After hearing about the economic stimulus package schedule, I was really excited. I was going to get my check at the first possible direct deposit date which was originally May 2nd. I got even more excited when I heard it was going to be this Monday, April 28th. To my surprise when Monday came, there was no extra money in my account. After taking about 30 minutes to triple check the deposit schedule I realized one important detail. Since I had to file an amended return this year, I wasn’t officially direct deposit for this year’s return. So basically, instead of already having my money I’m going to have to wait a couple weeks, plus deposit a paper check.
First off, anytime I have to deposit a paper check it just drives me nuts. I’m a big proponent of online banking, and I try to do as much as I can with automated transfers and/or direct deposit. I just hate the inconvenience of having to go to the bank, and the security risk of waiting for checks in the mail. Either way, I’m looking forward to getting my stimulus check soon and putting it in the bank. We really don’t have much planned for the money, so I think my wife and I pretty much agree that it needs to be put away to boost our savings. If we happen to think of something good to spend the money on, we can take it out at that time, but I like putting it away early since it makes it less likely to just spend on whatever.
I really don’t think the stimulus package will do what the government expects it to. I’m thinking that most people will be putting it away or putting it towards reducing their debt. Even for those that plan to spend it, I think it may be a little too late to really boost the economy. With all the recession talk in the news nowadays and the market as volatile as it is, most people are happy to bank that money and make it feel that much safer in today’s economy. Even though I just plan to put it away, I always get excited about a considerable amount of money coming in. Ever since I started making progress financially, it has become like a game that I get excited about each month. As the money money and investments starts to build and my debt starts to shrink, it really makes me want to keep it going that much more. So while my stimulus check may not be used to help our economy as a whole, it definitely will be a boost to my personal finances that I’m looking forward to.
