Second Stimulus Check: How Would You Spent It?
I’ve written in the past about the possibility of the feds sending out another stimulus check, and I just saw on the news that House Democrats are pushing for a new round of economic stimulus, so… Perhaps it will happen.
That begs the question…
What would you do with a second stimulus check?
According to a recent consumer poll, just 39% of respondents say that they would spend it, with 38% saying they’ll save it, and 18% saying they’ll use it to pay down debt. Of those who envision spending it, 21% said they would spend it on holiday gifts, whereas the other 18% would spend it on themselves and their families, but not on holiday gifts.
What about the first stimulus check?
Well… 33.5% of respondents reported spending it, whereas 29.3% said they saved it, and 37.1% said they used it to pay down debt.
Source: Dallas News
Disclaimer: Discover is a paid advertiser of this site.
Reasonable efforts are made to maintain accurate information. See the Discover online credit card application for full terms and conditions on offers and rewards.
Modified on November 7th, 2008 - 70 Comments
Filed under: Economy
About the author: Nickel is the founder and editor-in-chief of this site. He's a thirty-something family man who has been writing about personal finance since 2005, and guess what? He's on Twitter!
Related articles...
» Second Stimulus Check?» Second Stimulus Check? Another One Might be on the Way
» What to do if you get a Second Economic Stimulus Check
» Haven’t Received Your Tax Stimulus Rebate Yet?
» New Economic Stimulus Package Delayed
» Free Filing to Get Your Economic Stimulus Tax Rebate Check
» Tax Stimulus Rebate is Now Law
» Qualifying for an ‘Economic Stimulus’ Tax Rebate Check
Was this article useful? Please sign up to receive our content via e-mail:
70 Responses to “Second Stimulus Check: How Would You Spent It?”
Leave a Reply
Top Cards by Category
Earn 100 Reward Dollars after you make $1,000 in purchases in the first three months of Cardmembership.
Earn 25K Membership Rewards(R) points after you spend $2,000 during your first three months of Card membership.
Consumer friendly credit card with a great low rate of 7.25% and save on interest charges. No balance transfer fees and no annual fee.
The new Discover it card is out to change the way people think about credit cards. No annual fee. No overlimit fee. No foreign transaction fee & no pay-by-phone fee. No late fee on your first late payment. And Discover won't increase your APR for paying late.*
The new Discover it card is out to change the way people think about credit cards. No annual fee. No overlimit fee. No foreign transaction fee & no pay-by-phone fee. No late fee on your first late payment. And Discover won't increase your APR for paying late.*
Consumer friendly credit card with a great low rate of 7.25% and save on interest charges. No balance transfer fees and no annual fee.
Limited Time Offer: Get 25,000 Membership Rewards(R) points after you spend $5,000 in the first three months of Card membership. Enroll and select a qualifying airline to receive up to $200 annually in statement credits for incidental fees, such as checked bags and in-flight refreshments, charged by the airline.
The new Discover it card is out to change the way people think about credit cards. No annual fee. No overlimit fee. No foreign transaction fee & no pay-by-phone fee. No late fee on your first late payment. And Discover won't increase your APR for paying late.*
- How to Become a Millionaire
- How to Get Out of Debt
- The Best Dollars I've Ever Spent
- How Our Estate Plan is Structured
- How We Paid Our Mortgage In Less than 10 Years
- Money Making Ideas
- How to Manage Your Asset Allocation with Multiple Accounts
- Consumption Smoothing - Save While the Saving's Good
- How to Save on Groceries
- How Much Life Insurance Do You Need?
- Eleven Great Books About Money
- Dave Ramsey is Bad at Math
- Dish Network Customer Service SUCKS
- $8,000 Homebuyer Tax Credit
- Pay Off Mortgage Early or Invest?
- How to Claim the First-Time Homebuyer Tax Credit
- Termite Control: Sentricon vs. Termidor
- How Much Should You Pay a Babysitter?
- Ethanol Blended Gas = Lower Mileage?
- Reduced Credit Limits? Share Your Experience
- $15,000 Homebuyer Tax Credit
- Will Mac OS X Lion Kill Quicken 2007?
