mommyoffive Posted March 30, 2020 Share Posted March 30, 2020 What are your plans for the stimulus checks if you are getting one? Or for fun if you are not getting one a just what would you do if you did? 1 Quote Link to comment Share on other sites More sharing options...
KidsHappen Posted March 30, 2020 Share Posted March 30, 2020 Our current plans are to put half in our emergency fund and buy a fridge with the other half. 1 Quote Link to comment Share on other sites More sharing options...
Soror Posted March 30, 2020 Share Posted March 30, 2020 Savings for now, waiting to see how things play out throughout all this. If we get lucky and don't end up needing the money to live on it will go towards building a shop. Quote Link to comment Share on other sites More sharing options...
City Mouse Posted March 30, 2020 Share Posted March 30, 2020 Ours will mostly go to pay what we owe in income tax. 🙁 My DD will use hers to cover for the income she lost while waiting for her Covid test to come back. Luckily her results just came back negative, so she should be back at work in a couple of days. She wasn’t out long enough to apply for unemployment. 2 Quote Link to comment Share on other sites More sharing options...
stephanier.1765 Posted March 30, 2020 Share Posted March 30, 2020 Savings for now in case this drags on so long my dh won't be able to work. If he keeps working, it will probably go towards some plumbing repairs. Quote Link to comment Share on other sites More sharing options...
Guest Posted March 30, 2020 Share Posted March 30, 2020 I'm giving parents who are prepaid for the semester an extra month of lessons, and not charging for April for my month-to-month families. The simulus lets me save them that expense, and pays for some of my costs in going to online lessons. 12 Quote Link to comment Share on other sites More sharing options...
SamanthaCarter Posted March 30, 2020 Share Posted March 30, 2020 HSA contribution. Quote Link to comment Share on other sites More sharing options...
rebcoola Posted March 30, 2020 Share Posted March 30, 2020 We will probably give it to covid benevolence fund at church since we don't need it. 2 Quote Link to comment Share on other sites More sharing options...
UnboundED Academy Posted March 30, 2020 Share Posted March 30, 2020 We desperately need a new mattress- or I'm getting old. Or both. So probably a new mattress and then savings towards our back yard reno. Quote Link to comment Share on other sites More sharing options...
ScoutTN Posted March 30, 2020 Share Posted March 30, 2020 Save some, replace our dead dishwasher, and put the rest towards next year's courses for dd. Quote Link to comment Share on other sites More sharing options...
historically accurate Posted March 30, 2020 Share Posted March 30, 2020 Oldest needs a fancy ($$$$) computer for engineering school next year. So it will probably buy that and we will pay down debt with any remaining. Quote Link to comment Share on other sites More sharing options...
JustEm Posted March 30, 2020 Share Posted March 30, 2020 We'll hold on to it for a bit in case dh loses his job, although the CEO of his company has made a statement that no one will be laid off during this health crisis. I'd like to trust that but who knows how all this will play out over the next few months. If he does lose his job we'll need it for living expenses. Once we're comfortable with his job security, we will put 75% into our Roth IRA accounts and 25% will be spent on local small businesses. With 2 adults and 5 eligible kids we'll be getting quite a bit if my understanding of it is correct. Quote Link to comment Share on other sites More sharing options...
alisoncooks Posted March 30, 2020 Share Posted March 30, 2020 (edited) Well, DH's nonprofit squeaked enough donations to fund this next, bi-monthly paycheck...but we're not guaranteed the next. We'll probably save it until things are stable or we need it to pay bills. (The spendy part of me wants a new tv to replace one that recently died...) Edited March 30, 2020 by alisoncooks Quote Link to comment Share on other sites More sharing options...
Murphy101 Posted March 30, 2020 Share Posted March 30, 2020 Savings or same thing we spend money on now. Food and medical needs and bills. If by some miracle we are financially recovered enough and dh can leave work and the kids can take care of each other, I guess I’ll try to reschedule that trip I’m not getting a refund on and go after all. Quote Link to comment Share on other sites More sharing options...
