Stimulus Check: Spend or Save

[2China2009]

I got my money $2200 today. Will add to my emergency fund. As a nurse I am still working and will continue to.

 

[buzznina]

Our decision is easy It will go towards bills because my DW is only making about 25% of her monthly income.

 

[dreamin_disney]

Ours will go into a savings. Hubby said if this goes on a few more months his work will be laying people off.
My work is off until end of May. I still get a paycheck but if this goes on longer not sure what will happen. I work in education but not a teacher so might be easier for them to lay us off than pay us . I worry about our medical insurance because I have asthma and diabetic 2.

Right now I’m all about saving because everything with corona virus is so unknown.

Someone on Facebook posted about Americans could get $2000 each month during COVID-19 crisis under proposals from CA, Ohio congressmen. I’m starting to think we might be dealing with this for months

 

[TwoMisfits]

Mine will be spent...but not til mid-May.

My 2004 car needs replacing...so, I'm saving that check, my tax refund, and all the stuff we're not doing the next few months to make a new car purchase.

I don't want to buy it now, b/c it would just sit...and my new car warranty would be no good sitting - that's what my crappy 2004 can do...

 

[willowsnn3]

Would love to be able to put it in the savings but I joined the ranks of the unemployed 3 weeks ago & unemployment started right away but is not as much as my regular income so I will be holding onto as much as possible while keeping bills paid.

 

[comicguy]

Putting our 2400 in saving for now (we are both still working and look to be for the foreseeable future)

 

[tvguy]

Intent to apply it against my auto loan. Hope to have it paid off in July when is two years old.

 

[tinkerbelletreasure]

I got $2900. I’m using about $900 to pay off a couple small bills and tag my car that’s due. And the rest is going into savings for our next trip.

 

[Mrs. Bradbury]

Whatever we get we will hold onto, because I thought this was basically paying out next year's tax refunds in advance, and we don't normally get much money back when we file taxes. Not sure how the government is going to square this, but I don't think of it as free money. I don't want to be caught short when we file taxes next year if we both are able to keep working, i.e., no loss of income.

 

[leahgoogle]

Whatever we get we will hold onto, because I thought this was basically paying out next year's tax refunds in advance, and we don't normally get much money back when we file taxes. Not sure how the government is going to square this, but I don't think of it as free money. I don't want to be caught short when we file taxes next year if we both are able to keep working, i.e., no loss of income.

From what I understand, it is pre-payment on a tax credit that will be given on 2020 taxes. So, if you get the stimulus now, it will be a wash and if you don't get it, you will have a credit towards 2020 taxes.

 

[Tikitoi]

Leaving mine in the bank as I'm not sure what next years taxes will bring.

 

[scard192]

save to pay bills if needed

 

[tzolkin]

We had just paid $3900 when we did our federal taxes last week, so the $3400 deposit basically just brought our checking account back to where it was.

I’m thinking about putting it toward our mortgage. We downsized last March and only have about $40k left to pay off so the extra payment would just speed that up. I guess I would consider that to be spending but also saving at the same time.

 

[cassie58]

Was planning to save it towards July when we have car insurance due and adding another teenager on, as well as college tuition payments starting. However, unfortunately had car repairs needed and washer died this week, so have already had to use it - guess we actually are stimulating the economy! At least it will help our mechanic w/his business. Can't complain as DH still has his job, and it was unexpected money that covered the unexpected expenses. Feel for those out of work who have costs like these pop up at this tough time.

 

[Julie Amber]

We did a couple of things. I pre-paid rent on our house until July, then we are saving the rest for our Disney trip in September. My hubby hasn't changed anything with his job... I own my own business and it has been up and down and unpredictable this last little while (hence the pre-payment on rent). But I'm bringing a bunch of clients to WDW in Sept and really NEED to do that trip, so I'm making sure that happens as well. Overall, we feel pretty good over here.

 

[Aurora79]

Straight into savings. We shouldn’t end up needing it for bills, but DH’s car is old, so you never know. If we don’t need it, it will go towards our next WDW trip in 2022.

 

[AZMermaid]

DH is laid off but our fridge is dying. It’s 11 year old, the rubber stripping is hanging off and the ice maker is possessed and switches settings on its own, beeping every time. So we will likely be using it to buy a new fridge and then saving the rest.

 

[#1hoosierfan]

Bought an Echelon bike with a two year membership plan. The rest went into savings.

 

[Disneyfan754321]

Mine will be spent...but not til mid-May.

My 2004 car needs replacing...so, I'm saving that check, my tax refund, and all the stuff we're not doing the next few months to make a new car purchase.

I don't want to buy it now, b/c it would just sit...and my new car warranty would be no good sitting - that's what my crappy 2004 can do...

We just replaced our ford... they are giving 0% financing to all credit levels and 6months no payment (3 months payments by ford 3 by you) so it might be worth looking anyways car companies are desperate and giving great deals.
We are saving our stimulus check for now .. my DH says im going to disney world lol but in reality it will just sit in the bank.

 

[TwoMisfits]

We just replaced our ford... they are giving 0% financing to all credit levels and 6months no payment (3 months payments by ford 3 by you) so it might be worth looking anyways car companies are desperate and giving great deals.
We are saving our stimulus check for now .. my DH says im going to disney world lol but in reality it will just sit in the bank.

Yeah, I'm gonna be cash buying (thus saving tax refunds and stimulus and last year's bonus and other not-used income right now), so the financing and delayed payments won't help me...I told my husband I'd look May 1 (since we have an extended shutdown already) and if I see something good, I'll buy by Memorial Day (gonna hit 3 different Honda dealers online and see what they'll offer...if I hate all the offers, well, I can't go anywhere til June, so I can wait another month or 6...we only drive the car 1 mile a day regularly even when we drive...but we want my daughter to practice on it...which is also currently disallowed...