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.
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 Early. Pinyo 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 day. In 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:
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!
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