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Great Ideas For Using Your 2008 Stimulus Check

Jun 7, 2008
Skyrocketing gasoline prices head our list of concerns for our present budget situations, and we get shocked with a refund from the President. A pleasant shock, once we discover there is no hoax. It is tempting to run out and buy something, we feared we would not be able to afford for some time to come, although probably not the better idea. The reasonable thing to do would be to pay off some of our previous bills that have been mounting up lately.

If your are smart what you do with this money, you will be able to enhance your living conditions much more, by saving it, than with an impulse purchase of the latest high tech gear or personal indulgence like hip clothing, decorative items or other items that you don't really need. You will probably like to put this money back to pay your currently elevating bills for gasoline or mortgage hikes. You don't want to build up even more debt because of a little help from the government. This will defeat the purpose of the check.

How much do you pay on your charge bills every month? Lowering the monthly payments with a few larger payments from your stimulus check will help to improve your quality of living, more than you think. Tending to these charge bills in a way that reduces your monthly payments also increases your credit rating.

Now would be a good time to purchase a hybrid or alternative fuel vehicle. With this stimulus check you can make a, possibly even sizeable, down payment on one of these fuel efficient vehicles and save many dollars in the future on gasoline. Wouldn't that be especially nice considering the price of fuel now?

Paying off your credit card with the entire amount you receive from your stimulus check will save you many hundreds of dollars in the years ahead. The usual interest rate, people are paying is 15%, and they usually owe $10,000 or more in charges. So if you pay down a $15,000 consolidated debt with a $2,500 stimulus check, you will be saving $375 per year, on interest, in the future.

Maybe you don't even have any charges or other items that you owe on. Maybe the higher cost of things currently isn't affecting your lifestyle. Even in this instance, you would be wisest to set aside the stimulus check for future purchases or investments. Don't let current gimmicks or crafty sales people rush you into buying things hastily. Don't spend any money, including this check, before you have really thought thoroughly if you need the item or items available for you to purchase.

What if, you find the current interest rate on savings is lower than you expected? A viable alternative, in that case, is to invest in real estate. The prices, in the housing market, at the moment seem to be very low and you may find the ideal opportunity here if you will just look.

As you can see, there are several ways to use your stimulus check to the greater advantage. Ways other than rushing to you nearest merchant and indulging in a shopping spree, thereby practically wasting every last dime of the money in your check. Anytime you are working with your finances, take the time to review your current bills, and think about your options, so you can reap the benefits over time, rather than go further into debt by impulse purchasing and other less than ideal choices.
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