It is finally a done deal, The President finally signed the stimulus package which will allow individuals to receive $600, couples to receive $1200, and families will receive $300 for each child as long as the eligibility is met.  So for a family of 4 that is $1800 smackers. They are expecting the checks to start arriving in May. This is in addition to the tax refunds millions will be receiving so I can’t wait to receive my money.

My goal is to get out of debt or at least work on it. I have talked with some people and they are actually going to save their tax refund and stimulus package money. Me on the other hand, I am going to use most of my refund and stimulus package money to pay down on debt. The way I look at it, if I have a credit card with a 10% interest rate and can’t be guaranteed to make more than 10% in a savings account or the stock market, I am going to put my money towards debt. It just wouldn’t make sense to me to earn 2% in a savings account but pay 10% on a credit card. If I pay off the debt, I will be earning 10% on my money because that is 10% less I would have to pay out in credit cards interest.  It looks like I am not the only one either based on a recent survey.

UPDATE:  well I have received my tax return money but still waiting on my stimulus checks..  But Another thing has come up. check out my latest post “Little things that Payoff in a Big Way”   So here is the plan. My van is paid off. I am gonna take that money plus my tax and stimulus money and pay off my credit cards as originally planned.  And by me paying off those credit cards I will save on not having to make those payments which will offset a new car payment that I will have VERY shortly. Things always come up which is the story of my life!

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