10 Ways to Spend Your Economic Stimulus Check - Thank You, Uncle Sam!

In its infinite wisdom, the Federal Government has decided that the best way to give our sagging economy a boost is - surprise! - a jolt in the arm with so-called 'economic stimulus' checks, $600 per individual, $1200 per couple filing joint tax returns. (The key is having actually having FILED a tax return.) While Mr. Bush and company are feverishly hoping that we'll head off to our local malls, clutching fistfuls of $20 bills after having cashed our checks, I'd like to suggest a few alternatives. (You could always send that cold, hard cash directly to me, of course! Just kidding!)

1. Buy stock. Buy a few shares of a well-priced stock, maybe one you've always dreamed of owning for whatever reason, with your money. $600 won't buy you a lot, so make every penny count by using a discount brokerage or buying it directly yourself. Personally, I've always liked bank stocks because of the dividends they pay, which over time can be quite a substantial bonus. Also look into IPO's, especially bank conversions (savings and loans converting into publicly-owned and held stock corporations).

2. Buy something of value that will appreciate over time. This might be a piece of jewelry, a piece of art work, something that will fit into an existing collection that you already have (Civil War memorabilia, antique furniture, Viet Nam War memorabilia, sterling silver flatware, Hummels, Lladro, etc.) You might want to use that money to start off a collection that you've always dreamed of owning - now is your chance! If you're unsure where to start, ask someone with more knowledge and information than you have to help you out: a jeweler, art dealer, folks who've been in the collectibles arena in which you're interested. I had purchased two pieces of Louis Vuitton 'fashion jewelery' for one of my girls for Christmas; since December of last year, the prices for both pieces rose $50 each!

3. Donate the money to someone who needs it more than you do. This can be an organized charitable organization like the Red Cross, or something that's more focused on improving your local area. Ask your community elected officials what might benefit your neighborhood: buy a bunch of trees or a couple of benches for a local park. Refurbish an aging baseball field for the kids. Contribute to, or start, a scholarship fund for deserving high school graduates in your town. There are so many, many good uses for which $600 can go a very long way.

4. Take a decent vacation, finally. Search online; Expedia has been a great source of help in finding good vacation packages. Check out hotels.com. Ask your local travel agent for help. Pick up a copy of Budget Travel for even more tips on how to stretch your money into the best bang for the buck. Look for all-inclusive packages at resorts: that way, you've paid for your food, entertainment and on-site sports already, and won't need to bring nearly as much cash to pay for those things outside of your $600. Look at the Dominican Republic and Jamaica first for some good deals. Stay away from St. Bart's - mucho expensive!

5. Buy one (or two) expensive but well-made, timeless articles of clothing, ones that will never go out of style. Been dreaming of owning a Burberry trench coat or jacket? A St. John's suit? An authentic Louis Vuitton or Chanel bag? A classic LBD (little black dress) from Marc Jacobs? Do your homework, and you'll be able to own that "dream" article of clothing which will last you a lot longer than buying ten poorly-made, cheaper items. Search online for the best prices - and sales - as well as going to the designer's web site, too.

6. Buy season tickets to your favorite local sporting event! Conversely, join a Museum, buy tickets for an opera production (Wait, you've never been to an opera before? Now's the time!), get a season's worth of productions at your city's theater company, or splurge for a weekend in New York City: Two tickets to a Broadway show, dinner in the Theater district, and a night's stay at one of New York's thousands of hotels. (Go back to your Budget Travel for help on this one, too!)

7. Take your entire extended family out to dinner at a good restaurant, or take them all out to an event like a baseball game, night at the theater, a day at an amusement park! Take LOTS of pictures to remember a truly special day!

8. Pay down your credit card debt, or use the $600 to pay down the PRINCIPAL on your mortgage. Either way, you're making a smart investment with your money. It may not be as glamorous as some of the other uses for this 'found' money, but it's a very wise choice.

9. Buy something that the entire family can use and enjoy at home: a Wii system, a large-screen TV, new furniture, a new computer and printer, perhaps. Be creative: take a poll or a vote as to what everyone would like to have, something that can be used by everyone and will have lasting value.

10. Put your $600 in a savings account. Look for one that provides the highest yield possible; you'll need to do some homework there to find the best rates. In another year, you may now have as much money to do, perhaps, TWO of the above suggestions!

View your 'economic stimulus' check as a gift from Heaven (okay, so that might be a bit of a stretch), but it's pretty much money that no one actually ever expected to get: make the most of it, and have fun while you're at it!