Be Wise With Your Economic Stimulus Tax Rebate

PinExt Be Wise With Your Economic Stimulus Tax Rebate

windowslivewriter662d1c214ffb eaaftax rebate 3 Be Wise With Your Economic Stimulus Tax Rebate The economic stimulus tax rebates are on the way!  Some people have started receiving their rebates this week.  Have you received yours yet?  What do you plan to do with the tax rebate money when it comes?  This seems to be a popular topic of debate in many households today.  It is important that you make a plan for what you are going to do with the tax rebate when you get it.  Of course, the government wants you to spend it immediately to stimulate our sagging economy.  Which I’m sure is exactly what a ton of people will do, but a month from now will they be able to even name what they bought?  I doubt it.  Don’t let this money slip through your hands!  Be wise with your rebate and use it intentionally.

Here’s the schedule for economic stimulus tax rebates.

Okay, first things first, let’s determine when you will you receive your economic stimulus check.  According to the IRS, rebates will be issued to those who filed a 2007 tax return by direct deposit or check on the following schedule:

For those that used direct deposit:

Last two SSN digits: Payments will be transmitted no later than:
00 through 20 May 2
21 through 75 May 9
76 through 99 May 16

 

 

 

 

People that still rely on paper checks will get their rebate a little later according to this schedule:

 Last two SSN digits: Payments will be mailed no later than:
00 through 09 May 16
10 through 18 May 23
19 through 25 May 30
26 through 38 June 6
39 through 51 June 13
52 through 63 June 20
64 through 75 June 27
76 through 87 July 4
88 through 99 July 11

 

 

 

 

 

 

 

 

Of course, knowing when you will receive your rebate is only half the equation.  You probably also want to know how much money to expect.  Well, fortunately, there is a nifty little calculator you can use to determine the exact amount of your rebate.  Here’s how to Calculate Your Economic Stimulus Tax Rebate.

Make a plan so the rebate doesn’t slip through your hands.

windowslivewriter662d1c214ffb eaafdollars 3 Be Wise With Your Economic Stimulus Tax Rebate So, now you know approximately when to expect your rebate and how much it will be.  It is time to make a plan for how you want to use this money.  As I mentioned earlier, this seems to be a topic of debate for many.  For instance, Lynnae wrote The Great Economic Stimulus Rebate Debate where she discusses the difference in opinion in her household.  Lynnae wants to add the money to their emergency fund, but her husband wants to take a vacation.  I think this is typical.  Dave Ramsey often explains that in most households when it comes to finances there is a nerd and a free spirit.  The key is to talk calmly and logically about it until you reach a consensus.  It may take awhile.  That’s okay as long as you don’t spend it before you have a plan.

A peek at what others plan to do with their tax rebate.

Some people have already made their plans.  Let’s take a peek at what others are planning to do in an effort to help make our decision.  I find that this is always a valuable tool to help me.

Pinyo at Moolanomy writes about Why I Am Glad The Economic Stimulus Check Is Coming EarlyPinyo has learned that “life happens”.  In the last year, he has had a baby and as a result his family dropped back to one income, then the bills came.  He plans to use his stimulus money to help pay off a credit card.  This is a great idea.  I firmly believe in paying off all debt as quickly as possible.

Frugal Dad thinks he will Save It for a Sunny Day.  This is a very positive and interesting twist on the the old saying about saving money for a rainy dayIn this case, FD is putting money away in a special savings account so his family can take a nice vacation next year.  What a great idea!  Notice that even with the rebate money, Frugal Dad’s family is delaying their gratification until next year when their vacation will be fully funded.

Mrs. Micah wrote her Rant- We’re Going to Effing Stimulate the Economy about how they want to buy a new computer with the money.  Her husband is trying to complete his doctoral dissertation and the laptop they have now is not cooperating.  This sounds like a good investment because once he obtains his PhD, Micah will be earning more money as a full-time professor.

Of course, there are tons of other ideas floating around out there about how best to use the money.  I would highly suggest these articles if you need some more ideas:

15 Things To Do With Your Economic Stimulus Check

Ten Things to Do With Your Tax Refund

You have to decide what works best for your family.  Again, the key is to have a plan.  It can be uniquely yours, but be sure this money is used intentionally for something that you will remember next month or maybe even next year.

Others have plans for your tax rebate money if you don’t.

Of course, the nation’s retailers are licking their chops ready for everyone to receive their stimulus checks.  They will be heavily competing with one another to try to get you to spend your rebate at their store.  If you do plan to make a purchase at a retail store, be aware that many are offering incentives as Jaimie explains in Spend The Economic Stimulus!  Stores Will Even Help You.  You can find a list of many of these incentives courtesy of the Dough Roller at Tax Rebate Deals–Supersize Your Economic Stimulus Payment.  I’m not encouraging you to go out and blow your rebate, but if you are going to spend it this way, then at least take advantage of some of the incentives and get a good deal!

Get your rebate, have a plan, and enjoy your money!

Okay, so hopefully, I have told you everything you ever wanted to know about your economic stimulus tax rebate, but just in case you still have questions you can check out Economic Stimulus Rebate – Frequently Asked Questions at Cash Money Life.  I hope you have a plan to maximize the value of your rebate money and avoid letting it slip through your fingers without knowing where it went.  Wealthy people always have a plan for their money and you should too!

Please Stumble this article so others find it!

Photos by javYliz and pfala

PinExt Be Wise With Your Economic Stimulus Tax Rebate

18 thoughts on “Be Wise With Your Economic Stimulus Tax Rebate

  1. Great wrapup of the stimulus checks – and thanks for including me! I’ve heard there are rumblings in the House of a second rebate check initiative. Can’t say I totally agree with the first one, but I think another would be downright irresponsible.

  2. Thank you for sharing the dates. I was beginning to wonder what happened to mine, but it looks like I will have to wait a few more days. And thanks for the mention.

  3. Thanks for including my debate. :-) We finally settled on using most of it for the vacation and some of it to pay off the credit card. A nice compromise.

    And Dave Ramsey pegged us right. I’m the nerd, and Jim is the free spirit. LOL

  4. @FD, @Patrick, @FFB, @Pinyo, @Lynnae – Glad to include your articles. You guys write fantastic stuff! I learn something from your sites daily.

    @Kenneth – Direct deposit is awesome! As a single guy, you have the luxury of a quick, short debate.

    Thanks for taking the time to comment!

  5. Great information Jeff! We discussed the refund and decided to just put it in the savings account, and forget that it’s even there.

  6. @Lin – Your plan is a great one! It sounds like you are basically using the rebate to create or enhance your emergency fund. I like it!

  7. We had many discussions over this check, too. But in the end in came down to a compromise. We’re stimulating the economy by buying local. In fact, we’ll spend nearly $400 on items designed to keep us busy, happy, and fed throughout the summer months. Think croquet, bocce, horseshoes, darts, kites, family barbecues, and a vegetable garden. The rest of the money will be used to lower our personal debt thanks to a few job relocations and job lay offs (due to downsizing) over the last few years.

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  11. what happened to the stimulus package? According to all the charts mine should have been on direct deposit on May 16th.

    That was a month ago. Everyone else seems to have already gotten theirs. Is there some kind of penalty if you had to pay taxes last year instead of getting a refund?

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