I checked our ING Direct savings account today and the government was true to it’s word - Our economic stimulus check came in! In total it was $1800. This is $600 each for my wife and I and $300 for each of our kids. Fortunately we had our tax refund direct deposited into ING so the stimulus check arrived the same way. We don’t even have to deposit it or transfer it to our savings. It’s earning interest as we speak!
So what are we using it for? If you remember my stimulus suggestions article I mentioned that we probably won’t do anything in particular with it. It’s already in savings earnings interest so that’s good. We have expenses coming up but I can’t say we are specifically using the money to cover them. The economic stimulus check will sit in our savings an if we need the money we’ll use it. We aren’t going out of our way to try to spend it.
Why can we do this? It’s because we’ve already built up a nice savings cushion and with the exception of student loans we have no debt. Getting rid of our credit card debt and living a modest lifestyle is allowing us to bank the stimulus check with no worries.
Have you gotten your economic stimulus check yet?
Here are the mail/deposit dates from the IRS site:
| Direct Deposit Payments | |
| If the last two digits of your Social Security number are: | Your economic stimulus payment deposit should be sent to your bank account by: |
| 00 – 20 | May 2 |
| 21 – 75 | May 9 |
| 76 – 99 | May 16 |
| Paper Check | |
| If the last two digits of your Social Security number are: | Your check should be in the mail by: |
| 00 – 09 | May 16 |
| 10 – 18 | May 23 |
| 19 – 25 | May 30 |
| 26 – 38 | June 6 |
| 39 – 51 | June 13 |
| 52 – 63 | June 20 |
| 64 – 75 | June 27 |
| 76 – 87 | July 4 |
| 88 – 99 | July 11 |
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Unfortunately, I wasn’t able to do what I intended with my check (read here for the full details: http://simpledebtfreefinance.com/my-economic-stimulus-check/ ) but at least it did blunt the unexpected expense and allow us to stay on course with our savings goal. It’s a bit of a bitter-sweet feeling really….
Congrats on getting your money. that’s a nice feeling isn’t it?
@ Joe - Sorry to hear about the car. At least you’re not going into savings to fix it.
@ Pete - It is a nice feeling to see money magically appear in your savings account.
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