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How will you use your economic stimulus payment?

Old 03-08-08, 03:49 PM
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How will you use your economic stimulus payment?

Checks for $600, or $1,200 if filing jointly, will begin being sent out in May. Uncle Sam wants you to spend this on goods and such to help bolster the economy. So will you be a good little consumer and buy a lot of goodies, use it toward bills or save it?

My wife and I think we'll be setting ours aside for later use (future auto problems, school clothes, home repair)

How about you?
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Old 03-08-08, 04:00 PM
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Probably on a flight to Chicago.
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Old 03-08-08, 04:01 PM
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I'm gonna use it to stimulate my investments.
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Old 03-08-08, 04:02 PM
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funding terrorism.
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Old 03-08-08, 04:07 PM
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i'm gonna remain aware that it is an advance on next year's taxes and not think of it as free money...

but spend it anyway... like a good American...
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Old 03-08-08, 04:33 PM
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I'm going to cash it in for small bills and keep them at home in a secure location.
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Old 03-08-08, 04:45 PM
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I'm going to put mine in the bank.

Shouldn't take long to use it up with the skyrocketing cost of gasoline and everything else associated with it.
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Old 03-08-08, 04:56 PM
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My wife and I are getting $1500. She's going to take $500 and put it in her checking account as a bit of a safety pad for her. The other $1000 will go into my account where it will hopefully stay for quite a while.
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Old 03-08-08, 04:59 PM
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I plan on saving it, unless some unforeseen expense comes up, that's what I'm going to do.

I have had plans all along of redoing the living room (new tv, furniture, etc) this summer so I already budgeted for this. So, I'm not going to do anything different I wouldn't have done anyway.
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Old 03-08-08, 05:36 PM
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Use it to cover my trip to Maryland in June.
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Old 03-08-08, 05:37 PM
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Gotta pay off my living room set in July. This will go towards it. I charge everything and all money I get goes in the bank. When the statement comes I pay it off. This $900 Im getting will hardly be recognized.
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Old 03-08-08, 05:52 PM
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Pay back the saving I used to pay my taxes. ($650)
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Old 03-08-08, 06:17 PM
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Pay 'da Man.
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Old 03-08-08, 06:22 PM
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It will basically go to my savings account.

I'm buying half a cow currently, so I guess it could go to that, but that was in the plans before I knew of the govt check. Any investments I make were in place prior to the check, as well as any other major purchases.

Sorry, govt, I'm more or less keeping it as a savings buffer in case something happens. It'll get spent someday, though, don't worry.
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Old 03-08-08, 06:22 PM
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Old 03-08-08, 06:36 PM
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Originally Posted by Dr Mabuse
i'm gonna remain aware that it is an advance on next year's taxes and not think of it as free money...
What do you mean by this? My understanding is this money will not affect 2008 taxes.
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Old 03-08-08, 06:47 PM
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Old 03-08-08, 06:51 PM
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I'm drinking it up.
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Old 03-08-08, 06:53 PM
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It'll just go into a savings account. I don't get enough to do anything exciting. I may splurge and get extra cheese on a pizza or something.

Edit:

Originally Posted by mndtrp
I'm buying half a cow currently, so I guess it could go to that, but that was in the plans before I knew of the govt check.
I may need to rethink my finances.

Last edited by The Cow; 03-08-08 at 06:56 PM.
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Old 03-08-08, 06:55 PM
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Originally Posted by The Cow
It'll just go into a savings account. I don't get enough to do anything exciting. I may splurge and get extra cheese on a pizza or something.
Cannibal...
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Old 03-08-08, 06:57 PM
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Good timing
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Old 03-08-08, 07:03 PM
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Old 03-08-08, 07:45 PM
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Paying off credit card, rest into savings...I might fill up my gas tank for the first time in a few years.
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Old 03-08-08, 08:17 PM
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Originally Posted by Dr Mabuse
i'm gonna remain aware that it is an advance on next year's taxes and not think of it as free money...

but spend it anyway... like a good American...
Yeah, this is actually the second time that I've heard of this. But I do not believe that it is factual:

Q. Is my stimulus payment taxable?

A. No. You will not owe tax on your payment when you file your 2008 federal income tax return. But you should keep a copy of the IRS letter you receive later this year listing the amount of your payment. In the event you do not qualify for the full amount this year but you do next year, you will need to have the letter as a record of the amount you previously received.

Q. Will the payment I receive in 2008 reduce my 2008 refund or increase the amount I owe for 2008?

A. No, the stimulus payment will not reduce your refund or increase the amount you owe when you file your 2008 return.
Source Towards the end

Unless of course I am missing something.
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Old 03-08-08, 08:21 PM
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most likely put some of it into my mortgage and some in my online bank account to earn a little interest before having to pay it back when I file in 09

edit: yes I know this rebate supposedly isn't a cash advance, but I'll still likely owe money in 09

Last edited by mikehunt; 03-08-08 at 08:37 PM.
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