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$1600 - how are you going to spend/save your stimulus $$'s?

January 18th, 2008 at 07:34 am

With the government announcing that they are going to give each family $1600 to save the economy from falling into a recession. The question is...what are you going to do with that money?
I know my family would like to do a little more home remodelling, so a lot will probably go towards that. Anyhow, just wanted to get your thoughts on what you might use you new found $$'s for.

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Posted in Uncategorized | 38 Comments »

38 Responses to “$1600 - how are you going to spend/save your stimulus $$'s?”

  1. PauletteGoddard Says:
    January 18th, 2008 at 07:42 am

    Is it an announcement, or a proposed idea? Is it for everyone, or for families who earn under a certain limit, or for families who bought houses in the past four years? I've purposely had my head in the sand this past week. I guess I could buy two ounces of gold, or put it in a six-month CD...

  2. Carolina Bound Says:
    January 18th, 2008 at 08:05 am

    They are? If it's true, I'll put it in my EF.

  3. dickyvman Says:
    January 18th, 2008 at 08:09 am

    It is suppose to be approved here today or Monday.

    http://www.breitbart.com/article.php?id=080118104215.zxj8hvd...

  4. Mr. Meager Says:
    January 18th, 2008 at 08:42 am

    I'd save it and keep it from stimulating the economy.

  5. Ima saver Says:
    January 18th, 2008 at 09:09 am

    I would save it and add to the $20 challenge!!

  6. Amber Says:
    January 18th, 2008 at 09:21 am

    I know it has been propsed; for me, I am saving not spending (hurting the economy I guess)

  7. M E Says:
    January 18th, 2008 at 09:42 am

    $1600 a FAMILY? How do THEY define family??

  8. dickyvman Says:
    January 18th, 2008 at 09:52 am

    Also the limit is you have to make less then $110,000/year. I think that is based on 2006 taxes.

    They define family as how God ordained family.

  9. littlemama Says:
    January 18th, 2008 at 10:32 am

    We will apply it toward our car note.

  10. terri77 Says:
    January 18th, 2008 at 11:07 am

    How much for a single person?

  11. dickyvman Says:
    January 18th, 2008 at 11:11 am

    $800 for a single person.

  12. Broken Arrow Says:
    January 18th, 2008 at 12:30 pm

    I don't think I'm applicable. Frown Oh wait! For single people too?! Please oh please let it be true!


    But if I had that kind of money, it would just be folded right into my current financial plan. It would be a nice boost to the time table though. Smile

  13. mulyanto Says:
    January 18th, 2008 at 12:47 pm

    ...And our kids will pay for it...

    I don't care for tax rebates. I want a balanced budget. I want zero national debt. So we don't have to pay our $400 billion interest on our debt. You know, the financial stimulus package would be worth $140 billion (1% of GDP). If we had no national debt we could get a rebate almost three times as big each year.

  14. veronak Says:
    January 18th, 2008 at 01:56 pm

    Zero national debt? Confused and cut some of these social programs, in addition to other frivilous spending hmmmmmmmm wishful thinking

  15. campfrugal Says:
    January 18th, 2008 at 02:47 pm

    If I still have debt when I get it, I will pay off some debt. If I have no debt when I get it, I will put $1500 into my ING account and $100 to go camping. Yee Haw.

  16. compulsive debtor Says:
    January 18th, 2008 at 04:51 pm

    What if you make more than $110,000 a year?

  17. Amber Says:
    January 18th, 2008 at 07:12 pm

    Compulsive, I think that means they'll be out. I know the refund is to target lower income individuals because they tend to be the ones to spend. (I don't mean for this statement to be stereotyping but I think it is true)

  18. mom-from-missouri Says:
    January 18th, 2008 at 07:57 pm

    That will cover one housepayment for us.

  19. luxliving Says:
    January 18th, 2008 at 08:03 pm

    Probably split it 60/40 into my Roth IRA, I'm younger and not working and don't have as much in my retirement accounts, and Hubster's Roth IRA.

  20. merch Says:
    January 18th, 2008 at 08:56 pm

    I don't think it's how much you make but what you report taxes on. So, subtract the 401(k), the mortgage interest, property taxes, kids, etc.

    I think you would have to be making well north of 150k to not qualify (I think).

    With that said, I would use it to pay CC debit. But I will probably be paying down my car loans by the time the check comes.

  21. denisentexas Says:
    January 18th, 2008 at 10:11 pm

    I keep seeing different figures being bantied about but regardless of the amount I'd use it to help us get into a new place. Or save it. Or go shopping with it.. no, just kidding! I wouldn't do that.

  22. tripods68 Says:
    January 19th, 2008 at 12:25 am

    I'll probably use some of it towards our EF and the rest pay our bills.