2ndGenHomeschooler Posted March 30, 2020 Share Posted March 30, 2020 My DH is a police officer so his job is secure. We are used to living off of one income so don’t really need it. We will be giving a little to each of our kids to spend as they wish. The rest will go to a variety of small home projects that we will be hiring out (electrician, carpenter, stone mason), and some towards the cross country road trip we have planned in the fall (which will hopefully still happen). Usually, I would want to just save that money but we have so many friends and family members in the trades and service industries that I am eager to be able to put a little money into those businesses. We won’t be able to do a significant amount for anyone but we’ll do what we can to put the money back into the economy. Quote Link to comment Share on other sites More sharing options...
Farrar Posted March 30, 2020 Share Posted March 30, 2020 Giving it all away. 7 1 Quote Link to comment Share on other sites More sharing options...
TheReader Posted March 30, 2020 Share Posted March 30, 2020 Still in discussion. DH was supposed to get an earned bonus, which was going to go towards savings, vacation, and badly needed new mattresses for everyone. That is on (indefinite) hold now, as his employer has been hard hit (they are HQ'ed in Italy, and oil field, and so we are in "watch and wait" mode. It's unlikely DH will get laid off, but possible he'll end up (at some point) on a reduced salary. So while "buy a new mattress" would be the first thing, if we felt able to spend it, probably "put in savings/beef up the savings" will be reality. Quote Link to comment Share on other sites More sharing options...
edelweiss Posted March 30, 2020 Share Posted March 30, 2020 We don't qualify for any stimulus money, but if we did, I would donate to several organizations that are suffering for cash right now. I'm donating right now anyway, but I would love to be able to donate more with some "free" money. 1 Quote Link to comment Share on other sites More sharing options...
Loowit Posted March 30, 2020 Share Posted March 30, 2020 I want to save for upcoming medical expenses. DH is having a biopsy done whenever they can do it to check for cancer, so we may need every penny we can save. 1 Quote Link to comment Share on other sites More sharing options...
Heatherwith4 Posted March 30, 2020 Share Posted March 30, 2020 Save some. Give to a couple non-profits. Use some toward local businesses we want to support. Maybe eventually get some stuff done around the house that needs to be done. Purchase curriculum for next year. Quote Link to comment Share on other sites More sharing options...
SeaConquest Posted March 30, 2020 Share Posted March 30, 2020 Putting it into our emergency account for now. We are small business owners and I imagine that our business will be affected soon (we own a boat repair business in San Diego). If by some miracle our business remains stable during our busiest time of the year (when the beaches and bays have been closed), we will use the money to pay for my nursing school tuition. Quote Link to comment Share on other sites More sharing options...
SKL Posted March 30, 2020 Share Posted March 30, 2020 I won't qualify, but if I did, I would probably just put it in the bank. Who knows what we'll end up needing (if not my kids & me, then my extended family). I've been thinking about how blessed we are that we don't have "bills" right now. I feel so bad about the stress everyone is under and will be under for some time. I can't spend on fun stuff. The other day my kid threw a bruised apple in the garbage, and she was horrified when I pulled it out, washed it, and ate most of it. I've also been eating all the stale bread others over-bought. I come from a background that doesn't / can't waste food, and it's all coming back to me now. Quote Link to comment Share on other sites More sharing options...
Ali in OR Posted March 30, 2020 Share Posted March 30, 2020 We'll give it right back--big tax bill this year. Quote Link to comment Share on other sites More sharing options...
Ottakee Posted March 30, 2020 Share Posted March 30, 2020 I might splurge on a nice leather rocker recliner for myself. Never had one of my own and the one I have now was a $50 Craig's list purchase 10 years ago. I would love something cozy to sit in and read, watch TV, etc. Some to charity and the rest likely to our trip find for the trip we aren't going on this year. 1 Quote Link to comment Share on other sites More sharing options...
Meriwether Posted March 30, 2020 Share Posted March 30, 2020 We'll put some in the bank to cover what I spent on local businesses this month. Probably a good chunk will go to paying fees at our dojo. We haven't decided yet, but I think that is what we will do. We are so heavily involved in it. It would hurt a lot if he went out of business. Plus, we consider the owner a friend. If it won't be helpful to him at this point, we'll probably buy some windows, since that is the next thing we are doing to the house. We will do it over several years due to cost, so it would definitely come in handy. Quote Link to comment Share on other sites More sharing options...
