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Check Your Mailbox
By Daphne | April 25, 2008
Get ready America: your stimulus check is on its way. The president has authorized that the stimulus checks be sent out a week earlier than previously anticipated.
As of next week, 800,000 tax filers daily will begin to have their checks directly deposited Monday, Tuesday and Wednesday. No checks will be distributed Thursday, and 5 million payments will be made Friday.
So when you get your stimulus check be wise in how you use it. If you are in arrears in any bills, pay those off first. IF you have a loan with a high interest rate such as credit card debt pay that off. If you owe several companies/people money and your stimulus check will not begin to cover what you owe, make an effort in good faith to pay the bills, that is better than no saying anything at all.
You may surprise yourself when you see what you can really make do without. Trying to get by without money to pay your bills or buy food is hard. If you need to, pool your resources with a friend to buy groceries from a large discount club. The prices are sometimes better for bulk items but often too much for one family. Stores like GFS carry large size packages mainly for catering or large parties but you can always freeze some things or buy in bulk and split the packages with friends.
Still want to socialize? Instead of paying for everything for a party, have a potluck. Everyone can bring a side dish and split the cost of the main dish or if you want to grill, then you can bring your own meats and everyone shares sides. This way you can still have fun with friends but not put a big dent in your budget.
If you are grilling outside, you won’t have to use electricity. You won’t spend money on “entertainment” because you are talking to friends and spending time with your family.
Before you start spending your stimulus check, take a look at where you could really use the money. Where do you want to put the money to use? If you are already squeezed as tight as possible because of fuel and food costs then put this money in your checking account and keep doing what you’re doing. That’s right save the money.
If you have bills, even if the $600 will not put a dent in all the money you owe, use it to pay down your bills.
Let’s say that you don’t owe a lot but have cut back on saving for your retirement because things have gotten tight. Put that $600 into your 401(k) or other long term investment.
Whether you spend, save or decrease debt with your stimulus check do what is right for you. If you want to buy goods or services, remember people who are working in your own communities could probably use the business as well. Remember your neighborhood barber, grocer and family-owned restaurant are affected by increasing costs. If possible, try to squeeze out a small amount to spend in your community on something that you have given up… as a treat on the government.
Topics: April 2008 |