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How Will You Spend?

March 26th, 2020 at 03:19 pm

If you live in the US, when/if we actually get checks from the government, what will you spend it on?

It sounds like they are basing it off our 2018/2019 taxes so I'm not sure if my new baby will count or not...

But I will probably save $500 for animal expenses, and the rest I will use to pay down debt. If we get the amount I've heard then it would be enough to pay my construction loan completely and we will be down to just medical debt.

I am out of work right now, except some minimal web design. I have to say it is pretty nice to stay home and do what I want all day. Although I am beginning to get a little stir crazy. It's hard to do much outside with the baby with no one else to watch her. Husband is still working 7 days a week.

9 Responses to “How Will You Spend?”

  1. Kymberlee Fisher Says:

    It will be used to replenish the EF that will take a hit due to being off work for a few weeks. Unemployment is nice but it doesn't cover all my bills.

  2. GoodLiving Says:

    My spouse and I talked about it, we're in so much better shape than SO many folks, we might just give it to those with greater need

  3. rob62521 Says:

    If we get it, DH and I haven't decided what to use it for. Probably to replenish some funds that we are hitting hard due to extra expenses since we are sheltering in place.

  4. Stephanie Says:

    I read a Forbes article this morning on the $4T deal. Checks that are coming our way are "advances" on 2020 tax refunds. If you still want to receive a refund, and not pay, you will to match the withholding amount.

    This is similar to when a president changed the withholding table and we all got a little extra in our paychecks. The tax table didn't change so a lot of people ended up having to pay when they filed their tax return.

  5. creditcardfree Says:

    We may donate anything we receive! But Stephanie, I will definitely check on what you are referencing, that would be very important to know.

  6. Lucky Robin Says:

    If we get it we will set it aside in the Emergency Fund. As of right now, DH is still working from home and it doesn't look as if that will stop, so we wouldn't need it right away. If things change, we might need it since we have such a small EF. Both of my sisters may need help, too. The one with cancer is unable to work right now and the other one has a disabled husband, but she works with the elderly and may have to stop.

  7. disneysteve Says:

    We won't get it as we're over the income limit. If we did theoretically get it, it would just get put into savings.

    Our daughter will get it. I don't know what she'll do with it but probably add it to her savings as well. She's been out of work for 10 days already. She did file for unemployment but I don't know when that will start or what she'll get. I'm sure she won't go out and blow it on anything.

  8. ceejay74 Says:

    Stephanie, I read that article differently--that this is a credit we'll note on our 2020 taxes but won't have to pay back or take out of people's refunds if they get one: "this advance payment on the credit does not affect your “normal” tax refund for 2020: you won’t lose out on your expected tax refund for 2020 with the check."

  9. ceejay74 Says:

    Oh, and as for how we'll use it--we feel relatively stable, so we're planning to use the money to help other people, donate to causes or support local businesses/artists/etc.

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