May Posted March 31, 2020 Share Posted March 31, 2020 We will put it in savings and give it to daughter, if needed, who is now working hourly instead of salary. If anything is left, we will donate to our church. Quote Link to comment Share on other sites More sharing options...
Tap Posted March 31, 2020 Share Posted March 31, 2020 I'm off work for 5 weeks unpaid due to my daughter's school closure. I will use it for normal household expenses. Quote Link to comment Share on other sites More sharing options...
BlsdMama Posted March 31, 2020 Share Posted March 31, 2020 (edited) Assuming I survive the pandemic, it’s going for accessibility home modifications or towards a wheelchair van. Fun times. One other thing - DS lives off campus. We had bought him a meal plan that is pretty much useless now. Refunds won’t be back into our account until June, so we will send him $$$ for food and, assuming he’ll eventually have to stop working, help with rent and utilities. It is still crazy for me nothing will be given to the 17-21 group. We have two kids in this group. One has stopped working to minimize my exposure because she lives at home. The other can’t come home now due to likely exposure. Edited March 31, 2020 by BlsdMama 3 Quote Link to comment Share on other sites More sharing options...
Spryte Posted March 31, 2020 Share Posted March 31, 2020 We have regular helpers normally. An aide for my elderly mom, and cleaners. We are not having them come right now, even if we could, and want to give them all paid leave. So - we are paying for that anyway, but the check would help if this continues a long time. If we don’t need it for the helpers, we will donate or give to family/friends who may need it. 2 Quote Link to comment Share on other sites More sharing options...
cjzimmer1 Posted March 31, 2020 Share Posted March 31, 2020 (edited) We've got a bit of a convoluted plan for ours. We were suppose to get new carpet in April/May but that is on hold till it's safe to have someone in the house again. So our plan for the stimulus money is to pay off DH's car. Then use the carpet money to have a friend/handyman to rebuild our deck (the boards where the railing attach have split and rotted so the railing is barely attached to our second story deck and with the kids spending so much time outside and running up and down the stairs, I'm worried they are going to fall off). Friend can rebuild it because we can keep social distancing because he will be outside and we will stay inside, it meets the requirements of the stay at home order since it's a safety issue. I will pay the hardware store the extra delivery fee to bring supplies to house so friend doesn't have to go in the store. Not perfect but the best I can come up with. Then the monthly car payment amount will go to replenish the carpet fund so we have the cash for the carpet when it's safe to do that project. So I will be helping the local economy with it by giving friend some work when otherwise he would have none plus I'm getting some maintenance done that needs to be addressed. Edited March 31, 2020 by cjzimmer1 1 Quote Link to comment Share on other sites More sharing options...
BakersDozen Posted March 31, 2020 Share Posted March 31, 2020 (edited) Same thing we did with the last two stimulus checks...put them into savings. Edited March 31, 2020 by BakersDozen Quote Link to comment Share on other sites More sharing options...
teachermom2834 Posted March 31, 2020 Share Posted March 31, 2020 Supporting our 19 yo ds who is away in his college town. He lost his job and I don’t think it will come back. But I really don’t want him going and getting a job at a grocery store right now. So for now we will replace his income and help him get by until things pass and we can regroup and find a new plan. His lease runs all the way through the summer because he was supposed to be working there. We could bring him home but he’d still owe rent. And honestly he is kind of hard to live with and I don’t know that bringing him home against his wishes is good for anyone. We normally have our kids working and paying for as much of their own expenses as possible. But he is 500 miles away in an area with a lot of covid cases. I would rather support him right now than have him out and exposing himself to getting sick. The idea of him getting sick so far away is really difficult for me. So we are telling him to stay well and finish up with school and we’ll cover his lost income.So that is where our stimulus money will go. Quote Link to comment Share on other sites More sharing options...
