If the new rebate goes through, what will you do with yours?

[kl030505]

Personally, I think it's a terrible idea. It's a bandaid that won't do much toward a long term cure for the state of the economy, but it is an election year.

But, even if I think it's a bad idea, if uncle sam sends me a check I will deposit it just the same. What's your plan? Spend, Save or a little of both?

We will be banking ours. Every bit of savings I can get at this point is great. It's going to take me 2 years to get to my emergency fund goal, so anything that makes that go faster is ok by me

[$$only4ever]

I will be banking mine too. I would rather have an emergency savings fund then spend it on "stuff".

[qwertysue]

Tuck it away....if we are allowed to keep it that is....

[HeatherB]

I'm confused by all of this rebate talk. Are they basing rebates on last year's taxes or this year's taxes? I just find it hard to believe they would have in done in time if it's this year's taxes.... Does anyone know?

[nazstar]

From what I hear, we are over the limit for income to even get one. Poop.

[Minnymouth]

Getting that "emergency fund" in place is a GOOD THING......... everybody needs a safety net for emergencies......

That's where mine is going to be deposited. The bigger the safety net the better.......... and it draws interest too.....

[kl030505]

I'm confused by all of this rebate talk. Are they basing rebates on last year's taxes or this year's taxes? I just find it hard to believe they would have in done in time if it's this year's taxes.... Does anyone know?

This is seperate from your income tax filings. It's part of an economic stimulus package. Essentially, it is approved, couples could be getting about $1200 + $300 per child as long as your income is between a certain amount (I know the cap is $150K, i don't remember the min.). If it passes, you'll see it sometime in July probably.

[nazstar]

Getting that "emergency fund" in place is a GOOD THING......... everybody needs a safety net for emergencies......

That's where mine is going to be deposited. The bigger the safety net the better.......... and it draws interest too.....

Yes, an emergency fund is KEY! As soon as we are out of the bk, we will start to accumulate one. I need to know we have at least 3 months stashed away in case something horrible happens!!!

[woeisme]

We're getting between $2500-3000 for a tax return (our nice trustee lets us keep it!) so I'm putting a couple thousand of that into our emergency fund, which is about $800 already, so I'll be feeling a lot more comfortable after we do that. (We're also going to get a new computer for about $500) But for the July rebate, if it comes to fruition, we plan to spend it, or at least the bulk of it. Our TV is a hand-me-down that is fuzzy (we can watch it, but can't read small writing like scores in the corner during a game or the stuff that runs along the bottom of CNN news) so we are going to get an HDTV if we get the rebate since they are phasing out the older analog TV's and we'd have to pay the cable company for a converter box anyhow. Please don't flame me for being so frivilous, but by that time we should have about 3K of emergency money saved up anyhow, so I just really want to enjoy dreaming about splurging on a big old TV for a few months (even if I end up not doing it when the time comes!) Actually, if it turns out that we get $1500 (one kid) we'd probably save about $500 and only spend a grand on the TV anyhow. But all you people posting that you'd save it all has me feeling pretty guilty, lol.

[JollyGG]

We're getting between $2500-3000 for a tax return (our nice trustee lets us keep it!) so I'm putting a couple thousand of that into our emergency fund, which is about $800 already, so I'll be feeling a lot more comfortable after we do that. (We're also going to get a new computer for about $500) But for the July rebate, if it comes to fruition, we plan to spend it, or at least the bulk of it. Our TV is a hand-me-down that is fuzzy (we can watch it, but can't read small writing like scores in the corner during a game or the stuff that runs along the bottom of CNN news) so we are going to get an HDTV if we get the rebate since they are phasing out the older analog TV's and we'd have to pay the cable company for a converter box anyhow. Please don't flame me for being so frivilous, but by that time we should have about 3K of emergency money saved up anyhow, so I just really want to enjoy dreaming about splurging on a big old TV for a few months (even if I end up not doing it when the time comes!) Actually, if it turns out that we get $1500 (one kid) we'd probably save about $500 and only spend a grand on the TV anyhow. But all you people posting that you'd save it all has me feeling pretty guilty, lol.

The only reason we are saving it is because we are spending a vacation cash out I was forced to take and my husbands bonus on frivoulous stuff. Plus we are spending our tax return and the rest of my vacation cash out on car repairs, medical bill, and a few other bills getting us caught up on everything.

Vacation cash out is going to get us a Wii

And the bonus is going to get us new living room furnature. Wow, it will be nice to have grown up furnature.

I wish we could get a new HDTV to play the new video game on and to watch from our new couch. LOL. But mabey next year.

After all that spending we figure if that rebate check comes it had better go into savings. We sense a new roof or new furnace needed in a year or two and that will go a long way towards helping pay for it.

[Minnymouth]

Nothing wrong with "splurging a little" - IT'S OFTEN GOOD FOR THE MIND AND SOUL...............

But main thing is have that safety net in place to fall back on in emergencies.....

Coming out of a Chapter 13 or a Chapter 7, it's hard not to splurge on that new debt freedom....... Just don't get carried away with spending again.......

Fix a budget, save for the future, and live within your means so the rest of your life can be good.......................

[FLBK7]

IF it comes, I'm definitely putting my rebate check in my savings account.

But I'll contribute to the economic stimulus anyway. It looks like we're getting a nice tax refund this year, and we're toying with the idea of spending 1/3rd of it on a nice 37 or 42 inch LCD flat screen TV. All we have is a 27 inch. We don't go our very much, and renting DVDs is our favorite form of entertainment, so........ we just might do it.

[epiphany]

I'm going to buy a bed! I have been sleeping on the same mattress and box spring for the last 25 years and they are old and there are dangerous springs poking through that I keep cutting myself on....ohhhhhhhh I am soooooooo going to buy a bed! I am not buying anything expensive. Just a cheap, safe, comfortable bed, and if there is anything left over, then some new comfy bedding.

Unless of course, that I manage to buy one before then and then I am going to buy an air conditioner!

My cats almost welted in last summer's heat...they were panting and I was very scared. They are not going through another summer like that. I will have an air conditioner before summer!

Those are my only spending goals right now, and both of them will be accomplished without credit.

EP

[MomIcantFindmy]

Pay the IRS for this years taxes.

[One Half Full]

Probably pay a bill. I do need some decent clothing (Badly).