent fund.
Alaska’s Permanent Fund is a fund where Alaska deposits one quarter from its revenue from oil and all mineral and gas reserves. It then takes this money and reinvests it into other lucrative investment opportunities all over the world just for the sake of growing the fund. Each year, every Alaskan citizen receives a dividend or payment from the Permanent Fund.
Most years since the 1990’s it has been over a thousand dollars. A few years it has even reached over two thousand dollars. That has not been the case the past couple of years because in 2016 the former Governor needed to reach into the part of the fund allocated for the Alaskan residents in order to make up gaps in the State’s budget.
That reduced the check by slightly more than half. Now you can expect a check lower than $2,000 but higher than $1,000 each year.
How much will Alaskan citizens be getting from the PFD this year?
In 2019 the Permanent Fund Dividend in Alaska is $1,606. This is up $6 from last year and the highest that the PFD has been since it was $2,072 in 2015.
The total payout of the dividend to Alaska Residents this year will be just over a billion dollars.
How you can use your PFD payment for your car
It is entirely up to you how you will use your Permanent Fund Dividend. With an amount that high you could consider using it for your car one way or another. Here are a few ways that you could invest the $1,600 you made from the PFD into your car:
- Repairs – The first thing that should come to mind is that you will likely finally be able to get those costly repairs that you have been needing but have been putting off because of the cost.
- Upgrades – You can also look into getting those sweet upgrades that you have been thinking about. Better tires, headlights, a spoiler, a roof rack, the choice is yours.
- Buy a used back-up car – Now, you won’t end up getting anything great with only $1,600 dollars but you could get something that runs that you could use when your primary car is in the shop, or you could have your spouse or child use it.
- Shipping it – Depending on how far that you are planning on shipping your car from Alaska, $1,600 can cover all of or most of the cost of shipping it one way. So, you can take that vacation that you wanted and have your car with you too.
How can I get my Permanent Fund Dividend?
There are three ways that you can receive your PFD. The first is direct deposit, which if you chose, the money should already be in your bank account by the time that you are reading this.
The next is if you chose to receive a check, you will get your check on October 24th 2019 or slightly thereafter.
Finally, if your particular circumstance regarding your PFD application required any extra time to process, you will receive your payment by direct deposit or by check on or after October 24th 2019.
