Stimulate this! Spending your Economic Stimulus tax rebate check, 10 great ideas
Filed under: Simplification, Tax
While there are lots of opinions pro and against the Economic Stimulus Package checks (hitting your bank account beginning May 2!), the fact is: they're coming no matter what you think. We all have heard the prevailing skepticism as to whether $300 - $3,000 a family will do anything to help the failing dollar or to create jobs; in the end, who knows? But we have some ideas about how we could spend together to create the change we want to happen. And we'd be remiss as a personal finance site if we didn't come up with some ways you can truly stimulate your own personal economy.
Let's start with a couple of Don'ts. Don't use your rebate check for conspicuous consumption -- TVs, DVD players, large bottles of Champagne, imported Kobe beef, a trip to Cancun. Don't use it to create a greater need for fossil fuels; not as a down payment for a new car (if your very survival depends on a car, at least get a used one), or to trade up to a bigger gas guzzler, or for a power mower, or to put a new hot tub in. Do this and you'll help stimulate us into the worst possible direction.
Here's a better idea. Do try to spend it locally on something that will benefit your financial future! I've been reading a lot of smart people's musings about this (and coming up with some of my own), and have identified some areas of absolute crisis in our economy. Our country's farmland is being stripped by the wrong-headed over-production of corn and soy (in complete ignorance of sustainable farming practices). Our limited fossil fuel resources are being frittered away unnecessarily so we can continue to cling to our isolated, wasteful car culture. Our healthcare expenditures are reaching a panic point, while we are eating ever-more-expensive, ever-more-damaging food. Life as we know it is not sustainable, and no one seems to have the willpower to reverse the societal tide.
Doing something radical with your Economic Stimulus Package check can be both fun and good for your own financial bottom line. You'll end up with more money left after your pay your bills, you'll be healthier, and you may just spur a tiny bit of social change. At the very least, it can't hurt you. Here are some ideas:
Let's start with a couple of Don'ts. Don't use your rebate check for conspicuous consumption -- TVs, DVD players, large bottles of Champagne, imported Kobe beef, a trip to Cancun. Don't use it to create a greater need for fossil fuels; not as a down payment for a new car (if your very survival depends on a car, at least get a used one), or to trade up to a bigger gas guzzler, or for a power mower, or to put a new hot tub in. Do this and you'll help stimulate us into the worst possible direction.
Here's a better idea. Do try to spend it locally on something that will benefit your financial future! I've been reading a lot of smart people's musings about this (and coming up with some of my own), and have identified some areas of absolute crisis in our economy. Our country's farmland is being stripped by the wrong-headed over-production of corn and soy (in complete ignorance of sustainable farming practices). Our limited fossil fuel resources are being frittered away unnecessarily so we can continue to cling to our isolated, wasteful car culture. Our healthcare expenditures are reaching a panic point, while we are eating ever-more-expensive, ever-more-damaging food. Life as we know it is not sustainable, and no one seems to have the willpower to reverse the societal tide.
Doing something radical with your Economic Stimulus Package check can be both fun and good for your own financial bottom line. You'll end up with more money left after your pay your bills, you'll be healthier, and you may just spur a tiny bit of social change. At the very least, it can't hurt you. Here are some ideas:
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Reader Comments (Page 1 of 1)
4-21-2008 @ 8:58AM
Anne said...
Well, I've had the willpower to make things different for myself and my family- and I've been called stupid, unrealistic and overly idealistic- even cruel! All I've done is live within my means. Here's an interesting tidbit- my son went out to play Saturday and brought his friend home an hour later for breakfast because they had no food in the house. How interesting that my son goes to his friend's house to watch satellite TV on their 48 inch screen high definition TV with surround sound- and his friend comes over to our house to EAT. I'll share anything with anybody but this situation saddens and angers me at the same time.
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4-21-2008 @ 9:49AM
JoJo said...
