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Re-activateThe Internal Revenue Service will start issuing economic-stimulus payments next week and continue through at least July 11. When you get yours depends on when you filed your tax return, whether you arranged for direct deposit, and the last two digits of your Social Security number.
Depending on your income, you could get up to $600 per individual and $1,200 per married couple, plus $300 for each qualifying child. The intent, as you probably know, is to boost consumer spending, and the economy as well.
If you're planning to spend your payment, our colleagues at the Home & Garden blog have compiled a list of top-performing home-related products that you might consider buying.
But you may have better uses for the money, such as using it to pay down debt. For example, if you're carrying a balance on your credit cards, you can put your check toward paying it off. Similarly, if you're facing even a modest reset of an adjustable-rate mortgage this month (for example, a 20 percent increase on a $1,500 monthly payment), the tax rebate can help cushion that blow.
If you don't need to use your stimulus check to pay off debt—and you don't plan to go on an economy-boosting shopping spree—there are plenty of ways to put the money to work for you. If you are saving for retirement, you can put it in an Individual Retirement Account or Roth IRA. If you are setting aside money to help pay college tuition for a child or grandchild, you can put your rebate into a 529 college savings plan.
Other options that don't require large minimum deposits are bank CDs, many no-load index funds, and U.S. Savings Bonds or Treasury Inflation-Protected Securities (TIPS) via Treasury Direct.
Using your economic stimulus check to jump-start your own savings could end up being the best $600 or $1,200 you ever spent.—Chris Horymski
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