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 Post subject: what are you doing with your Stimulus Check
PostPosted: 27 May 2008, 12:03 
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* Pay off credit cards - If you have any credit card debt the stimulus check will be a great way knock some of that out! Paying off the debt gives you an instant return in savings of whatever you would have paid in interest fees. Psychologically, you will help in getting the debt monkey off your back.

* Contribute to a Roth IRA - You can take your money and put it into your Roth IRA. For 2008 the contribution limit is $5000.

* Start an emergency fund - If you don’t already have some sort of emergency fund (three to six months expenses seems to be the conventional wisdom) then your stimulus check is a good way to start one. Even if you have one you can use the money to increase your fund. A great place to start one is with ING Direct (you can even get a $25 bonus by opening your account with $250).

* Contribute to a 529 college savings plan - You can use the money to help save for your kid’s education by putting the money in a 529 plan. Not only do you help save for college but you might get a tax break as well depending on your home state’s plan.

* Pre-pay your mortgage - Take the money and make additional payments to your mortgage. By making additional payments you will own your home faster and pay less in interest. Just make sure the payments go towards the loan principle and not next month’s payment (also check that your lender will accept pre-payments without fees or penalties).

* Buy a gift card - Many retailers are waiting to get their hands on your dough. Some are offering incentives to buy gift cards with your stimulus checks. It seems Kroger’s and Sears are offering 10% bonuses if you buy a gift card with your check. But be careful though and make sure there are no additional fees and know that you will actually use the card (and if the store goes out of business your gift card may be worthless).

* Go on vacation - You may have been planning to do this anyway so here is a good way to fund the vacation. Go and do something that will be a great experience for the family that you will all remember.

* Improve the house - If there’s something you’ve needed to improve on your home, such as a furnace, you can use your stimulus check to pay for it (or at least help). Other options could be new paint job, carpet, furniture, appliances, etc…

* Car maintenance - Have you been putting off a car repair? Need new brakes? New tires? Your stimulus money can fund it. If your car is about to go kaput your stimulus check could help pay for a new car (or a good new used car).

* Learn to invest - Do some research and take the money and start investing. Companies such as Sharebuilder and Zecco offer low-fee investing. You have to do your homework with this option but it might be just enough money to start investing but not so much that you will be crazy worrying if you lose it. If you invest through Sharebuilder you can buy partial shares of Berkshire Hathaway B class shares. I hear that Warren Buffett is pretty good at investing.

* Pay off student loans - If you have high interest student loans then your stimulus check can be a great way to help pay your student loans off. Just like with credit cards paying off your high interest student loans give you the instant return in savings of what you would have paid in interest.

* Have a nice evening out - Take your spouse out to a really great meal. Get babysitting and go to that great restaurant you wanted to try. Go see that new show that everyone’s talking about. Make an experience you will always remember.

* Get physically fit - The stimulus check should be enough to pay for a year’s gym membership (or more than a year). Use the stimulus check as a catalyst to get in shape and make your life healthier. Not sure about a gym? Find a class such as yoga or martial arts to join. Not into that? Buy a new bike and go riding. Or get yourself some good running sneakers and running attire. Join your local running club and enter a few small races. You never know, you may one day run a marathon.

* Go to school - Use your stimulus check to enroll in a college course or two. This can be toward a degree or just continuing education. Hey, you can take a personal finance course. Maybe learn a second language?

* Do nothing - This is the easiest of them all. Put the money in your savings account and forget about it. You don’t have to spend it or find any particular purpose for it. It doesn’t have to burn a hole in your pocket. One day you might find a good use for it but for now it adds to your savings.


I think I'll be buying a home or throwing it in my IRA.


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 Post subject: Re: what are you doing with your Stimulus Check
PostPosted: 27 May 2008, 14:09 
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We don't have to fill out any paperwork to receive this, do we? I was told that we don't but the other adults in my household received notices that they should expect such-n-such amount by such-n-such date, but I have no notice yet.

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 Post subject: Re: what are you doing with your Stimulus Check
PostPosted: 27 May 2008, 14:14 
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if you filed a tax return AND owe no back taxes you should get a letter telling you that you are getting one, the you will get one later..... you have to do some paperwork, yes


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 Post subject: Re: what are you doing with your Stimulus Check
PostPosted: 27 May 2008, 16:57 
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I'm gonna blow it (that's what she said) on poker.

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