Anne, you've just summed up the priorities of far too many people in this country. I guess I'm also a big, stupid meanie for not putting myself deep into debt by not buying my sons everything they wanted, or not having the "I gotta have it now", or "looky at what I have" mentality. Mature adults THINK about the future and make choices so they won't put themselves into bad situations like buying more house, car, electronic gadgets or $$ designer clothes than they can't afford.
As for the 10 suggestions...
Bikes are great, but since the US is pretty much designed around the automobile, you're really quite limited to riding around the neighborhood. I lived in Germany for years, and it was nice to be able to WALK to a restaurant/bar, bakery or shop to pick up what I needed. Here, you have to drive to any of these things unless you live downtown in a major city.
I also wouldn't encourage people to break city ordinances by getting a couple of chickens, People need to find out if they are illegal...even if they decide to not check, bribing their neighbors (as suggested)with a few free eggs might not cut it. If they get caught, there could be some serious fines involved. So much for "saving".
I also don't understand how a couple of cherry trees and a fig tree is going to save thousands of dollars over the next five years. That's a WHOLE LOTTA CHERRIES!! LOL Cherry trees don't really start producing much for the first few years you have them. So grow fruit trees if you want to know for certain that it's organic, fresh and gardening is something you'd really like to do.
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4-21-2008 @ 10:11AM
M Allman said...
Well, I like the idea of getting some back yard chickens, also why not a milk cow on the side and maybe a pig for some bacon.
Seriously, I agree with Anne's comments. She feeds her neighbor's kids because they can't buy food. After all how cruel to deprive those little darlings of their 48" TV and all the other unnecessary junk that usually goes with it, just so they can have a good meal every day.
I did have some back yard chickens within the city limits and no one ever complained. My neighbor had a pot bellied pid for a while and I did not complain.
JoJo I think you worry about the trivials too much. Don't bee so self righteous. I bet you break the law every now and then yourself. I tried the "organic" kick also a couple of times in my long life time and believe me it is a fad. Be real eat what you want. If I have to worry about every little quirk concerning food I would go bananas. But I will make sure I go "Organic Bananas".
Have a good day.
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4-21-2008 @ 11:26AM
bonnie said...
I have the perfect way to spend some of that rebate invest it into a home based business that has no selling no collections and no deliveries. its electric you can view it at http://www.bgenergy.ambitenergy.biz and watch the video at bgenergy.energy526.com keep those rebates working.
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4-21-2008 @ 11:59AM
Beth said...
I have a 20 year-old washer/dryer combo. I plan on putting my check to a much needed appliance replacement.... that will surely stimulate a small business...which I AM....Not Sears....Not Best Buy...Not a Big Box Retailer... They already take enough of our local economies.
SO, I recommend you support a small business with your purchase...
Good Luck to all of you Fellow SBA Owners out there.
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4-21-2008 @ 12:02PM
Denise said...
I am spending a small part of my refund check on getting my friends TickleMe Plant growing kits. The reaction one gets growing and TickleMe Plant from seeds and watching it move and fold up when tickled is priceless. I am so glad the found the TickleMePlant website.
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4-21-2008 @ 12:03PM
Tony Sissons said...
The Bush administration and Congress are insulting the troops by pandering to voters with a tax rebate while the nation is at war. I'm giving my tax rebate to the Veterans Administration Hospital.
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4-21-2008 @ 12:29PM
Kemi said...
This year unfortunately we owe Uncle Sam so i figure he can keep his money. We're using the rebate to pay taxes owed. Better Uncle Sam than me.
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4-21-2008 @ 3:51PM
GREENACRES said...
I have planted my garden and I'm in the middle of expanding it to the largest size EVER for a family of 2.
I plan on sun drying/dehydrating many vegetables, canning others, freezing even more.
I've planted 15 trees on our less than 1 acre yard, I'm doing my small part to help our planet.
I make my own handcrafted soaps and my own candles.
I recycle as much as possible by sharing the transportation expense with a neighbor when she recycles.
Its so EASY to do small things and if we ALL did these small things they'd add up to LARGER things to help our planet and ourselves.
