Stimulation! What Are You Going to Do?

MarkHiatt · 04-11-2008, 07:00 AM

Have you thought much, yet, about what you are going to be doing with your income tax rebate? The IRS says they will soon be sending "economic stimulus payments" to everyone who qualifies. They have an elaborate plan based on Social Security number and web pages to indicate when you might expect your check to hit, on their web site ( http://www.irs.gov/newsroom/article/...177937,00.html ).

My wife and I decided upon a formula for all of our "found money", as we work our way out of debt. Some of it we will save (Richest Man In Babylon I: A Part of Everything You Earn Is Yours To Keep). Some of it, yes, we will let loose on a grateful economy. We have a few odds and ends on each of our wish lists, so some of it will grease the wheels of commerce. But most of our found money, unexpected windfalls, goes to debt retirement.

I wish I was one of those who can say "I wasn't expecting this money, so I'm going to throw it all on the VISA card!" but I'm not there, yet. My wife would probably prefer to actually save the whole wad, as our saving has taken a hit while we climb out of debt. I'm sure everyone has a different plan.

What's yours?

rolltimer · 04-11-2008, 08:08 AM

I don't know how much I'll be getting but I'm likely to spend it on an iphone (if the next version is the much anticipated 3G) or ipod touch and perhaps an external hard drive for backup purposes. I am debt-free, have an emergency savings fund and an additional $300 to $600 thrown into it would not earn much at the paltry interest rate even high yield money market funds are paying these days.

rstlne · 04-11-2008, 08:49 AM

I'm not getting a tax rebate. Even if I did though, I'd save it until I need the money for something. Can't really think of anything I would buy at the moment.

KelR1 · 04-11-2008, 10:27 AM

I'll be putting it toward CC debt.

amyschiff · 04-11-2008, 11:22 AM

Quote:

Originally Posted by KelR1

I'll be putting it toward CC debt.

Same here.... I don't have a whole lot, so my rebate will help a great deal.

Xin Lu · 04-11-2008, 04:24 PM

I'm using it to pay taxes. Haha. We owe $998 this year and the tax rebate would be about $1100.

Megan · 04-12-2008, 04:01 AM

Provided I do get the stimulus (I'll believe it when I see it), I was initially going to save it all. However, having decluttered my closets and my work wardrobe, I'm realizing I could use some new clothes for work. The winter sweaters aren't going to cut it. So I think half will go towards shopping and half will be put away for later (probably to be spent on a plane ticket at Christmas).

StudentMom · 04-12-2008, 11:37 AM

We put it aside in our home down payment savings. Other tax refunds we used for dentist visits, dog's vet fees and our upcoming trip.

happysmileylady · 04-12-2008, 06:18 PM

Ours is going towards debt. We have three main debts (outside of house). At the beginning of the year, they were a $26k home equity loan, a $10k mortgage on a rental property/mobile home and $2k to a dentist. The rental property has really just become a MAJOR hassle and since January, we have paid off enough that by the time we get the rebate, it will be paid off and we can remove it from our lives.

If we had already paid it off though, it would be going to savings. We are making larger payments than the minimum on the home equity loan and the dental bill is costing us no interest and isn't on our credit report, so the $1500 would better serve us in savings if it wasn't for that stupid mobile home.

Never buy one btw.

VaranusK · 04-13-2008, 02:29 AM

I don't think I will get too much :-( . However, last time I got some $90 I went out to dinner and just kept the rest on the account. Did anything special with that tiny remain. But if I got a larger amount, I would probably buy something small and save the rest

