As I’ve already stated, I’m not a big fan of the economic stimulus checks. However, since these checks are coming whether we like it or not, it’s up to us to decide how to wisely spend them.
I recommend putting your check in savings or applying it to your debt unless you are in great shape financially. If that’s the case, there are a few ways you can stretch the money farther by getting an additional 10% when you purchase a gift card from Kroger, Sears, and KMart.
I personally am not a big fan of spending the money on a gift card just to get 10% if it’s not for something you need in the first place. However, most of us do need food (!), so the Kroger option might be worth looking into. Read more here and here.
We were planning to deposit our check straight into savings (after tithing off of it, of course!), but we’re on a good savings track this year, have no debt, and have our fully-funded six-month emergency fund in place. So, after some thought and discussion, we’ve decided to invest part of the check in a cow.
Well, in some beef, that is; we’re planning on buying an inexpensive freezer and a fourth of a cow from a local farm that raises high-quality, hormone-free beef.
So yes, we’ll be stimulating our local economy and at the same time we’ll be stocking up on very good beef to last us for at least six months or more (I’m hoping to maybe stretch it for up to a year–we’ll see!). I’m still figuring out how I want to re-work our grocery budget as a result, though.