How are you going to spend (or not) your stimulus check?

[statsman]

The last stimulus was used to heavily tip food and hair services we really didn't want to disappear. This time, I am trying to nudge DW into a couple of purchases we normally wouldn't do in the past, but we can afford it (without the stimulus) and really should. Since we're at house almost 24/7 these days and probably will be for some time, they make sense.

One is for a high-quality cordless vacuum (Dyson?) to use on our vinyl luxury plank flooring that covers about half of our 2,700+ sq ft house (for cat hair/litter and dirt/dust tracking). The corded Shark works great on carpet, but it's cumbersome for hard flooring. The other is for a high-quality air purifier for our master bedroom (Austin Air?), given DW's serious reaction to "cedar fever" a year ago. The $1,200 might be enough for both.

[Time2]

Quote:

Originally Posted by W2R I'm going to dutifully use it for the intended reasons - - to stimulate the economy. I have always done my best to be a good citizen.

Back when I was in my early 30s, I had a neighbor that knew my wife and I were savers, during one conversation, he said needed to spend to keep the economy going! Now in our 60s, you might imagine that our networths are quite different.
But, I can't argue, the economy is still going, so maybe he did it!

[GravitySucks]

Quote:

Originally Posted by GravitySucks Ad a Patriotic American I'll use mine to support the oyster farmers on Chincoteague VA, the lobster fishermen in BoothBay Harbor ME, and weed farmers in Humbolt CA. All America's finest. As soon as we can safely travel again.

Welp...
DD2 broke her foot yesterday. Good health insurance, but no sick pay. Going to be a few weeks of no work so I'll be sending it her way.

Not like I won't be going to the shore when it's safe though.

[GoodLife59]

Retired in Jan 2020. My 2019 income made me ineligible for both stimulus checks. So I’ll be getting mine as a tax credit when I file my 2020 return.

[ArmchairMillionaire23]

Quote:

Originally Posted by Blue531 I'm going to use mine to pay most of my monthly expenses for January, 2021. What will you do with yours?

Used it to pay the 2021 property taxes. No brainer.

[pb4uski]

Interestingly, our posted to our inactive checking account in Vermont yesterday, which was our main checking account when the 2020 stimulus was paid out... I had contemplated closing that account but am glad that I kept it... if the transfer had failed I suspect that they would have mailed a check to our old address and perhaps it would have been forwarded to our new address.

What to do with it. First, transfer it to our new main checking account, after that... I'm thinking new golf clubs and charities.

[Fufina]

Gave a donation to my local Food Bank. So many people need help right now.

[Retired Expat]

Like many others I would have rather it went to people who really need it, as we don’t. Like last time, 1/2 will get donated and the other 1/2 spent in the local economy somehow. Not by Buying some imported product from China. Well maybe some French wine or cheese😋

[SpinDoctorTX]

Quote:

Originally Posted by harllee Giving any stimulus I receive to local charities (that is what I did last time too). I don't need the stimulus and wish it had been given to people with lower incomes that really need it.

Same for us. We've donated all of my 1200- most to the food bank, but to a handful of others (human trafficking organizations, women's abuse centers. DH helped out some family members (always a tragedy happening with one or more. We'll do the same with the $ received just the other day.

We feel so sorry for people with money problems, again a month away from possibly being evicted. The lines for food pickup are really long in Houston. It's heartbreaking.

[msanniee]

Donated mine to a good bank.

[rick55]

All of you are making me feel bad!
Im buying a new mower.

[a60dan]

DW already lined up purchases for what local food cupboard needs....

[steveark]

After paying hundreds of thousands of dollars in taxes during my working years I don't apologize to anyone for taking both the first and this second set of stimulus checks. Sure I'm a multimillionaire but since I'm retired my AGI isn't too high to qualify. I'll use it to help pay for that $60,000 Bronco my wife has reserved for 2021 for cash.

[M Paquette]

Mine will be going towards this year’s tax bill.

*sigh*

[winyaz]

This check went to my youngest son who lives at home and gave up his job to reduce the Covid risk to our household, and again missed the cut for a check of his own. I split the last check between him and charities supporting food assistance and racial equality.

[maestro]

Quote:

Originally Posted by pb4uski It will go into our checking account and sit there like the first stimulus payment did. That is the philosophical issue I have with the stimulus payments... most people I know, even our kids, don't really need the money (they have not lost their jobs). I would prefer that the stimulus be targeted to those who need it more... people who have lost their jobs as a result of covid, are behind on their rent or mortgage, etc. But I guess that would be too complicated.

+1, although putting us up to 30 Trillion is not that good for your kids or grandkids, either.

[Old Microbiologist]

The last stimulus we gave to my adult kids and never got a thank you. This time I am keeping it and buying a new Insta 360 Pro 2 camera with it plus some yacht parts. We already received it Monday night and I already spent the money (my $600). My wife is using hers for something else.

As the US is a consumer based economy (theoretically) it is important to spend it quickly. That is how it regenerates the economy as pass through spending should work its way through the economy. However, I live in Europe so the stimulus will go to our local economy. Because of idiotic US trade policies I can no longer buy stuff in the US without massive import duties (35%) including an additional 35% on shipping costs. That is on top of the dollar falling 20% in the past month.

[Maidensong]

I suspect ours will go right back to the federal government to pay our taxes.

[davidfin]

Given my 2020 income will likely disqualify my keeping the deposit, I guess I’ll save it because I expect to have to pay it back as part of 2020 tax return.

[USGrant1962]

Quote:

Originally Posted by davidfin Given my 2020 income will likely disqualify my keeping the deposit, I guess I’ll save it because I expect to have to pay it back as part of 2020 tax return.

If you are "overpaid" based on 2019 income you do not have to "pay it back" based on 2020. This one is under essentially the same rules as the April payment (I think the upper phase-out limit changed but nothing else).

https://www.marketwatch.com/story/do...nts-2020-04-18