The Lakeland Ledger had a great article for Florida residents who can’t wait to receive their IRS Stimulus Checks. 

To the right you’ll see a great graphic they have on the website that is interactive and will tell you generally when to expect your check via Direct Deposit or by Check.  You can only receive your money via Direct Deposit if you filed your taxes to receive your tax refund via Direct Deposit - otherwise look forward to waiting a little while for the IRS to process your check.

The system is based on your Social Security Number.  You can hover your mouse over the numerical range where the last two digits of your SSN are and it will give you a date.

The Stimulus Check is a Tax Rebate.  It is not a refund… it is not a Loan… it is YOUR MONEY, thanks to President Bush, The House and Senate.  You can do whatever you like with the money after you cash it.

To be eligible to receive the stimulus check you must:

• File your tax return for 2007!!
• Earn between $3,000-$75,000
• Have a pulse

Here is how the money is broken down:

• The average taxpayer will receive $600
• If married and filing jointly, the couple will receive up to $1,200
• For each dependent child under 17, the taxpayer will receive $300 more
• If the taxpayer earns more than $75,000 or $150,000 jointly, then the rebate checks begin to be phased out

Go check out the article here -o-> When to Expect Your Stimulus Check

That being said, there are a lot of retail rumblings as to how you should spend your money.  Retailers are planning sales all through the summer months… and that really is the point of this whole $150Billion expenditure by the government… kick start the economy and get things turned back around.

The money sitting in your pocket really does not do you much good….or the economy.  That does NOT mean go blow it on a new TV or a vacation. 

If you are going to spend it, do so wisely.  Here are some ideas:

1. You could pay down a credit card balance
2. You could do a Home Improvement
3. You could pay down another high interest debt
4. Update your appliances and get new energy efficient models to save on your electric bill
5. Every $1,000 you put down when leasing a new car lowers your monthly payment $30-35… so get that fuel efficient car

Each of these ideas puts money back into the economy and can save you money over time…rather than that foolish impulse buy!

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David A. Podgursky, MBA
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