Wednesday, June 11, 2008

Wise Spending

Spend Spend, Spend, this is what the government wants you to do with your economic stimulus rebate. They are counting on you to shuffle on down to the closest retail store and leave your money. Mega retailer, Wal-Mart, reported a 4% increase in sales for the month of May, and determined that the increase was a direct result of the stimulus rebate.

If you are still sitting on your rebate check, good for you!! A better way to spend your rebate check would be not to “spend” it at all. Here’s an idea: SAVE your rebate check!! Prepare for the unknown, start or add to an emergency fund. Experts say that your emergency fund should equal six months of your income, does it?

Consider buying a Certificate of Deposit, mutual fund or adding the lump sum to your 401K. 66% of Americans don’t have enough stashed away to live comfortable during retirement.

Try decreasing your credit card debt. If you can’t seem to get that credit card debt paid down, now is the time, use your stimulus rebate to decrease or eliminate this debt.

1 comment:

Scott said...

Wonderful advice! Pay down debt before spending more money. Seems easy, but everyone needs encouragement and reminders.