Stimulus Checks: Spend or Save

[NYCgrrl]

We gave an equivalent amount to the man's brother before the Fed payment was even sent out.; already spent.

 

[mrodgers]

It's a stimulus payment, you should spend it in your local economy with local businesses if possible. This isn't free money to put in a savings account. The stimulus only works if you go out and spend it. The best way to spend it is to spend it with locally owned businesses. A single dollar can change hands many times in a local economy when spent with local businesses.

Treat yourself to some takeout from a locally owned restaurant, maybe get some car maintenance done at a locally owned repair shop. Donate a bit to the local food bank. Spend the money locally and stimulate the economy.

Some people will need to save this money if their job situation is shaky, or they have other bills to pay, but stashing it away if you don't need to completely negates the purpose of a stimulus payment. You should be spending this money, not saving it, if at all possible.

Guaranty that I don't have to pay it back and I'll spend it. I have FAR less trust in the government that it seems most on this board does. You can tell me today I don't have to pay it back all you want, next tax season is next year and it can change tomorrow or any day up to tax deadline next year.

I'll stick it in the bank and wait, thanks. I don't need it, but I also don't have $1200 to pay back next year if I spend it now.

 

[SeeDisney]

Not gonna lie, I just priced out a trip to Orlando in October. n/s flights were a STEAL!

Did u booked? Thinking of going 2 wdw in December.

 

[monarchsfan16]

A stove isn't considered essential?

It is and appliance stores are open here, but it still has 1-2 functional burners and we have lived like this for awhile with this stove (we cook basic meals when we cook) so I feel a little funny running out to buy a stove now, when we are under stay at home orders. Although I may have to change that because currently those orders go through May 4, and I expect them to continue longer, but my husband just discovered the stove he is looking at is on a significant sale through May 6 at the appliance store we want to buy from.

As an added bonus, our stimulus check hasn't actually made an appearance yet.

 

[easyas123]

Did u booked? Thinking of going 2 wdw in December.

No, going to sit tight until things open up a little more. Wasn't going to go to WDW though, if we go it'll be to Universal or the west coast of FL to visit family.

 

[Bianca and Bernard]

We got $2900. Gave DS $200 to spend on whatever. I spent $140 on groceries and lunch delivery yesterday. Spent $350 on Amazon on indulgence things (ice cream maker, Dole Whip mix, ice cream containers, biscuit/donut cutters, and puzzles!!). Put the rest on credit cards (still paying down after paying for my MiL funeral last Nov)...we can use those if things get rough.

 

[#1hoosierfan]

Bought a new Echelon bike and a 2 year on line contract to go with it. The rest went into savings.

 

[spiders]

Right now, we have done nothing with it. I’m not against spending it but I am against spending it for the sake of trying to find something to spend it on. It’s not burning a hole in my pocket while we figure out what to do with it. We probably end up donating some of it.

 

[wishuponastar1984]

The irony .....

Many of those getting the check need it to pay bills, rent, mortgage, insurance etc because their pay has been cut, they have been furloughed or terminated etc. There will be more jobs lost as more dominoes fall. Many are concerned (as they should be) this could drag on long enough that the emergency fund will be gone so they are saving it.

There are those in the middle who might barely qualify or get partial but with no payment for older teens and college age kids, that money will cover the higher expenses that come with them - cars, insurance, tuition, housing. Those bills didn't vanish because school is out.

The folks who could easily just put it into the economy in a way that would legitimately stimulate like dining out, hiring independent contractors, shopping etc .... are the ones who aren't getting the check.

There will be little stimulus happening from this one check.

This is totally wrong way of thinking. If you didn't get a check it means you are already a top earner in the community. I am not getting a check and even if I did it wouldn't be like "woo hoo, free money, now I can go out to a fancy dinner." My job and income hasn't been impacted so why should my spending habits change. If I would have received it, it would just go into savings.

 

[izzy]

I’m spending mine. My microwave stopped working and I had to get that replaced. Next I’m having some landscaping done (mulch, shrub trimming, etc), and then a donation to my local food bank.

 

[DLgal]

We got $2900. Gave DS $200 to spend on whatever. I spent $140 on groceries and lunch delivery yesterday. Spent $350 on Amazon on indulgence things (ice cream maker, Dole Whip mix, ice cream containers, biscuit/donut cutters, and puzzles!!). Put the rest on credit cards (still paying down after paying for my MiL funeral last Nov)...we can use those if things get rough.

Ooh...you reminded me that I've been wanting a compression freezer ice cream maker FOREVER. I have a cuisinart ice cream maker with that giant bowl that you have to put in the freezer and I never use it because we never have enough freezer space. Maybe now is the time to splurge on the one I've been wanting...

I do also really want one of those wall mounted simple human makeup mirrors.

Hmmm...

 

[BrinkofSunshine]

My unemployment benefits haven’t kicked in yet (thanks, Florida!) so that check is my only source of income so far this month. It’ll mostly go to rent, bills and food.

 

[Snowysmom]

We haven't gotten ours yet. I had my hours significantly cut. We plan on banking it for possible use later. I suspect my hours will be cut for at least the rest of the year if not an outright layoff by then.

 

[HopperFan]

This is totally wrong way of thinking. If you didn't get a check it means you are already a top earner in the community. I am not getting a check and even if I did it wouldn't be like "woo hoo, free money, now I can go out to a fancy dinner." My job and income hasn't been impacted so why should my spending habits change. If I would have received it, it would just go into savings.

We can agree to disagree ... and the numbers they put as limits are in no way our top earners in this country, not even close.

The point was this is NOT a STIMULUS check in reality.

This is a bandaid for folks who need to pay fixed bills or concerned their paycheck may stop coming.

There can only be STIMULUS if folks are using this to stimulate businesses; shopping, dining out, traveling ... doing something that is not fixed overhead costs.

And no one is asking every single person to spend their check in a way that isn't right for them. But if I don't need that check to pay my bills, then maybe I will buy that new grill I need or hire someone to paint my house or buy new tires or have a few meals out ..... that is stimulus. Some folks on here are stimulating with their check from what they shared, and that is great because that is why they call it that and why they send it out ..... to help the economy, not to help you pay rent.

Unemployment and this surplus check they are sending each week is supposed to be the money to help you meet your obligations. I think the stimulus check went out so early because they knew the other checks would be delayed by states, this was only way federal could get money out fast and folks were in trouble.

My point was to explain that this check - with who got it - will never be stimulating the economy in a way that is impactful, it's only helping most folks stay afloat for ten minutes until their next money comes. And a small percentage will use it to stimulate.

 

[lyshia04]

So far we have been trying to eat out more to help local businesses.

I would love to spend it on a trip but who knows when that will happen. I bought the kids each a Nintendo switch. I am gonna hold on the rest for a bit and see. I do need a deck...