I Finally Got My Stimulus Money!


After all that time waiting (I was supposed to receive it by May 16th), we finally got our $1200 Economic Stimulus Money. Now, the only dilemma: What to do with it? Here are some of the things I’ve been thinking about doing with it, and I’d like your help, lovely readers!

  1. Put it into our emergency fund. We’ve got a pretty good emergency fund going right now, but I like having a lot of money in savings just in case. I feel more secure the more I have in there.
  2. Start a separate ING account for a car. We’re going to need to get a new one in probably a year or so, and I want to pay cash without draining our emergency fund.
  3. Start a baby savings fund. Is this silly? I am trying to save because kids are so expensive and we’d like to start trying to have a baby in 3-6 months, so I’d like to get a head start on saving for the baby. I guess we could always use some money out of our regular savings.
  4. Pay on the student loan. I’m hesitant to do this because we are paying around 1% interest, and I’d rather save and get 3% or pay on something else, like my mortgage.
  5. Pay on the mortgage, where the interest rate is 6.89%.
  6. Fund our Retirement accounts (ROTH IRAs).
  7. Something else! Please explain in the comments. It may be you think we should take a fun vacation, split the money up, or something I’ve never considered. Please help me out here!

Vote in the comments with your choice!

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7 thoughts on “I Finally Got My Stimulus Money!

  1. Kacie says:

    You have many great options!

    I’d vote for splitting it up and putting some in your emergency fund, in a new car fund, baby fund, and retirement.

    If you wanted to put it in just two places, I’d vote for putting half in the car fund and the other half in the baby savings, since they’d come to fruition the soonest, and it sounds like you already have a decent emergency savings going.

    Definitely do the sub accounts! I saw you had a previous post where you weren’t sure about subs. I think they’re a great way to save for specific goals.


  2. Mrs Money says:

    Kacie- thanks for your input! I have just been lazy setting up the sub accounts. I have part of my paycheck directly deposited into our emergency fund. I supposed I could set up a recurring payment into each account! I’ll have to do that this weekend. 🙂


  3. peder says:

    we will see how well the economic stimulus package helps us later in the year. while we are getting a boost in spending confidence now, what will happen later in the year when the stimulus money is all gone.

    i have been blogging about this for the past month and i will continue my year long mission to blog about the economic stimulus package. 600 dollars divided by 365 days is a buck64aday.

    i am the help the goverment never though they would get. I am spendning my stimulus a buck64aday.

    read my story



  4. Catherine says:

    I think the baby savings fund is a great idea. Getting a head start will make the transition smoother. Friends of our family had a financial plan figured out for how many children they could afford to have and put through college – and they stuck to it. Now their children are grown and were well provided for over the years – and the parents are getting ready to retire early. Having a really strict plan might not be necessary, but saving sooner than later is never a bad thing!


  5. Mrs Money says:

    Catherine- I don’t know where I got the idea, but it sounded good to me! I am the kind of person that really likes to plan things (as you probably can tell!) and I want to make sure we can afford to bring a baby into this world before we actually do. 🙂


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