- Buying Furniture off the Back of a Truck
How to save money on insurance
- How I cut my spending in half to take a job I loved
- Working longer: Fallback or fallacy?
- More money, more happiness: Do you think money can buy happiness?
- Overdraft fees soared to $32 billion in 2012
- How do you combat prom inflation?
- How should you choose a bank? Look in the mirror.
- The cost of clean water
- College debt 101
- Is it possible to live debt free?
- How to prepare for a home appraisal
November 6th, 2008 at 9:19 am
The first stimulous check went 100% towards my mortgage, if we got a second one that it would probably go into the savings account and used towards a vacation, with the balance being used on the mortgage.
November 6th, 2008 at 9:51 am
Honeymoon.
November 6th, 2008 at 10:29 am
Same place as the first one – savings account. Right now I’m not planning on purchasing any stocks until the first of the year or else I’d put it there.
November 6th, 2008 at 10:29 am
The first stimulus check paid my car insurance bill… the second one would go a similar direction, depending on when it showed up. Either a car payment, or a credit card payment if the car’s paid off by then.
November 6th, 2008 at 10:35 am
Same as the first – pay down debt.
November 6th, 2008 at 11:46 am
I was initially surprised that the % of spenders has not decreased all that much, but then I began to wonder what they will be “spending” it on. Is it spending for themselves in terms of shopping and entertainment or spending for financially necessary reasons.
November 6th, 2008 at 12:10 pm
We would save it to spend it, most likely on groceries and a lease-breaking fee so that we can move in with relatives, unless my husband can find a full time job before it (hypothetically) comes. Ugh. This was not a good year to be a car salesman and then get injured.
November 6th, 2008 at 12:54 pm
Pay my wife’s tuition for next semester.
November 6th, 2008 at 1:08 pm
I remember in my economics class back around 2001 my teacher was talking about ways to stimulate the economy. His suggestion was to give a $500 check to every college student, obviously this was enjoyed by the class. His reasoning was that group would go and spend the money close to immediatly. They would go party, buy games, tvs whatever they felt like.
He even pointed out that older persons would put money into stocks, or save the money in other ways and not “stimulate” the economy as well.
I guess all the results we have seen are right, too many people saved it! Just give some money to those college students!
November 6th, 2008 at 2:13 pm
If I got a second stimulus check I would either put it into the stock market, my roth IRA, or my 410k account.
November 6th, 2008 at 2:20 pm
From what I’ve read don’t count on a stimulus check. What the Dems are proposing as a stimulus is an extension of food stamp benefits, unemployment insurance, and spending on public works (roads, bridges, etc.)
November 6th, 2008 at 2:37 pm
I think I already spent my second… and third, and fourth stimulus checks. So as soon as the government gives me them, I’ll use them to pay off debt.
November 6th, 2008 at 2:51 pm
I would add to the buffer my automatic monthly bill pay account. Either that, or invest in nascar commemorative plates. (just kidding)
November 6th, 2008 at 5:03 pm
I doubt any substantive money will end up in my pocket as a result of another round of stimulus. However, if it does, I would use it to pad my emergency savings account. I did use the last one to buy a new tv (I’ve very patriotic), but this one will be used a little more wisely.
At some point, I’m going to have to contribute to the trillion dollar deficits we’ll be seeing for the next few years.
November 6th, 2008 at 5:20 pm
I spent it on my house. I am ready for my next home improvement project if the next one come thro’.
Bharani
November 6th, 2008 at 6:35 pm
I didn’t qualify for the first, even though I’m middle class for los angeles. I would have saved it if I got it, I’m not one of those who think patriotism demands blowing money.
November 6th, 2008 at 8:10 pm
Save 25% and use the remaining 75% against debt. Frankly, this is one check I don’t want to see in my mail box as I don’t think the government should be handing out any more money!
November 6th, 2008 at 8:27 pm
Pay off the balance on my credit card, just like I did with the previous stimulus check.
November 6th, 2008 at 9:28 pm
Pay down my college loans.
November 6th, 2008 at 11:45 pm
@ phillip
Investing isn’t stimulating the economy? Buying a share of stock in Apple is giving the company –and the economy– money just like buying an Apple product. No difference. Don’t knock investing stimulus checks.
