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Open Phones: How should you spend your stimulus check? And what are you cutting back on?

Monday, April 28, 2008

The federal government began depositing checks into bank accounts today. How should you spend it? And, as food and gas prices rise, how are you cutting back on spending?

Comments [38]

Joe from New Jersey

I'm going to buy an I-bond to double the amount of debt this rebate created. Imagine if everyone did. Would that be a wake-up call, or are we too far gone?

Apr. 28 2008 02:04 PM
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RCTB from Westchester

P.S.: Stimulus money like all extra bucks will be used to pay for higher gas costs and to pay down credit cards. I'm not going on a spree; can't afford one.

Apr. 28 2008 01:07 PM
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RCTB from Westchester

Bringing my lunch to work -- saves about $35 per week, since lunch cost about $10 per day (for soup and salad), whereas the lunches brought from home total about $15.00. My food is better than deli food, too -- no additives and fillers, such as corn syrup, no hormones in the eggs and chicken, organic greens. I'm eating better and saving money.

Apr. 28 2008 01:06 PM
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michael winslow from INWOOD

Hip Hop this is going to reduce your 2008 tax return.

For example people who received $600 and who were due to receive $1,000 will only get $400 for their 2008 return.

Apr. 28 2008 11:29 AM
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hip_hop_says from brooklyn

initially i thought i would give it away to some worthy non-profit (but I can't afford that), but then I thought I would take a professional development course at NYU (but I don't really have the time to commit)....while I would love to pay off debt I have spent most of the year doing that (no ccard debt, started IRA, paid taxes owed for 2006, paid public library,etc)...I could save it but then I have already started that this year (12 percent goal per pay)....so I am buying a new camera - a Nikkon DSLR (Yay!!!)

Just a note the stimulus rebate is not an advance on your 2008 taxes. My understanding from reading the bill (gotta love thomas.gov) is the only way you are going to see a difference if you move tax brackets between now and next year...which the way the phase out level is constructed the odds are highly improbable you will be eligible for the rebate but by next year be in the next highest tax bracket.

Apr. 28 2008 11:26 AM
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Martin from Brooklyn Heights

I just realize I spent it last week on a second pair of glasses -- that check better be for $600.

I have cut back on air travel, fully replacing my audio system, eating out at $$$ resaurants and other big-ticket items.

Apr. 28 2008 11:24 AM
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Mark Kessler from Westchester

I don't know what we'll spend it on, but we will try to spend at least part of it on something we wouldn't have otherwise purchased. We were leaning toward more dinning out with the thought that a large fraction of that money gets pumped into the local economy. Maybe a rebate debit card would have been more effective at getting people to spend ... if organizational costs we not prohibitive.

I was against the rebates checks at first, but then I realized that it is equivalent to rolling back tax cuts on the rich. We are mostly all getting the same amount but we're not all going to pay back the same amount.

Apr. 28 2008 11:20 AM
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hjs from 11211

boycott japan too they kill whales :(

Apr. 28 2008 11:10 AM
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Debbie from Upper West Side, NY

Go figure we say boycott China but not Israel, can we say hypocrite! I will also boycott Israel. Great Idea.

Apr. 28 2008 11:08 AM
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Randall Richards from Connecticut

A recent caller said that the Stimulus Package is "Found Money." It's not. Tying in to another caller who called it 'Monopoly Money," we must remember that it IS BORROWED money that we will have to pay back someday.

The Bush Administration thinks it can cut taxes on the rich and still borrow money to pay for everything - where is the fiscal conservativisim that they tout so highly? For that matter, how can they pay for the Iraq War in the same way?

Apr. 28 2008 11:04 AM
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hjs from 11211

it's a funny thing our nation is in debt, our students do poorly, our infrastructure is falling down and we are given tax rebate checks or (by the states property rebate checks,) which they borrow money to give us. go figure

you get what u pay for

Apr. 28 2008 11:03 AM
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Valerie from LIC, QNS

Hmmmm ... and after those comments by Raymond and Larry, I think I'll spend some of it on ISRAELI PRODUCTS!

Apr. 28 2008 11:03 AM
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maria from park slope

I wish i could somehow protest this money, but frankly, at the age of 25, this check is kind of saving me financially. I agree that we probably shouldnt be getting them in first place, but at the same time i know a lot of people my age who are doing the post-collegiate struggle, and could use all the help they can get.

Apr. 28 2008 11:01 AM
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Cody from Harlem

I'd love to finally buy a keyboard or a banjo, as I play both of these instruments but don't own either, but this will definitely go toward paying for school.

While Robert's (above) situation is certainly more dire than mine (i.e. needing it for health insurance), I think the fact that, for many, this check will have to go for school or health insurance or paying bills points at the fact that this "stimulus" move is nothing more than the government's attempt at a quick fix for a much deeper set of problems.

Apr. 28 2008 11:00 AM
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Raymond from Bronx

Great idea Larry, before they censored you, Dont spend your check on Israeli products...

Apr. 28 2008 11:00 AM
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michael winslow from INWOOD

THIS IS NOT FOUND MONEY.