Garga Posted March 31, 2020 Share Posted March 31, 2020 (edited) Hang on, I’m starting to get seriously upset reading this thread. Like, 80/90% of you are putting it into savings? The point was they were sending out these checks to boost the economy and get small businesses supported again, right? I thought they said that you were supposed to go out and SPEND the checks to get the money back out there into businesses again, especially small local businesses. If everyone puts them into savings, this will have been a colossal waste of money. My plan had been to spend every last cent at local businesses. Am I wrong about the point of the checks? I’m hoping I am, because if we all don’t go out and support the businesses the moment we’re allowed back out, and we just sock it away in a drawer somewhere, what good will those checks have done? EDIT: Nevermind! I was wrong, thank goodness! It’s ok to save the money. https://www.nbcnews.com/business/consumer/what-should-you-do-your-stimulus-check-experts-weigh-n1169526 Edited March 31, 2020 by Garga 1 1 Quote Link to comment Share on other sites More sharing options...
matrips Posted March 31, 2020 Share Posted March 31, 2020 If dh is still getting paid, we’ll take a little and order from some local restaurants. And then donate to a church near us for some of their parishioners. I think they may have much more need. 1 Quote Link to comment Share on other sites More sharing options...
sassenach Posted March 31, 2020 Share Posted March 31, 2020 2 hours ago, Garga said: Hang on, I’m starting to get seriously upset reading this thread. Like, 80/90% of you are putting it into savings? The point was they were sending out these checks to boost the economy and get small businesses supported again, right? I thought they said that you were supposed to go out and SPEND the checks to get the money back out there into businesses again, especially small local businesses. If everyone puts them into savings, this will have been a colossal waste of money. My plan had been to spend every last cent at local businesses. Am I wrong about the point of the checks? I’m hoping I am, because if we all don’t go out and support the businesses the moment we’re allowed back out, and we just sock it away in a drawer somewhere, what good will those checks have done? EDIT: Nevermind! I was wrong, thank goodness! It’s ok to save the money. https://www.nbcnews.com/business/consumer/what-should-you-do-your-stimulus-check-experts-weigh-n1169526 I thought the point was to get money to all the people who are not making money right now (or very soon). Without a doubt, our income is going down in the next few months. So we save it now to pay bills later. 3 Quote Link to comment Share on other sites More sharing options...
marbel Posted March 31, 2020 Share Posted March 31, 2020 I would love to be in a position to donate it all, but we will be using it for living expenses. Quote Link to comment Share on other sites More sharing options...
Carrie12345 Posted March 31, 2020 Share Posted March 31, 2020 For now, putting it aside in case our income situation goes sideways. I’m feeling a little guilty about our alternate plan. Anyone here who knows me well knows I’m not thrilled that my area is still not fully recovered from the 2008 real estate bust. I’ve raised 5 kids in a small house with a crummy layout. We’ve been hoping that this was our year to move. If we come out of this intact, I think we’ll be able to get a really good deal on an almost-dream-house. And the money would go toward that. (To lessen my guilt, I keep in mind that we’re trying to get 2 more kids and keep space for our young adult kids to build a solid financial foundation in their low-paying high-passion careers.) 3 Quote Link to comment Share on other sites More sharing options...
Lanny Posted March 31, 2020 Share Posted March 31, 2020 Well, fingers crossed that DD will get it and fingers crossed that we will get it. We are "Overseas Americans" so in years past, with one administration we did get the Stimulus payment and then with another administration (a different political party) we didn't get it. I went ahead and did the Federal and NC State (non-resident) income tax returns for DD (thank God for TurboTax and for being able to use that wonderful service free) and yesterday I submitted my Federal return, which is much more simple than the return for DD (the Scholarship reporting from Form 1098-T and then the NC non-resident return was 7 pages, compared to 3 pages for her Federal return). So, our 2019 returns have been e-Filed and hopefully we will get the Stimulus payments. Also, we should be in good shape when we file the FAFSA early in October. Now, to answer the question posed by the OP: If DD receives the Stimulus payment, she will decide what to do with that money. It will be a blessing from God for her. If we receive the Stimulus payment, I suggested to DW that we apply it towards emergency repairs to the roof of the house. If that doesn't work, we can pay the rest of the Property Tax we need to pay in 2020, with that money. It will be a blessing from God for us. Quote Link to comment Share on other sites More sharing options...
