How To Spend Your Economic Stimulus Package Money

With the mortgage crisis looming and the general United States economy in a perceived downturn, the President and Congress have finally officially decided to try and boost the economy by endorsing a "stimulus" package that gives a little more tax refund to citizens of the United States. Most will get between $300 and $1200, with more or less depending on the number of children you have.

Since the middle class will deservingly benefit the most from it and most of us fall into that category, what should you do with that unexpected stimulus windfall? Here are some ideas so that you can actually boost the economy and do yourself some good.

Buy new clothes for your kids. You have probably been putting off getting that extra pair of shoes you know your child needs. If they are anything like mine, you can't stop their feet from growing by saying "we just spent $30 on the LAST pair two months ago!" You might as well buy some clothes and shoes for future growth. Buying them now means you won't have to worry about it later and you'll give your retailer and his employers a little more income.

Pay off the nagging credit card debts. Do you have a couple of cards that are high interest but low enough in balances that you have been paying the bare minimum? Now is a chance to pay them off. Listen, you weren't expecting some stimulus package money in the first place so it isn't a loss. Pay off the cards and if you need them later you'll have empty balances. Also, paying them off now keeps you from growing credit card interest in the first place.

Donate to a shelter or church. If you know of a mission or church that is really helping out the homeless or less fortunate families, make their job a little easier by donating your stimulus package money. Many shelters are actually don't give hand outs but hand "ups" that help the less fortunate find jobs and complete educations. By helping out shelters and churches who are focused on making better citizens, you will relieve yourself a little bit of tax burden and boost the economy by giving someone ELSE a job. Donations are tax deductible, too.

Replace your energy sucking appliances. If you have been using that 1970s washer that sucks up 100 gallons of water per wash and drains your energy bill, this stimulus package money may be a great time to buy a more energy efficient one. The same with the fridge that takes 3 years to make things cold. Get energy efficient appliances and you will take a strain off of the power grid.

Buy a gym membership or gym equipment. Did you mean it when you said you were going to lose weight if you could just afford a gym membership? Now is your chance! By joining a gym (and actually GOING to it), you and your family can stay in better shape. And by staying in better shape you can save your fellow Americans tax dollars spent on health care.

Pay your car insurance premium up front for the year. You're going to have to pay it anyways. In these hard economic times it may be more tempting to go without it and pray that you don't get into an accident. At least by paying it up front you'll have some peace of mind and a few extra dollars back in your pocket each month. Your insurance company might be so happy they lower your rates!

There are many ways to use this money and we could easily blow it on extra vacations or eating out or saving every dollar for the future. But by investing it in the economy, you are truly using your stimulus package as it is intended. Spend wisely!