    It's just hard for me to understand the logic that people who makes above 110K will not spend it on the economy. Therefore, it won't help economy that much. Isn't paying your mortgage, credit card, is a form of spending. Company takes your money which helps their bottom line. Beside why would the government cares how or where I spend my money? I thought the idea was to give it to the masses.


  23. luxlivingfrugalis Says:
    January 19th, 2008 at 05:53 am

    BUT, is this not the wonkiest of things -- to let the gov siphon off so much of our money to begin with, only for it to be considered some kind of a boon when they let us 'mere peasants' have it back?? Why not vote against the majority of the myriad of 'good things' that come up for a vote every few years or stop re-electing those very people who are taxing us into starvation to begin with???

  24. Amber Says:
    January 19th, 2008 at 07:45 am

    Well said Lux

  25. denisentexas Says:
    January 19th, 2008 at 09:47 am

    Very well said, LL. That's the point that so many miss. The refund they get isn't some kind of bonus. It's their money that they loaned the govt. interest free. So it isn't as though we're getting some kind of great favor.

  26. fern Says:
    January 19th, 2008 at 05:04 pm

    It would be $800 for me as a single person, but i didn't know this was a done deal already.

    I haven't even given it thought. I'd be inclined to save most of it. I'm very serious about reaching my goals (see blog profile).

  27. terri77 Says:
    January 19th, 2008 at 06:46 pm

    I'll use my $800 to finance the airfare for my international business trip for graduate school. Any remaining is spending money.

  28. zenith Says:
    January 19th, 2008 at 07:59 pm

    It will go right into paying down the debt we have right now.
    And I will be glad to see it.
    Are you sure about this?

  29. denisentexas Says:
    January 19th, 2008 at 09:22 pm

    It's not quite a done deal. Apparently there's agreement that something must be done and a tax rebate is going to be part of what's done but all the details haven't been ironed out yet.

  30. Aleta Says:
    January 20th, 2008 at 11:23 am

    If they wanted to help us, they would lower the sales taxes on the gasoline. One of the reasons why everything we're buying is higher is because of the transportation costs.

    This is just a bandaid for now. The government needs to put a lid on their spending as we do when we have debt.

  31. debtfreeme Says:
    January 20th, 2008 at 11:24 am

    add two hundred to it and pay of a cc.

  32. dickyvman Says:
    January 21st, 2008 at 07:12 am

    This article said it could be the end of June before we get our checks, because the IRS is in tax season. It also said March 1st as another date that we could see the checks by.

    http://money.cnn.com/2008/01/18/news/economy/rebate_how_it_w...

  33. thriftorama Says:
    January 22nd, 2008 at 10:05 am

    I'd rather not get it and add to the national deficit. Seems like someone is trying to buy a better approval rating on his way out of the Presidential suite. But, if it does come, it's going right into the 529 plan for the baby I'm about the pop out any minute.

  34. cptacek Says:
    January 22nd, 2008 at 09:35 pm

    If we do get it, and I hope we don't, we'll put it towards operating expenses for the farm.

    Have you seen Liar, Liar, with Jim Carrey? Remember the scene when a client calls, says he broke into an ATM, and got caught, and asks what to do? He yells into the phone "Stop breaking the law, @$$hole!"

    I just want to do that to our politicians: "Stop spending so much money, @$$holes!"

    Sorry for cussing on your blog, dickyvman.

    This economy, and the housing market, NEEDS a contraction. And if we try to artificially give it a "soft landing" it will just take longer to turn around. People who make bad decisions (people who buy houses too expensive for their means with exotic loan products, the banks that lend money to people who can't pay it back, etc.) need to feel the pain of making that bad decision. Otherwise, why change?

  35. Amanda Says:
    January 23rd, 2008 at 04:30 pm

    If for whatever reason we did get this ... and I would get $800, it would go into my ING account and be the best start to rebuilding my EF. Then, I could worry less about repaying my debt this year, which would be great overall.

  36. Jeff Says:
    January 25th, 2008 at 02:25 pm

    Questions...

    Will the rebate be taxable income on 2008 return?
    If my daughter, who is 18 and made over 3K, lives at home but I claim as a dependent, get the rebate check or will I get or will both get?

  37. flinnie Says:
    January 26th, 2008 at 07:40 am

    I will save the money if I get it.I am not sure if I will be
    leaving my job or not because of my health.

  38. ldyfaile Says:
    January 27th, 2008 at 12:33 pm

    Since my EF is at my goal for now I'd put it towards my cc debt most likely. I guess it would just depend on when it arrived. I might be in need of new work clothes so there is a chance I would spend some of it, but out of necessity not out of want.

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