04-11-2008, 07:00 AM	#1
MarkHiatt Junior Member Join Date: Feb 2008 Posts: 1 Reputation: (10)	Stimulation! What Are You Going to Do? Have you thought much, yet, about what you are going to be doing with your income tax rebate? The IRS says they will soon be sending "economic stimulus payments" to everyone who qualifies. They have an elaborate plan based on Social Security number and web pages to indicate when you might expect your check to hit, on their web site ( http://www.irs.gov/newsroom/article/...177937,00.html ). My wife and I decided upon a formula for all of our "found money", as we work our way out of debt. Some of it we will save (Richest Man In Babylon I: A Part of Everything You Earn Is Yours To Keep). Some of it, yes, we will let loose on a grateful economy. We have a few odds and ends on each of our wish lists, so some of it will grease the wheels of commerce. But most of our found money, unexpected windfalls, goes to debt retirement. I wish I was one of those who can say "I wasn't expecting this money, so I'm going to throw it all on the VISA card!" but I'm not there, yet. My wife would probably prefer to actually save the whole wad, as our saving has taken a hit while we climb out of debt. I'm sure everyone has a different plan. What's yours?

04-11-2008, 04:24 PM	#6
Xin Lu Wise Bread Blogger Join Date: Jan 2008 Posts: 212 Reputation: (25)	I'm using it to pay taxes. Haha. We owe $998 this year and the tax rebate would be about $1100. __________________ Blogs I Write: The Baglady @ http://baglady.dreamhosters.com Wise Bread @ http://wisebread.com/xin-lu

04-12-2008, 04:01 AM	#7
Megan Senior Member Join Date: Dec 2007 Posts: 277 Reputation: (39)	Provided I do get the stimulus (I'll believe it when I see it), I was initially going to save it all. However, having decluttered my closets and my work wardrobe, I'm realizing I could use some new clothes for work. The winter sweaters aren't going to cut it. So I think half will go towards shopping and half will be put away for later (probably to be spent on a plane ticket at Christmas). __________________ A Dollar a Day

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04-11-2008, 08:08 AM	#2
rolltimer Senior Member Join Date: Dec 2007 Location: Alabama Posts: 124 Reputation: (19)	I don't know how much I'll be getting but I'm likely to spend it on an iphone (if the next version is the much anticipated 3G) or ipod touch and perhaps an external hard drive for backup purposes. I am debt-free, have an emergency savings fund and an additional $300 to $600 thrown into it would not earn much at the paltry interest rate even high yield money market funds are paying these days.

04-11-2008, 08:49 AM	#3
rstlne Senior Member Join Date: Jan 2008 Location: New Jersey Posts: 359 Reputation: (105)	I'm not getting a tax rebate. Even if I did though, I'd save it until I need the money for something. Can't really think of anything I would buy at the moment.

04-11-2008, 10:27 AM	#4
KelR1 Member Join Date: Mar 2008 Posts: 43 Reputation: (10)	I'll be putting it toward CC debt.

04-12-2008, 11:37 AM	#8
StudentMom Junior Member Join Date: Feb 2008 Location: VA Posts: 29 Reputation: (11)	We put it aside in our home down payment savings. Other tax refunds we used for dentist visits, dog's vet fees and our upcoming trip.

04-12-2008, 06:18 PM	#9
happysmileylady Junior Member Join Date: Apr 2008 Posts: 25 Reputation: (11)	Ours is going towards debt. We have three main debts (outside of house). At the beginning of the year, they were a $26k home equity loan, a $10k mortgage on a rental property/mobile home and $2k to a dentist. The rental property has really just become a MAJOR hassle and since January, we have paid off enough that by the time we get the rebate, it will be paid off and we can remove it from our lives. If we had already paid it off though, it would be going to savings. We are making larger payments than the minimum on the home equity loan and the dental bill is costing us no interest and isn't on our credit report, so the $1500 would better serve us in savings if it wasn't for that stupid mobile home. Never buy one btw.

04-13-2008, 02:29 AM	#10
VaranusK Member Join Date: Jan 2008 Posts: 66 Reputation: (10)	I don't think I will get too much :-( . However, last time I got some $90 I went out to dinner and just kept the rest on the account. Did anything special with that tiny remain. But if I got a larger amount, I would probably buy something small and save the rest