Tax Rebate Checks 2008: How To Spend Them

There's plenty of excitement around the fact that tax rebate checks will start going out today. Time reports:

"Starting Monday, the effects of the stimulus will begin to reach millions of households across our country," Bush said Friday in remarks on the South Lawn of the White House. Those first rebates will be directly deposited into people's bank accounts. The Internal Revenue Service had been saying direct deposits wouldn't start until next Friday. Bush said paper checks would begin going out on May 9, a week earlier than previously announced.

In honor of all the surplus spending money, here are some suggestions of ways to spend it.

Retailers have already come up with ways to take advantage of the extra cash the tax rebate checks represent. According to ABC News:

Many retailers are offering a 10 percent bump if you trade your stimulus check for gift cards to be spent only in their stores. For example, if you receive a $300 rebate check, you can get $330 in gift cards from the retailers.

So, if you've been eyeing that particular retro Cuisinart mixer, or just feel like going on a shopping spree, keep an eye out for any tax-rebate related deals. And if the store you're in doesn't have one, use your buyer leverage! It's your money they're after, after all!

Like some Arizona residents, you can also use your rebate check to pay off some of those pesky bills. A CNN poll from last month found that just 21% of poll-ees plan on spending the money, while 41% plan on paying down bills and credit card debt.

And lastly, you can choose one of many different ways to save your tax rebate check. The Wall Street Journal suggests starting a Roth or non-deductible IRA, a health savings account, or a college savings account.

Here is NBC's nightly news coverage of the tax rebates and how people will spend them:

Lastly, but certainly not least-ly, HuffPost associate blog editor Katherine Goldstein suggests three ways you can spend your rebate that could do some social and economic good. Read her post on the tax rebate checks.

So, how are you planning on spending your tax rebate check from 2008? Going on vacation? Squirrelling it away under your mattress? Tell us in the comments below!

Comments

[WIpatriot]

Here's my problem: Once it's in the bank with all my other dollars, it gets kinda mixed up and I don't have a clue what it will get spent on.

Oh, I know, I'll cash it and walk around with a big wad in my pocket. That way I'll know....

/s

[cg3]

I'm buying a a big ol' bag of pot.

[instagladiator]

Wow! No tax either!!

[Eric8869]

The entire amount will go to paying my dental bill - it won't be enough to cover my deductible for my medical bill.

Sad but true.........

[KenGirard]

I am going to use mine to help bail out a morgatge company. Accourding to those in the goverment, that is far more important then helping out people.

And it gives me a place to live for the next 30 days, too.

[gomonkeygo]

A real patriot! :)

[mediamarv]

I suggest donating it to any politician promising to put Bushco in jail after the next election.

[vschicago]

I'm not spending a dime of that stimulus check...not even on gas for the car.

[JoeBlough]

For some time now, we have been saving up to buy a tank of gas.
This rebate will put us closer to our dream

[mediamarv]

LOL!!!

[susiesorority]

Plenty of excitement? Our nation is broke and a Scooby Doo bandaid is supposed to pass for fiscal policy.

[kkuchenb]

Stick it to GW. Put it in the bank or pay off debt. My spending won't jump one little bit.

[BlackJAC]

Since I've got to shell out $615 to cover the balance of attending a pitchfest (screenwriter job fair conducted like speed-dating) in LA in August, this should cover it. Nothing like using gop bribery money to finance their archnemesis Hollywood.

[LCRover001]

Spend it anywhere but the gas station or Wal-Mart.

As for myself like most I will have to use it to pay one of my monthly bills or maintanance my vehicle.

[HouseOfRoberts]

I just found a way to read this miserable green type, just hilite like you're going to copy and paste, then click to return to normal.

[americanwhocares]

Will use the rebate check to pay bills. I am struggling to make ends meet. This will not help really, with the cost of gasoline and food. Just more pandering by politicians. We are in a recession ladies and gentlemen.

[sunu20]

I think the whole "stimulus payment" is a big sad joke. It's not enough to help anybody in trouble with their mortgage, or anyone trying to fill their gas tank every week. It's like throwing someone a nerf ball as a float when they're drowning.

Bush wants us to "consume" because we're a consumer-driven economy. He appears to think that "shopping" is the answer to everything.

I'm dividing my check between the local food pantry and Obama.

A pox on Bush's house.

[xpresv]

Well put.

[cathye]

Going on a trip to Chicago. My check will cover airfare, hotel, car rental, food, and the cost of the convention badge. Just doing my part to stimulate the economy here!