Some of us manage our finances responsibly and aren’t shackled by debt or a lack of self-control. We’ll do with our money what we want.
November 7th, 2008 at 12:19 am
Well, I worked my butt off all summer long, worked harder than I have in my entire life. With the exception of a 10-day vacation and one 4-day weekend I literally worked every day from May 1st to Oct 1st, and some days were 16-hour days. My wife and I are trying to get our finances lined up before we start a family and she cuts back at her job. So to comment on what I do with another stimulus check? The same thing I did with the first one: take my wife out to the local Mexican restaurant for dinner. Because of our income, our first stimulus check was $23.62.
November 7th, 2008 at 3:11 am
More worthless fiat currency to flood the markets. The Feds are printing it faster than they can give it away. But “The Messiah” will save the world and the economy.
November 7th, 2008 at 5:50 am
I would do what I did with the first one: Loan the money back to the government by buying a savings bond.
November 7th, 2008 at 10:34 am
My short term savings account for things like car repairs, gifts, vacations and unexpected expenses has been drained recently. I agree that a blanket stimulus for every tax paying individual is not the best bang for the buck the government could charge on the “we will pay it back later” card… but if I got one it would go in that account and likely go to holiday gifts and some new snow tires, unless something more unexpected comes up.
November 7th, 2008 at 11:05 am
We owe the IRS so the last check went towards that debt and I would think another one would as well. I am fine with that…I hate owing the IRS.
November 7th, 2008 at 12:59 pm
I would pay off my old medical bills, and then pay down my credit card as much as I could.
November 7th, 2008 at 5:13 pm
I got two $1200 stimulus checks…but alas, the IRS asked for one of them back. Since I bought 4800 25cent gumballs with my last stimulus check, this time around i think i will buy jelly bellys
November 7th, 2008 at 5:17 pm
Calling Barack Obama “The Messiah” doesn’t change the fact that the American people didn’t want your candidate in office.
November 7th, 2008 at 8:24 pm
my candidate did not run. but i do hope the american people enjoy the tax and spend liberals that they just elected. the american people are too busy with dancing with the stars. they love outrageous promises. see you in 4 years!
November 8th, 2008 at 9:49 am
Well, considering I just made the guidelines for a check, by getting a lump sum from disability, I would probably spend it on bills. I have a bad heart and can’t work, but I get a whopping 468. a month. This goes a long way towards paying my 490. house payment and all the other bills. I have no credit cards or any bills besides utilities. I don’t see why I now have to pay for medicare also. I also don’t understand why if you don’t have any money to start with, you won’t get any money to help. It’s always the ones that already have money. Save?? PSSSHHT!
November 8th, 2008 at 11:18 pm
if we do receive another stimulus check, i will put it all on my 46″ sharp lcd hdtv. hopefully i’ll have it by the “daytona 500″ in february.
November 9th, 2008 at 1:45 pm
Marie,
The stimulus check is actually considered a tax refund. If people haven’t paid taxes, they don’t deserve a check. It is not considered a hand out. You have to pay for medicare for the same reasons I have to pay for my health insurance. If you don’t want to pay, please opt of medicare.
November 9th, 2008 at 5:46 pm
it would go into some type of investment vehicle or straight into my websites…..
November 10th, 2008 at 1:14 pm
I would use it for Christmas if it comes by then.
November 10th, 2008 at 6:38 pm
spend on children christmas single mom with nooooo money
November 10th, 2008 at 8:42 pm
I would spend it on Christmas gifts I believe, i’m tired of stressing about bills, my son and i deserve that much. By the way I LOVE BARACK AND MICHELLE OBAMA!!!!!!
November 10th, 2008 at 11:00 pm
wow some well off people here who are able to just save it..The last one put brakes on the car which I ran down way to baddly due to not being able to get them fixed before that and grocieries that the kids were very thankful for ..Another one would not go toward christmas were forgoing that this year as we had to do birthdays it will go toward restocking the fridge,tune up ,oil change for the car and some clothes for the kids for school..
November 11th, 2008 at 1:33 am
I would use this to pay off some credit card debt and help buy my child’s christmas. I would also get a couple minor things on my vehicle fixed.
