Need Help Spending Your Tax Rebate?
If you’re anything like me, you probably don’t need expert advice when it comes to ideas on how to spend your money. However, with the Economic Stimulus checks arriving to individuals and families all across the nation, maybe it’s not such a bad idea to take a look at some useful ways to part with your check.
Chop down the debt tree:
It’s no secret that out of control borrowing is what got us into this pinch in the first place so it’s also not a bad idea to use the government’s definition of resolve to dig ourselves out of the hole. Credit cards, home equity lines, late mortgage payments, car payments these may not be the most enjoyable means of parting with a little cash, but it does help lighten our own loads while chipping away at the bigger problem.
Invest:
As is the case with any bonus money (meaning not a part of your expected salary) the opportunity to invest never looks better. Mutual funds, CDs, retirement accounts, or even buying up precious metals, collectables, or antiques. The government wants you to spend your money and putting it toward a rainy day benefits the economy twice.
Retail Purchases:
Here’s the one I don’t need additional help with! Surveys indicate that a majority of Americans plan to purchase up goods that they otherwise couldn’t quite afford. Televisions, computers, cell phones, stereos, and video games: These are the fun things retailers are hoping you will consider purchasing with your stimulus dough. How much so? Well many national retail chains are offering bonuses to customers willing to sign over their rebate checks.
Vacations:
Despite the fact that oil (fuel) costs continue to break records by the day, many Americans still plan to use their money to travel. Sadly, a majority of our money will now be burned up (literally) in form of gasoline and jet fuel, which means less cash for lodging and entertainment once we actually reach our vacation destinations.
Just how much money are we talking about here? More than 100 billion dollars will be in the hands of Americans by the end of the month. I could stand on the soapbox and offer pointers on how to spend your money but the fact remains that government doesn’t care how you part with it, just so long as you do. I will confess that much of my own money has gone into the exciting world of car repairs and an inflatable raft for some early spring river trips. It may not be flashy but as far as the Fed’s concerned, I’m pleased to do my part.