Soror Posted March 31, 2020 Share Posted March 31, 2020 18 hours ago, Garga said: Hang on, I’m starting to get seriously upset reading this thread. Like, 80/90% of you are putting it into savings? The point was they were sending out these checks to boost the economy and get small businesses supported again, right? I thought they said that you were supposed to go out and SPEND the checks to get the money back out there into businesses again, especially small local businesses. If everyone puts them into savings, this will have been a colossal waste of money. My plan had been to spend every last cent at local businesses. Am I wrong about the point of the checks? I’m hoping I am, because if we all don’t go out and support the businesses the moment we’re allowed back out, and we just sock it away in a drawer somewhere, what good will those checks have done? EDIT: Nevermind! I was wrong, thank goodness! It’s ok to save the money. https://www.nbcnews.com/business/consumer/what-should-you-do-your-stimulus-check-experts-weigh-n1169526 I don't care what anyone says the checks are for I'm not going on a spending spree with such economic uncertainty. Things are in a constant state of flux. Dh's been told now he is taking a 25% reduction in pay for 1-2 months, luckily we keep our expenses down and have no debt so that is doable but who knows if he will still have a job at the end of this. His company has been rocky for awhile, I wouldn't be surprised if they don't make it after all of this. I'd rather be prepared, fingers crossed we get lucky and his job survives and we don't need the money to live on, then we'd be happy to put that money in the economy but we'll wait and see. 1 Quote Link to comment Share on other sites More sharing options...
Shoeless Posted March 31, 2020 Share Posted March 31, 2020 Half in savings, half put towards debt. I would love to blow it in something frivolous, but that seems unwise. Dh's job is fine for now ,but nothing is guaranteed. Quote Link to comment Share on other sites More sharing options...
BakersDozen Posted March 31, 2020 Share Posted March 31, 2020 (edited) 21 hours ago, Garga said: Hang on, I’m starting to get seriously upset reading this thread. Like, 80/90% of you are putting it into savings? The point was they were sending out these checks to boost the economy and get small businesses supported again, right? I thought they said that you were supposed to go out and SPEND the checks to get the money back out there into businesses again, especially small local businesses. If everyone puts them into savings, this will have been a colossal waste of money. My plan had been to spend every last cent at local businesses. Am I wrong about the point of the checks? I’m hoping I am, because if we all don’t go out and support the businesses the moment we’re allowed back out, and we just sock it away in a drawer somewhere, what good will those checks have done? EDIT: Nevermind! I was wrong, thank goodness! It’s ok to save the money. https://www.nbcnews.com/business/consumer/what-should-you-do-your-stimulus-check-experts-weigh-n1169526 We didn't support the majority of small businesses in our area even before this virus crisis hit. We don't eat out save for ordering pizza maybe 2-3 times/year. We don't shop in the mom and pop stores because we don't need what they sell. Our shopping needs are so very basic that our spending has not changed. Receiving unexpected monies does not drive us to spend on things we do not need, but it does drive us to save in the event that my dh's job takes a hit. Saving money and not being a financial burden on society is just as helpful as anything else, imo. The check will do our family a lot of good whether we save it or are forced to spend it (on necessities/bills, not eating out or going to the movies). This is just what we do whether it be stimulus checks, tax refunds or whatever. I never thought that not spending money on stuff we don't need or saving for the unexpected was a bad thing... What will interest me is if the families I know personally who already supported small businesses (and who also with money issues) will continue that spending with the stimulus checks, run out of that money, and be right back where they were before. Personally I would much, much rather see our country realize the value of saving and not spending on extras until a substantial amount of money is in the bank; if the stimulus check gives people a financial foundation for saving then hooray! Edited March 31, 2020 by BakersDozen clarification Quote Link to comment Share on other sites More sharing options...
