I'm trying to remember what I did the last time grandpa government sent me a birthday check (aka rebate)* So I'm pretty sure I spent it on something that was either eaten or quickly obsolete or broken. Back at the turn of the century, the tax cuts included a one-time tax rebate of $300 (maybe $600 for us as a couple) the goal being for us to spend it along with some more of our money to stimulate the economy. And now again there are plans being made for rebates on the order of $800/1600 that we will be encouraged to spend on new TVs, game consoles, vacations and such.
Now I have absolutely no problem with the government sending me back the money that I send them throughout the year, but unfortunately this time I won't be doing my patriotic duty to provide short term stimulus to the nation' economy. Instead I'll be able to shave about 1.5 months off my debt snowball thus securing my long term future while deferring short term pleasure. I feel so unpatriotic. And yet I hope that people everywhere will take this opportunity to save their money or pay off debt. Now that would be a big help to the economy since much of the current problems are with people who have too much debt and really high interest rates both with their mortgages and consumer debt. I guess I will be stimulating Chase a little as I speed up my payments to them, but I'm not sure that's what Bernanke has in mind.
Now the question I have is since I moved this past year after tax time how will grandpa know where to send the check? I want my money ASAP. I'll have to check into that.
What have you already spent your tax rebate one?
*Other than the normal tax return.