How will you spend your stimulus check?

Wed., June 11, 2008

David Uffington Dollars and Sense

Some of you have already received your stimulus rebate checks from the federal government. Others will get theirs in the next few weeks. Everyone should have theirs by mid-July. How are you going to spend your rebate?

Polls show that, despite the hope that consumers will jumpstart the economy by quickly spending the money, most are opting to make smarter choices. Here’s what the experts recommend, and what most consumers say they will do: Pay off a high-interest credit card, or put the money into savings.

•Retailers, however, have geared up to help you spend the money by offering special deals.

•Some will cash the check and give you a 10 percent bonus if you convert the whole amount to a gift card to be spent only in that store.

•Some will cash your check with no strings attached and give you money off a large purchase made in the store.

•Some will cash your check, give you a percentage off a large purchase, and put the balance of the check on a gift card that can be used anywhere.

•But beware any expiration on the card or the deals. One store chain will give 10 percent off purchases made within two days only.

As for the size of the check, it’s not difficult to calculate how much you’ll receive. If single, your rebate will be $600. Married couples filing jointly will get $1,200. Each child under age 17 who is claimed as a dependent will add $300 to the check. Some seniors and disabled veterans will receive $300 if they file, even though they don’t usually file because of low income.

The timetable to send out the rebates is broken down into categories by last two digits of Social Security numbers, with the higher numbers going out later. All checks should be mailed by July 11.

If you think you should have received your rebate and you don’t have it yet, go to the Internal Revenue Service Web site [ www.irs.gov] and click on the Where’s My Refund link. You’ll need to have the following information ready: Social Security number, filing status and the number of exemptions on your 2007 return. (Note: Unless your check is due to be sent within a week, or has already been sent, you won’t get any information.)

Local journalism is essential.

Give directly to The Spokesman-Review's Northwest Passages community forums series -- which helps to offset the costs of several reporter and editor positions at the newspaper -- by using the easy options below. Gifts processed in this system are tax deductible.

Meet Our Journalists

Jesse Tinsley

Meet Jesse Tinsley. As a certified drone pilot, this veteran Spokesman-Review photographer often can be seen capturing beautiful aerial photographs of our region. Sometimes though, the job requires getting down with the dogs.
Jim Meehan

Jim Meehan is no stranger to Zag Nation. As the lead writer covering the Gonzaga men’s basketball team, he tells the stories behind the game and gets fans a bit closer to their favorite players.
Molly Quinn

There is no artist in Spokane like Molly Quinn. Her whimsical style is instantly recognizable to readers of The Spokesman-Review. She has painted gorgeous illustrations that instantly elevate the journalism accompanying it. She brings to life the stories that defy photography. She makes our pages better.
Rob Curley

Spokesman-Review editor Rob Curley loves to talk with people and learn about their lives, whether it's a best-selling author or a stranger he meets downtown on his walk to lunch. It's that inquisitive nature combined with a playful sense of storytelling that helps make our newspaper different than most.