In case you missed it, President Bush says he wants to give a tax cut in the form of an $800 cash rebate to individual taxpayers this year ($1600 to taxpayers filing jointly). If the tax rebate comes to fruition, what would you do with it? This is a question that many personal finance bloggers have been discussing – most pf bloggers have prudent plans for their rebate, such as beefing up their emergency fund or paying off debt.
I think such plans are admirable, and (assuming we weren’t outside the income limits for receiving a rebate) my first inclination would be to add our tax rebate to our car payment fund. However, it seems to me that simply saving the money would be rather unpatriotic. After all, the rebate is part of an “economic stimulus package” that’s supposed to help revitalize the economy. And I’m nothing if not a patriot. I love my country. I want us to thrive, prosper and succeed as a nation.
So I’ve been thinking. If the rebate comes toward the end of the year, when we’ll be buying our new car, I’ll be all set. The money will go toward the car. But if the money comes months before (or after) that, we could spend it on something that we’ve been wanting but have been putting off for some reason or another. Like a washer, if we still need a new one. Or new blinds (I would love to replace all of the blinds in our house). Part of the money could go toward a Scooba. I think I’ll make a list of things that I would like to spend money on if we had more money to spend. And then, if we happen to get that rebate, I’ll have a lot of ideas on how to spend it.