November 11th, 2008 at 12:49 pm
so glad to see that people (some) have the options of what they will do with a possible stimulus check. many of of don’t have that luxuary. most don’t have a job, no insurance,our unemployment has ran out and we are not even counted as statistic any longer. some have gone done to 8-9 dollars an hour job due to supply and demand.and of course the staffing agentcys that find you a job but at a charge.some of us will do with out our medications, heating our homes.and some food.and santa is not coming to our house this year.
November 11th, 2008 at 4:15 pm
I know the checks they are thinking about get claimed, I know we end up paying it back in the long run.. just as we do with any loan. I feel if we get this check think of it as a loan that will be paid back in taxs. With that said I would LOVE another check, if it comes in time for Christmas shpping. As of none I am done with my shopping with spending less then $400 on a family of 5 plus (nieces, nephews, partents, etc). If I were to get another check it would be spent on Christmas, is it a good idea not always, should I save it? Sure probably should but I know by spending it, it keeps people in business, keeps my husband at work.You have to put money in the ecom. We all know this in order to get the US out of debt. Once the ecom. is back to normal we will all get back to normal. The faster we do this, the faster we will be back to the way we know.
November 11th, 2008 at 9:15 pm
I would just like to know from those of you who “cant afford groceries” or “cant do christmas”, how you are affording the luxury of the internet? I think I would do without before I deprived my children of those things. Don’t expect the government to come bailing you guys out too.
November 11th, 2008 at 9:37 pm
JJ as far as for my family the internet is more important than christmas ..It is a necessity that we chose over tv and cell phones or dinners out…
I have two children in school and they are both required to have reports and other things done from a computer to pass the classes ,we tried going without it and using the library but your not always able to find an open computer and I work 2 jobs so i’m not home till after 8 at night and they close at 8:30 and it cost more to print the reprorts then it cost to actually have internet at home ..Were able to live without christmas and we make do with the groceries that are brought in.
Its just that it would be nice to if possible be able to have some presents and a really nice dinner ..And I figure the taxes that are taken from me I deserve some back to use on my family..I’m not expecting the gov. to bail me out thats why I conserve and work hard to try and help myself .Besides hows giving me back money they took from me in the first place bailing me out??
November 11th, 2008 at 11:21 pm
Most likely save it. If it comes, I don’t need the money right now, but inevitably I will a little bit more down the line..
November 12th, 2008 at 8:58 am
I still have my first stimulus money in a savings account- with the tax returns I received in spring. If there were to be another stimulus check coming, I’d have enough for siding on my house.
So spend it would be my answer.
November 13th, 2008 at 9:45 am
If a check received before Christmas: A new pair of winter boots for myself, spend the rest Christmas shopping for family.
If check received after Christmas: A new pair of winter boots for myself and a new pair of glasses.
November 14th, 2008 at 1:03 pm
Mine would go the same place the first one went: savings.
November 15th, 2008 at 12:30 pm
You guys have savings and emergency funds… wow. Since it probaby would not arrive before Christmas time, and not long before or even possibly after the 2008 Tax season begins, I suppose I would spend it to pay up the car insurance and purchase some things for the new place, we will be moving soon. The tax return will go to debt, paying off the credit cards and trying to get one car note payment ahead…
November 15th, 2008 at 12:53 pm
With regard to the comment about not having money for food and the Internet:
A lot of things are like that. Things that weren’t necessities become necessary over time after the introduction of new technology. I don’t feel old, but I remember when every one didn’t a hav phone; ma bell would be like no and you just didn’t have one and had to make do. Microwaves and PCs came out not far from one another. I guess microwave technology was ready to go while PCs (I had a commodore 64) had to improve a bit… but now pretty much every home in the nation has a phone and a microwave. And it wont be long before all have computers.
In my family the Internet is not a luxury it’s a necessity. I have school age children, and I myself prefer to be reading or learning something as opposed to watching TV. We have many interests and the easiest way to find information is via the Internet. So it has to be paid for like any other utility.
November 15th, 2008 at 4:28 pm
does anyone know for a fact we will get acheck before christmas?we are so desperate no xmas for me and son tell me please!
November 15th, 2008 at 9:35 pm
no replys to question yetxmas looks very bad thenno clothes shoes and underwearor stocks