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7 Positive Ways To Use Your Economic Stimulus Rebate

By Peter Anderson Leave a Comment - The content of this website often contains affiliate links and I may be compensated if you buy through those links (at no cost to you!). Learn more about how we make money. Last edited November 16, 2023.

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Big money on the way

So now that you’ve got your rebate on the way, you may find yourself with extra cash that you can use to buy that new TV, save for retirement, or use to pay down debt.

If you’re not sure of when you’ll be getting your payment, check out our post titled, “Economic Stimulus Rebate: When will you get your rebate?“

tax rebate stimulusMy wife just got out of the hospital after a 3-week stay for a blood clot in her left leg. It was a major health scare and we’re just thankful that she made it through alive.

Because of her long hospital stay, however, we will have to deplete part of our emergency fund to pay all the bills.

Luckily we had good insurance and we’ll only end up paying about $2000 of a total bill that will probably be in the hundreds of thousands of dollars. For us, finding a way to spend the $1200 economic stimulus rebate will be easy. We’ll be just sending the check directly to the hospitals.

7 ways to use your economic stimulus rebate

Besides medical emergencies, what are some good positive ways to use your economic Stimulus rebate besides just spending it on a big flat-screen TV?

  1. Pay down debt: This can be a great way to snowflake your way out of debt, although it’s more of a large snowball. Pay down your smallest debts and work your way up!
  2. Bulk up your emergency fund: Take the money you’ve received and put it in a high-yield savings account to begin building (or continue growing) your emergency fund. In uncertain economic times like these it’s a good idea to plan and make sure you’re ready in case you lose your job, have health issues (we know about this one) and
  3. If you haven’t already, start a Roth IRA: Use the money to purchase a long-term investment. The earlier you start saving for retirement, the better!
  4. Pay for a needed home upgrade or repair: Use the money to replace your old crumbling driveway or to update your kitchen countertops. Try to use the money on things where you’ll see a return on your money when you sell, things that will improve your home’s value.
  5. Donate your rebate: We all have good intentions of donating to our favorite causes or giving more to the church we attend. We have good intentions but rarely have the money to follow through. Take the rebate that you received and send it to your favorite good cause! Not only will you be helping out a good cause, but you’ll get a great feeling from it as well!
  6. Go on a mini-vacation: Everyone gets stressed out and sometimes a few days off is just what you need. Instead of spending your whole rebate on a vacation to Hawaii or a cruise in the Caribbean, take a mini-vacation for the weekend to a resort nearby, or stay in a fancy hotel for a couple of days. Take the rest of the money and save it, pay down debt, or invest.
  7. Make an extra mortgage payment: Make an extra payment on your mortgage and get it paid off sooner. The more of these you can make, the more years you can cut off the life of the loan.

What positive ways will you use your rebate?

So there are a few ideas of some positive things you can do with your economic stimulus rebate. Let me know in the comments what some of your ideas are as well and I’ll update the post with your suggestions at the bottom. If you’ve posted about this topic on your blog, let me know and I’ll add you to the “related links” below as well!

Related links roundup
Economic Stimulus Rebate @ BeingFrugal.net
What to do with your economic stimulus payment @ Consumerism Commentary
IRS Economic Stimulus Check Promotions: 10% Bonus @ My Money Blog
15 Things To Do With Your Economic Stimulus Check @ freefrombroke.com

Links:
Are we going to get another tax stimulus rebate check?
Another stimulus check? Maybe, but why not create your own?

Related Posts

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    If you're anything like me you're probably wondering when you'll be receiving your economic stimulus rebate check or direct deposit. After checking it out today…

  • Are We Going To Get Another Stimulus Rebate Check?

    I was reading the news this morning when I came across this little news item talking about some of Barack Obama's campaign promises he made…

  • First A Stimulus Check. Is A $1000 Emergency Energy Rebate Next?

    More government aid? After reading an article about the possibility of the Obama administration pushing for a $1000 Emergency Energy Rebate, I had to check…

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Last Edited: 16th November 2023 The content of biblemoneymatters.com is for general information purposes only and does not constitute professional advice. Visitors to biblemoneymatters.com should not act upon the content or information without first seeking appropriate professional advice. In accordance with the latest FTC guidelines, we declare that we have a financial relationship with every company mentioned on this site.

This article is about: Commentary, Get Out of Debt, Money, Taxes

About Peter Anderson

Peter Anderson is a Christian, husband to his beautiful wife Maria, and father to his 2 children. He loves reading and writing about personal finance, and also enjoys a good board game every now and again. You can find out more about him on the about page. Don't forget to say hi on Pinterest, Twitter or Facebook!

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