Friday, May 02, 2008

Ooh, I Feel So Stimulated!

I just took a look at my savings account and was momentarily puzzled by the appearance of a $19.70 deposit labeled "US TREASURY 220 TAX REFUND PPD." I got my tax refunds long ago, and was wondering if this was the correction of some sort of error. But then I got this warm tingly feeling as I realized that this is my economic stimulus payment!

I've heard people in the office talking about when and how they might get their payments. These are mostly younger assistants who don't make much money and are really excited to be getting $600. I hope they use it well.

As for me, I'm not sure that $19.70 is really going to make much of a difference in my life. I wonder how many millions of people are getting this kind of piddly little payment. If a million people get $20 each, that is $20 million dollars. I'd like to think $20 million could have more impact in other ways, but maybe it doesn't matter.

Have you gotten an economic stimulus payment? What will you be doing with it?

28 comments:

Anonymous said...

Madame X - I follow your blog on a daily basis through out the week and really enjoy it. Keep up the good work.

I'm sure there are a lot of people out there with plans for spending their rebate checks. With the current economic scenario with price of food and gas going through the roof it might force people to spend it on needs rather than wants.

My rebate check is going directly into a savings account (ING with 3% return yeah!!) to build up my emergency fund because I would rather take care of my family first than spend the money trying to boost the economy (which probably won't happen). 150 Billion is not going to help catch up with the way Congress is spending money.

-Reader from Austin, TX

Anonymous said...

We are getting the full $1800 and it is going straight to savings! We are in the process of buying a house (how is that for stimulating the economy?) so we may dig in to it a little for unexpected expenses related to that, but I would be most pleased if the entire amount stayed right in the bank.

Single Ma said...

Funny title! LOL

I want to be stimulated too, but $20 would only make me aggravated - like waking up in the middle of a hot n' steamy wet dream. LOL

Anonymous said...

I am getting $600 and am going to spend half and save half. I save a pretty significant portion of my income on a regular basis, so I'm going to take this $300 and treat myself to some new summer clothes for a little fun. The other $300 will go into my Roth IRA, so I feel like I am doing a decent job of being responsible and having a little fun. I don't have credit card debt, otherwise the whole amount would go towards that.

Flexo said...

Madame X: Don't spend it all in one place! :-) I haven't received mine yet, but when I do, whatever I receive will just stay in the savings account in which it will be deposited.

SandyVoice said...

I'm just making expenses this year. I can't count on having a penny extra at the end of the month, so I appreciate any unbudgeted income. My $300 is paying for necessities. It's utilities, phone bill, and public transportation this month. Or maybe it's my three visits to the acupuncturist and the co-pay for my allergy shot. And $300 of my regular income will be left on May 31, so I won't feel so scared.

Anonymous said...

Think about those who thought they were getting $600, and spent as much already...only to find they were getting $20. D'OH!

David said...

I love the blog- it is an RSS feed on my homepage- keep it up!

I work for a non-profit- and make the expected non-profit salary. I bought a house last april and am getting the full $600 and am very excited about it. I stick to a pretty tight budget and this is really going to help add a little breathing room in the savings and allow me to continue some of the home fix up projects.

pkzcass said...

I'm not sure how much we're getting; I was expecting like $1,800 (we have two kids) but now I wonder.

Either way, whatever we get is going to pay for car insurance. No spending for us!

Anonymous said...

Feel free to send it back if you're not happy with it.
;-)

experts on credit said...

Wait, that was your stimulus check? That's almost like a slap in the face. You can't even fill up your gas tank with that.

Anonymous said...

Madame X, I agree that your $20 (combined with other $20 rebates) could be used elsewhere for a greater impact. That is farsighted of you to think that way instead of being bitter about the small amount. Some people are complaining that they are not getting the full rebate, but it just means that they are making enough money. We (family of 5) are receiving the full $2100, and although we are appreciative and could really use the money to pay bills, I still feel a little guilty because we have a house and enough food on the table. There are so many out there that work harder and have a lot less that need this more. Yes, I know I should put my money where my mouth is and donate the entire amount to charity, but we still have bills to pay.

Tim said...

I'm using my stimulus check to take a trip right to Washington, DC over the fourth of july! It's something I've always wanted to do, and it seems fitting to go there on my stimulus check.

Tim
TheMoneyKings.com

msfrugal said...

We are on about the same cusp as you Madam X. Our family of 4 would have received $1800 but according to Turbotax, we are actually getting $98. It hasn't come in yet, but I was actually surprised we qualified for anything.

My plan is to put it in the checking account and do nothing special with it.

artsychickucf said...

Damn, well I guess I shouldn't hold my breathe on getting paid back from that special person who said they'd pay me when they got their check.

I hope I get Something, please let it be the $140 i need to cover the GRE.

Tired of being broke said...

I should get the full amount. It will only being going to pay taxes owed to NY state or pay down my debt consolidation. I have not decided which one.

Beat the Bank said...

Does anyone think the stimulus will really work in stimulating the economy? 20 dollars is hardly going to convince you to go out and make a major purchase (car house tv) upon which the revival of domestic demand depends. Equally for those people getting larger checks you can be sure they will be using that money to pay down debt or to boost savings not for spending. The economic malaise will not be fixed by a refund check but by societies collective conscience forgetting the malaise even exists.

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APP Funds said...

I live in much less generous country. Actually, I had to pay a couple of hundreds extra last week.

deonne said...

Thanks for the prompt. I just checked and sure enough, there's $300 sitting in my savings, where it will stay. No idea why I didn't get the full $600, since I made next to nothing last year, but I'm not complaining - free money!

Anonymous said...

I'm unsure as to what I will do with my $600 rebate. I have a few things that I've been thinking about buying - new work clothes, a tripod mount, etc. I'm not sure though, so for now, it goes into savings.

Twiggers said...

My husband and I should be getting $1200...sometime in July. It'll be going toward credit card debt!

Also...just wanted to let you know that I have added you to my blogroll :-)

Taylor said...

Alas - I won't be getting any economic stimulus - Uncle Sam says that I make too much money. Uncle Sam applies that same reasoning when he doesn't allow me to deduct the interest to my $92K in student loans! (at least they are down from the $160K when I started). Gosh - I didn't realize this was how painful being "rich" is!

Tiredbuthappy said...

I thought we'd be getting the full amount, but now I'm not so sure.

Whatever we get, it's going into a short-term savings fund. We have to do some major repairs on our house this summer, so the money will go to rebuild our emergency fund a little bit after the house is fixed.

I don't know when I'll get mine, though, because I didn't file my taxes until early April, about a week before the deadline. I did do direct deposit, and already got my refund, but I wouldn't be surprised if I'm not in the first round. If I am, I'll get it this week. Now I just have to resist the urge to check my ING balance every day!

Bitty said...

I am very cynical about this stimulus. Even if everyone goes out and spends! spends! as the money comes in in May and June, I ask...

What about July?

I will be "patriotic" and buy a refrigerator. Of course, I was going to buy one this summer anyway, but now I'll get the $1000 one I really want instead of the $500 one I was going to settle for.

Woman with kids said...

I'm at the other end of the spectrum. Even though I work full time in a decent job, after mortgage interest dedution, student loan deduction, and loss on my rental unit, I didn't make enough to get the full 600... Because I'm too poor to get free money. Makes total sense to me! ;-)

Anonymous said...

Bronx Chica- going straight to vacation! I haven't taken one in a REALLY long time!!!

Anonymous said...

Got mine this morning. Try $12... No back taxes or any other liabilities. IRS math makes no sense to me. Letter I got from IRS said to expect $1200.