What to do with this refund money. Spend it, save it or put it toward my debt consolidation plan.
Politicians and Economist hope that you will spend your refund, which will range from $300 to $600 per person. After all that is the point of the Economic Stimulus Package, to prevent a recession, raise the sagging economy. As you ponder what you will do with your refund, now is a great time to take a hard look at your financials.
Debt is on the rise for most Americans. This refund could be the extra push needed to get you out of debt. If you are on a debt consolidation plan, you could pay off one of your creditors. Then you could use the money that you were paying to that creditor and apply it to another creditor. You would be able to get out of debt sooner, pay less money overall and less interest.
Saving the money is another option. You could use it as an emergency fund. Or you can let it sit and gather interest, much to the dismay of the politicians and economist that proposed this Economic Stimulus Package. What ever you decide. Now is the time to look at your financial situation and determine what's best for your future.