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Money

The www.FedPrimeRate.com Personal Finance Blog and Magazine

Saturday, January 19, 2008

What Will I Do With My Tax Refund Check?

So Bush is giving something back...

Approximately 1% of the Gross National Product will be distributed to middle America as an economic "shot in the arm." Refund checks for everyone; yipee! Although I know that this 'free money' won't actually make it to my doorstep until much later this year, I am already thinking about what my husband and I are going to do with it.

The responsible thing to do would be to pay down our debt with the money; we wouldn't miss it because it would not be coming out of our regular income. How simple is that? I know that most people will probably hit the malls and the car lots, which is what the government is hoping for - a jolt in consumer spending. Many will even convince themselves that they do so well paying their bills all year long that they deserve to splurge.

Maybe that's true; but is it wise?

I hope that my husband and I maintain the discipline we need to go ahead and invest that money in our freedom. It might make me feel free to go to the mall and spend $1600 on various wants and needs, but once I get home and see that unwaivering mountain of bills, the feeling will fade. Paying down or paying off a debt that we owe will be a step toward a freedom that lasts.

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2 Comments:

Blogger FeelessBalanceTransfer.com said...

The rebate check will arrive months from now when the economy will be well on its way to recovery. That's why the rebate is pointless. It's a political move aimed at giving the Republican nominees the best possible chance at the White House.

If the rebate comes, I think most Americans will put it in the bank. Things are getting scary out there. Americans are moving into tent cities and living like refugees.

Saturday, January 19, 2008 1:40:00 PM  
Blogger I.C. Jackson said...

I'm inclined to agree with you on the political motivation behind the rebates.

But can you blame him?

:-)

Wednesday, January 23, 2008 11:36:00 AM  

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