Poll:Of the $600 stimulus check, how much will you spend?

[frank]

this check will probably be the same as the last. it came and went without notice. unless you are on the unemployment assistance this one time check does very little for people.

 

[NYEXPAT]

I won´t get anything, but have already spent it many times over.

 

[Lsbcal]

This thread is reminding me of the Christmas Newsletter thread...Bah Humbug!

When I started this thread I had no clue it would take some of the turns it has taken. Never intended to send an Xmas Newsletter.

 

[Pellice]

I've attached a sample of what can be done with good quality artist's colored pencils. It was my final project for an intermediate color pencil class.

PointBreeze, what a gift! That is beautiful.

I "saved" the last check (used it to replace some of my IRA distribution). This one, I'll send probably $100 to charity, and put the rest in a kitty I'm saving towards a bathroom renovation I plan for 2021. So, spending all of it.

 

[ExFlyBoy5]

When I started this thread I had no clue it would take some of the turns it has taken. Never intended to send an Xmas Newsletter.

Kinda sad to see some of the responses. Nonetheless, I think a LOT of people are stressed more than normal this season with all the COVID madness.

 

[Bruno]

Didnt get the last one and will probably not get this one...maybe in 2012 after i do my taxes I will get the TAX credits. I choose other but maybe should have had a choice " I didnt get one" or "I dont really need one" .

To be honest It shows a person how STUPID our Senate and Repersentives are. I really dont need it like a lot of others. The money should go to THEM who really need it but there are so many SCAMMERS out there. They dont even know who they are giving it to.

 

[sengsational]

Psychology Required to Answer

Shoot, I don't know. I may use it as justification to buy something I would have bought anyway. In other words, it will just help me feel a bit better about buying something I still would have purchased otherwise. This is what happened with the last stimulus check. It just gets mixed in with my other money, whereupon I largely forget about it.

I feel quite proud of myself for not using the word fungible in the above paragraph

Your post captures my sentiment about it.

Having the knowledge that $600 has been dropped into the bucket is not the same for those who don't see any rise in the level. But the knowledge that it's been added could change my behavior. I don't know myself well enough to know if it will change my behavior, much less to know if that change will amount to $6, $60, $600 or $6,000.

My best guess is that this will do nothing to change my behavior because Mr. Market routinely drops huge sums, and removes huge sums. That does affect my behavior (even though it shouldn't). But the small magnitude of the government check, as compared to swinging of the market suggest that any behavior change from the former would be lost in the larger signal of the latter.

 

[Ian S]

Our checks will help pay for DH's health insurance (COBRA) since he's been furloughed since April due to COVID and his position was finally eliminated October 1. More layoffs at his company this month and there are questions as to whether or not the company can survive so we have no expectations of his being employed anytime soon in the decimated travel industry. Fortunately, we are still financially comfortable for the long term.

 

[harllee]

I wish people like me were not getting the stimulus and more were being given to the people who really need it. The nice friendly lady who put the groceries in my car at Walmart this morning was all excited to get the payment. She asked me when I thought it might come and she said she was hoping this week and I told her it would probably be a couple of weeks. She said she would have to tell her kids that Santa was being delayed until she gets the stimulus money.

I am going to give any stimulus money I get to people like her.

 

[FDC319]

I wish people like me were not getting the stimulus and more were being given to the people who really need it. The nice friendly lady who put the groceries in my car at Walmart this morning was all excited to get the payment. She asked me when I thought it might come and she said she was hoping this week and I told her it would probably be a couple of weeks. She said she would have to tell her kids that Santa was being delayed until she gets the stimulus money.

+1
While I may be all sour grapes and grumble wealth redistribution all the time, there are some working people out there who are extremely appreciative of this windfall.

I hope they enjoy it and use it as they see fit.

 

[audreyh1]

Totally agree, very little income this year but last year didn't qualify when I working. Stimulus should totally be based on this years income as that is why the are giving this money away.

It is based on this year’s income. You will recover it filing your taxes.

 

[athena53]

I wish people like me were not getting the stimulus and more were being given to the people who really need it.

I agree. The first payments were set up very quickly in order to deploy the money immediately and not tie it up in bureaucratic wrangling for months. That made sense but it also meant that people whose AGI was under the cutoff but who were still employed with good prospects got money that might have been better spent going to newly-unemployed or gig economy workers.

I would have hoped the second round would have been better-focused but I guess it wasn't.

I won't be getting a payment- didn't in the first round, either.

 

[ShokWaveRider]

Realistically, $600 may not even buy a months groceries for a family of 4. So if All get $600 ($2,400) it will cover 4 months of groceries. What about Mortgage payments, Rent, Utilities etc... We are 2 people and spend over $500 a month for groceries and we do not buy anything special like Robbie (No Wagu Beef for us). $1200 would have been way more realistic.

Bottom line is that those who really need it will not be stimulating the economy at all, unless you consider that basic eating stimulates the economy. JMHO.

 

[RockyMtn]

no check for me.

 

[Lsbcal]

If this legislation is like the CARES Act, the relief is an advance payment based on your 2020 income. It will be reconciled when you file your tax return. If you qualify but didn’t receive anything, it will be added to your return as a refundable credit. If you have higher, non-qualifying income in 2020 than your qualifying 2018/2019 income, you do not have to pay back the stimulus payment.