Syllieann Posted March 31, 2020 Share Posted March 31, 2020 I'm torn: maybe put it toward our tax bill which will surely be going up or invest in hard assets that will still exist after hyperinflation. Quote Link to comment Share on other sites More sharing options...
dirty ethel rackham Posted March 31, 2020 Share Posted March 31, 2020 Put it toward rent for K. We are trying to get her into an apartment so that she can get some part of her life stabilized. I don't know where she is or how she is doing since she isn't answering my texts, but last I heard, she was couch surfing. I know she is alive because I can see spending on her account. 2 2 Quote Link to comment Share on other sites More sharing options...
Garga Posted April 1, 2020 Share Posted April 1, 2020 1 hour ago, BakersDozen said: We didn't support the majority of small businesses in our area even before this virus crisis hit. We don't eat out save for ordering pizza maybe 2-3 times/year. We don't shop in the mom and pop stores because we don't need what they sell. Our shopping needs are so very basic that our spending has not changed. Receiving unexpected monies does not drive us to spend on things we do not need, but it does drive us to save in the event that my dh's job takes a hit. Saving money and not being a financial burden on society is just as helpful as anything else, imo. The check will do our family a lot of good whether we save it or are forced to spend it (on necessities/bills, not eating out or going to the movies). This is just what we do whether it be stimulus checks, tax refunds or whatever. I never thought that not spending money on stuff we don't need rather saving for the unexpected was a bad thing... What will interest me is if the families I know personally who already supported small businesses (and who also with money issues) will continue that spending with the stimulus checks, run out of that money, and be right back where they were before. Personally I would much, much rather see our country realize the value of saving and not spending on extras until a substantial amount of money is in the bank; if the stimulus check gives people a financial foundation for saving then hooray! Well, I’m a saver myself, so my first impulse was to save the check. I had just thought I heard that the point was to get the money out into circulation. But then I found out that that’s not the case. The article I found and edited to the post said that spending is usually the point of a stimulus check, but not this time. I can’t stop thinking about the local martial art studio where I take lessons. They just lost their eldest son at age 12 to cancer a year and a half ago, and now their business is closed for who knows how long. And my dh and I buy soup and water for under $5 every Wednesday night for date night at a close Chinese restaurant. We also enjoy a local Chinese buffet. At both of the Chinese restaurants, we chat with the people who work there. We’ve helped them find piano teachers for their kids, and going there is what clued me in to how serious this all was back in January when they’d talk to us about Wuhan. All three of those families are facing utter ruin right now—the family who owns the martial arts studio and both Chinese restaurants. Everyone in the family works at the restaurants (multiple generations at the restaurants) so all of them are out of work now. One restaurant completely closed down and the other has very limited hours and a limited menu. As long as our income keeps coming in, I plan on pretty much giving my check to those three groups of people. 4 Quote Link to comment Share on other sites More sharing options...
Amy in NH Posted April 1, 2020 Share Posted April 1, 2020 Pay bills that should have been paid already, except the IRS is holding our tax refund which was completed by inputting forms into Turbo Tax. Quote Link to comment Share on other sites More sharing options...
slackermom Posted April 1, 2020 Share Posted April 1, 2020 It will probably be needed for regular bills. If we are lucky, and my ex is able to keep some self-employment income going, it might help me replace my 2003 van this summer. Quote Link to comment Share on other sites More sharing options...
easypeasy Posted April 1, 2020 Share Posted April 1, 2020 We will probably use ours to pay on dd's college debt. If the online estimate I did was correct... it will pay off half what she owes. Quote Link to comment Share on other sites More sharing options...
G5052 Posted April 1, 2020 Share Posted April 1, 2020 I'll probably give a little to the college kids and apply the rest to medical stuff that I haven't been billed for yet. Quote Link to comment Share on other sites More sharing options...
ThisIsTheDay Posted April 1, 2020 Share Posted April 1, 2020 Keeping it close in case anything happens with my job. Unemployment will not cover the basics, but combined with the stimulus check, we should be okay until I'd be back at work. Quote Link to comment Share on other sites More sharing options...
Jerico Posted April 1, 2020 Share Posted April 1, 2020 Save it- my husband just got a new job after 2 job losses in 2019, and they’ve already reduced pay by 20% indefinitely. It could get cut more, he could lose his job. We were just about to look into buying a house so all plans are on hold until future notice. 1 Quote Link to comment Share on other sites More sharing options...
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