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Your Economic Stimulus Payment

Beginning in May 2008, the U.S. Government will send economic stimulus payments to more than 130 million households. To receive a payment, taxpayers must have a valid Social Security number, $3,000 of income and file a 2007 federal tax return – the IRS will take care of the rest.

Tell us how you plan to spend your stimulus payment.

I have a few suggestions;

1. Use it to improve your financial situation by putting it towards your debts.

2. Start your financial safety cushion. You should have 3-6 months worth of living expenses saved as an emergency fund.

3. As the adage goes, pay yourself first! Start a savings account and invest your money. Try to save at least 10% of your earnings.

Eligible people will receive up to $600 ($1,200 for married couples), and parents will receive and additional $300 for each eligible child younger than 17. Retirees, disabled veterans and low-wage workers who are usually exempt from filing a tax return must do so this year to receive a stimulus payment.

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Published Apr 8, 2008.