Your 2019 income (or 2018 if you haven’t yet filed a 2019 return) is used to determine the advance payment because there has to be a number. It’s probable that the majority of returns don’t move from qualified/non qualified from one year to the next.

DH and I are fortunate and do not qualify for a stimulus payment, and didn’t receive any. Hats off to those who receive an unneeded stimulus payment and choose to pass it on. That’s what we would do if a stimulus showed up in our account.

So our high 2019 income but much lower 2020 income will mean our stimulus money will just be deferred until we file the 2021 taxes? I wonder how this can be implemented by the IRS and TurboTax in a timely fashion.

If this is true I'll be much more apt to spread the extra $'s to others now even though it's just psychological weirdness on my part.

 

[CardsFan]

Realistically, $600 may not even buy a weeks groceries for a family of 4. So if All get $600 ($2,400) it will cover a months of groceries. What about Mortgage payments, Rent, Utilities etc... We are 2 people and spend over $500 a week for groceries and we do not buy anything special like Robbie (No Wagu Beef for us). $1200 would have been way more realistic.

Bottom line is that those who really need it will not be stimulating the economy at all, unless you consider that basic eating stimulates the economy. JMHO.

Bold by me.

Do you really think the average family of 4 spends almost $29,000/year on groceries?

We are 2 people, as well, and we probably spend about $100 (I don't track groceries specifically) on average.

Last week I went to Ruler Food (Kroger version of Aldi's). I bought a whole Butterball turkey, a spiral ham, and assorted other items. The bill was $61. I am sure I could feed a family of for less than $150/week, with good nutritious food.

 

[MichaelB]

Bold by me.

Do you really think the average family of 4 spends almost $29,000/year on groceries?

We are 2 people, as well, and we probably spend about $100 (I don't track groceries specifically) on average.

According to the US Census consumer expenditure survey, food at home spending last year averaged $4363 per household for the entire year, which is $84 per week. Add in non-food items purchased at the grocer and that $100 per week estimate sounds very close.

Source US Census Bureau https://www.bls.gov/news.release/cesan.nr0.htm

 

[audreyh1]

So our high 2019 income but much lower 2020 income will mean our stimulus money will just be deferred until we file the 2021 taxes? I wonder how this can be implemented by the IRS and TurboTax in a timely fashion.

If this is true I'll be much more apt to spread the extra $'s to others now even though it's just psychological weirdness on my part.

No, deferred until you file your 2020 taxes. Which occurs in 2021. Maybe that’s what you meant. So either you’ll owe less or get a larger refund in 2021.

 

[REWahoo]

... We are 2 people and spend over $500 a week for groceries...

Spouse: "Honey, it's Monday and I need grocery money again for this week."

 

[Aerides]

 

[ShokWaveRider]

Oh S#$t sorry, I meant per month. I DO track it and in 2020 so far we have averaged $420 a month not including alcohol or cleaning items. I updated my previous post. So it would cover 4 months of food. Still a big number that does not take into account Rent Utilities etc.

Food: Jan - Dec 2020:
371.98 341.36 437.55 615.05 393.94 353.21 479.58 368.74 517.75 417.96 318.80 425.98

Year: 5,041.90
Average Month: 420.16

 

[ExFlyBoy5]

Bold by me.

Do you really think the average family of 4 spends almost $29,000/year on groceries?

We are 2 people, as well, and we probably spend about $100 (I don't track groceries specifically) on average.

Last week I went to Ruler Food (Kroger version of Aldi's). I bought a whole Butterball turkey, a spiral ham, and assorted other items. The bill was $61. I am sure I could feed a family of for less than $150/week, with good nutritious food.

Well, it's just me and the DW and we average pretty darn close to $500/mo and this isn't going out buying Wagyu beef, either. Groceries are NOT cheap.

 

[MrsHaloFIRE]

Concur exflyman. The 2 of us have a huge and evergrowing grocery bill and we are not fancy cooks. We share a big ribeye and eat our iwn baked potatoes for the fanciest night

 

[W2R]

Last time I got a stimulus check of $1,051.95 based on my 2019 income. So, I'm thinking I might get something for this one too if they base it on 2019. My 2020 income will be more so if they base it on that, I won't get a stimulus. I usually do my taxes the first week in February so I expect my stimulus will be $0.00 this time.

As for what I'll do with it (if I get any, which I doubt) - - - my property tax went up this year due to both reassessment and increased millages, and so did the cost of TP and so many other items due to the pandemic. So, my previous stimulus check went towards paying part of these increases. That is probably what will happen to this one as well (if I get anything).

I think it's nuts that the CPI-W only went up 1.3% this year, because my own cost of living went up a lot more than that and I haven't been living any differently. Maybe some of the increased costs that I am seeing will show up in the next adjustment of the CPI-W.

Well, it's just me and the DW and we average pretty darn close to $500/mo and this isn't going out buying Wagyu beef, either. Groceries are NOT cheap.

+1

 

[pacergal]

If we get one, will split and give to kids, they need it more than we do.