The Main Monkey Business
photo figure credit: ezola
Last week ScrapperMom and I received our “Economic Stimulus Package” via Direct Deposit. Since there are the two of us plus one dependent, our package totaled $1500. For now, this money will sit in our high interest savings account. With all of the bad economic news lately, we feel a bit more secure with more of a buffer — just in case. (I would like to thank our children and grand-children for giving us this money — you guys really shouldn’t have — really)
If you haven’t received your stimulus check or deposit yet, you can check the schedule at the Economic Stimulus Payments Information Center at the IRS website.
Even though we will be squirreling away our refund for the time being, that doesn’t mean that we won’t still be able to take advantage of some really great additional incentives offered by a number of retailers, including grocery stores. A number of stores have made the offer to increase your stimulus check by 10% if you use it to shop at those stores.
Here’s a list of stores participating:
- Sears, Kmart, and Lands’ End
- SUPERVALU Stores:Acme, Albertsons, Bigg’s, Cub Foods, Farm Fresh, Hormbacher’s, Jewel-Osco, Lucky, Shaw’s/Star Market, Shop’n Save, and Shoppers Food & FarmacyPress Release
- Kroger Supermarket
- RadioShack
Each of these stores has a different policy on the increment value of your check that you can redeem, but they all offer to stretch your check an additional 10%. Now I certainly don’t encourage you to spend at these stores just to get the extra 10%, but if you were going to shop there anyway, or needed something that one of these stores offers, then by all means, stretch away.
If, like us, you received your stimulus payment by Direct Deposit, you may still be able to receive the 10% by showing proof of your receipt of the stimulus in the form of a bank statement. This article from the Boston Globe states explicitly that Shaws will allow you to redeem your 10% in this way.
In our case, we will be getting triple credit by using the Stimulus like this:
- Purchase $1320 worth of gift cards from Shaws (which is where ScrapperMom typically does our grocery shopping) for a cost of $1200.
- Use our Chase Freedom card, which offers 3% cash back on grocery purchases to buy the gift card, to reduce the cost of the gift card to $1164.
- Keep the $1500 Stimulus in our high interest savings account until September when our credit card bill for the year is due (point 2 in this article).
And actually, since we would be spending money at Shaw’s anyway, the final payment for the gift cards will come out of the grocery line item for our spending plan (aka budget) for the next 3-4 months anyway, allowing the Stimulus to continue sitting in our high interest savings account, earning away.
Here are some other ideas for what to do with your Stimulus:
- Start or augment your emergency fund
- Pay down high interest debt like credit cards or car loans
- Fund your Roth IRA
- Pay down low interest debt like student loans
- Fund your kids’ 529 college savings plan
- Donate it to your favorite charity or cause
Have you received your stimulus check yet? How did or do you plan to spend it? Let’s hear it in the comments section!