One thing my husband and I did is we traded off our gas guzzler well over a yr ago (2 yrs ago for the other gas guzzler) We now have 2 vehicles that get over 35mpg. With gas prices so high we're only driving ONE at the moment, I stay home until I can combine all my errands in one trip. It makes for a long day sometimes but I'm not driving 20 miles round trip to town several times a day!
It all adds up. Please do your part, however small it is, recycle aluminum cans, recycle newspaper, create a compost bin, start a small garden, plant some trees....trade off your gas guzzler, cut back on driving, combine errands ect.
SMALL CHANGES ADD UP!!
Get online and find recipes for all natural cleaning products that you can make at home for pennies. Use the same spray bottles over and over.....don't buy bottled water, refill a plastic bottle over and over again if you absolutely NEED water, better yet get a water bottle that can be used every day.
Please don't make China (or any other foreign country) richer when you get your 'stimulus' check...pay off debt, save money in your savings acct, grow a garden, all these tips will help SAVE AMERICA and our planet.
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4-21-2008 @ 4:04PM
organicbananaslol said...
I agree with your comment about how SAD it is that a child must go to a neighbors to EAT dinner when his 'parent's have all the luxuries tv's, probably PS3's, IPODS, cell phones, you name it they probably have it.....except for the ONE thing that everyone needs....FOOD!
Now I do have a 61 inch rear projection big screen tv, cable, several computers, cell phones, 2 new cars and a new home.........BUT, we don't have children living at home, ours are 'grown' and on their own.
Our big screen tv is 7 yrs old, cell contract is up in Nov and I'm not renewing (I dont need one anyway, I'm not so important I need to be reached 24 hrs a day)
We have a new home BUT we bought a home well over $100K LESS than what the mortgage company said we qualified for. (had we listened to them WE would be at neighbors homes looking for a free meal I'm sure!!)
Again, we don't have children at home and we are living well within our means. We have FOOD and we're happy to SHARE IT any time.
I do know when I was a single parent we may not have had a lot, I worked 3 jobs to support my kids and keep a roof over our heads......but we always had FOOD.
My house was THE place for all my kids friends to come to because I fed them ALL.
We weren't eating steaks, only the ground up kind....with pasta haha but I fed them all.
To this day I have a hard time cooking for 2 when all I've ever known is how to cook for an army and stretch my food dollars.
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4-21-2008 @ 4:51PM
hank said...
It's going in the bank. It will not be spent the way the president is thinking. This will definitely backfire in the presidents face. It's unfortunate but true.
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4-21-2008 @ 8:18PM
Mike said...
Well Well. We live in Lower,Slower Delaware. We are off the Grid! :) No Power of Gas bills, No sewer or Water bill also.
Installed
1. 2 KW Solar Systems
2. 2-1 KW Twin Wind Turbins
We Create 34 KW a Day. The local power company sends us the Check. About $24-27 a month.
Oh .... Have a Well and use a septic system.
With our check I am putting in another Wind Turbin so I can Use 220 AC.
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4-21-2008 @ 8:45PM
Martin said...
What a bunch of bull. Spend it, save it, waste it, it is your money. Do what you want. I for one will take it and tow my drift boat for a couple of days flyfishing on some of the rivers on the Oregon coast.
Heck, it was my money to begin with.
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4-21-2008 @ 11:23PM
DJ said...
Take me with you!! Just think we would be saving the planet too since a drift boat is oar driven manually and we would be catching and eating Salmon which are very heathly for you!!
Dj
4-21-2008 @ 9:17PM
Stuart Sneath said...
"to put a new hot tub in. Do this and you'll help stimulate us into the worst possible direction."
Thank you Sarah for making my job a bad decision
hot tubs are therapuetic stress reducers that bring a couple or family together anytime, like the kitchen table in the 50s , or the radio in th '40s.
And, you don't have to drive somewhere to unwind, just walk out your back door. You'll use less nedication and sleep better.
This is not wasteful spending or selfish.
Stuart
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4-22-2008 @ 6:06AM
Sher said...
OMG ... How about just spending it on groceries!
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