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Second Stimulus Check: How Would You Spent It?

Written by Nickel - 70 Comments

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

Published on November 6th, 2008
Modified on November 7th, 2008 - 70 Comments
Filed under: Economy

About the author: 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!

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70 Responses to “Second Stimulus Check: How Would You Spent It?”

Pages: [1] 2 » Show All

  1. 1
    Blaine Moore Says:

    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.

  2. 2
    Noah King Says:

    Honeymoon.

  3. 3
    KC Says:

    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.

  4. 4
    Jennifer Says:

    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.

  5. 5
    Gloria Says:

    Same as the first – pay down debt.

  6. 6
    Aya @ Thrive Says:

    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.

  7. 7
    Heather Says:

    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.

  8. 8
    Austin Says:

    Pay my wife’s tuition for next semester.

  9. 9
    Philip Says:

    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!

  10. 10
    Donny Gamble Says:

    If I got a second stimulus check I would either put it into the stock market, my roth IRA, or my 410k account.

  11. 11
    Joe Says:

    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.)

  12. 12
    her every cent counts Says:

    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.

  13. 13
    Live for Improvement Says:

    I would add to the buffer my automatic monthly bill pay account. Either that, or invest in nascar commemorative plates. (just kidding)

  14. 14
    TSP Says:

    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.

  15. 15
    unimax Says:

    I spent it on my house. I am ready for my next home improvement project if the next one come thro’.

    Bharani

  16. 16
    Miss m Says:

    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.

  17. 17
    Mary@SimplyForties Says:

    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!

  18. 18
    Tim Says:

    Pay off the balance on my credit card, just like I did with the previous stimulus check.

  19. 19
    Josh Says:

    Pay down my college loans.

  20. 20
    Dave Burda Says:

    @ 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.

  21. 21
    Pharmboy Says:

    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.

  22. 22
    Nick Says:

    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.

  23. 23
    Sarah Says:

    I would do what I did with the first one: Loan the money back to the government by buying a savings bond.

  24. 24
    Danielle Says:

    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.

  25. 25
    Dana Says:

    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.

  26. 26
    Grey Says:

    I would pay off my old medical bills, and then pay down my credit card as much as I could.

  27. 27
    Tim Says:

    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

  28. 28
    Ryan Says:

    Calling Barack Obama “The Messiah” doesn’t change the fact that the American people didn’t want your candidate in office.

  29. 29
    Nick Says:

    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!

  30. 30
    Marie Says:

    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!

  31. 31
    cheryl bills Says:

    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.

  32. 32
    Chris Says:

    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.

  33. 33
    Jesse W. Says:

    it would go into some type of investment vehicle or straight into my websites…..

  34. 34
    Elizabeth Says:

    I would use it for Christmas if it comes by then.

  35. 35
    reva siskin Says:

    spend on children christmas single mom with nooooo money

  36. 36
    Bonai Arnold Says:

    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!!!!!!

  37. 37
    shell Says:

    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..

  38. 38
    mindy Says:

    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.

  39. 39
    carol Says:

    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.

  40. 40
    Carrie Says:

    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.

  41. 41
    jj Says:

    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.

  42. 42
    shell Says:

    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??

  43. 43
    Nick Says:

    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..

  44. 44
    DivaJean Says:

    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.

  45. 45
    Cheri Says:

    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.

  46. 46
    Daniel Says:

    Mine would go the same place the first one went: savings.

  47. 47
    Zelle Says:

    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…

  48. 48
    Zelle Says:

    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.

  49. 49
    reva siskin Says:

    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!

  50. 50
    reva siskin Says:

    no replys to question yetxmas looks very bad thenno clothes shoes and underwearor stocks

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