IT WILL BE SUBTRACTED FROM YOUR 2008 TAX RETURN!!!!

[[BL Moderator Writes: This comment edited for being uncivil. There is no need to write your entire message in CAPS. Thanks!]]

Apr. 28 2008 11:00 AM
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Valerie from LIC, QNS

Since Bush has done so much to erode our civil liberties, I am giving part of my stimulus check to the ACLU.

Apr. 28 2008 10:59 AM
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Linnea from Brooklyn

Since I live on student loans, the extra boost of income means I don't have to worry so much about money for the next couple of months. It will go into the pot of food, entertainment, and basic household necessities. I may also buy some new shoes...

Apr. 28 2008 10:59 AM
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Andrew T Chen from NYC

I am taking my $600.00 and converting it into Euro's. At the current rate I'll get 480.00 back. Then wait for the Dollar fall more and convering it back.

Apr. 28 2008 10:58 AM
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Susan from Manhattan

Sadly, the whole thing is going toward paying my '07 taxes.

Apr. 28 2008 10:58 AM
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NiceDay from NYC

I have $0 debt and I'm using the rebate to get a new bed so I can sleep/rest better and work harder.

Apr. 28 2008 10:58 AM
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Sara from Greenpoint

a) convert our diesel car to run on fryer grease
b) pay 2nd quarter estimated taxes
c) pay landlord 9% rent increase
ouch

Apr. 28 2008 10:57 AM
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Joel from Brooklyn

The rebate is NOT "free money"; it's just an advance on your next year's taxes.

Apr. 28 2008 10:57 AM
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Richard Williams from Larchmont, NY

My wife and I will pay our bills with it.

Apr. 28 2008 10:56 AM
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johnjohn from New York

I am moving out of Manhattan to increase my savings and will use my rebate to pay-off the taxes I owe!
I believe the recession is going to get worser with greater inflation and lower growth.

Apr. 28 2008 10:56 AM
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Heather from Brooklyn

Sadly, I think I'll have to start eating less locally-grown, organic food, and go back to eating hormone-filled meat that costs $2.50/pound rather than $10/pound organic turkey meat- same goes for going back to eating veggies with pesticides. Yuck-- but it's too expensive to shop in an earth-friendly, human-friendly way these days!

Apr. 28 2008 10:56 AM
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Larry from Brooklyn

Hey Brian if you think it is Humanitarian spending by not using the stimulus check by not spending any on China products the same can said about Israel? Let's Boycott

Apr. 28 2008 10:55 AM
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Chicago Listener

i have no debt outside my mortgage and car payment. i did the debt elimination thing several years ago and recommend it heartily. this check will probably go into savings in order to pay off the car more quickly.

Apr. 28 2008 10:55 AM
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amanda

hi, just wondering how you know when you will get your check, and how you know if they have your direct deposit info? i filed my taxes through turbo tax.

thanks!

Apr. 28 2008 10:55 AM
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Kelly from Hell's Kitchen

What rebate? I spent last year in medical treatment, I'm self-employed and therefore no revenue to claim for 2007. On the upside, I didn't have to file this year. According to the government, I don't exist.

Apr. 28 2008 10:53 AM
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Robert from NYC

BALONEY!!! I'm using it to pay for the second half of my portion of my health insurance which is what the government should be paying for anyway!!!!!!!!! Never mind dinner and all that other crap, including charities. If I weren't getting this I don't know how I'd be paying this second half of my health insurance. If we had universal coverage I wouldn't have to do this.

Apr. 28 2008 10:53 AM
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Doug from New Hampshire

I will not be seeing any of the money because I will will have to pay the IRS.

I'm sure I'm not the only one and because of that I don't see how this will help the economy.

I'f I did get the money, I would spend it on gas.

Apr. 28 2008 10:52 AM
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Gary from Manhattan

The so-called stimulus checks are one of the stupidest ideas to come out of Washington. Congress borrowed $150 billion from mostly the Chinese which will probably be spent on lead-filled products from China. Thus, we owe China $150 billion (on top of other borrowing) and we send the borrowed money back to China. F&*%ing brilliant!

Apr. 28 2008 10:51 AM
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erick from Rochester, NY

Here's an idea: Everyone take their stimulus check and use it as seed money to start a not-for-profit, publicly held/controlled, socialized healthcare program.

Apr. 28 2008 10:51 AM
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Suzanne Iannaccone

I'm starting to believe there won't be social security for my retirement. All going into my 401K

Apr. 28 2008 10:50 AM
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hjs from 11211

If you cared about our country u won't cash the check. by not cashing the check the money goes to paying of our national debt. for me I'll be paying off my credit card debt, most of which is from a Spanish trip I took a few weeks ago.

Apr. 28 2008 10:50 AM
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BL Producer from WNYC

FYI -
The site mentioned on the air can be found here:

http://acleanfight.org/

Thanks for listening!
-BL Show-

Apr. 28 2008 10:50 AM
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Paulo from Paterson, New Jersey

I'm going to be using mine to stimulate the economy of Brazil with a ten-day vacation.

Apr. 28 2008 10:49 AM
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