Americans, What will you be doing with the stimulus money?

amother

Tan

Sun, Jan 03 2021, 8:16 am

amother [ Pearl ] wrote:

We aren't getting any extra money in England 🤔 besides for the 10k that my dh's business received at the beginning of the pandemic bH. You lucky guys, I'd probably buy a sheitel with it, or put it towards summer vacation away if we can even travel again by then! Wink

Um, so sad Wink

amother

Violet

Sun, Jan 03 2021, 8:19 am

Ema of 4 wrote:

How is it not patriotic to put it into savings?

Its not getting the economy going.

when you spend it you benefit - and the shop benefits.

Ema of 5

Sun, Jan 03 2021, 8:22 am

amother [ Violet ] wrote:

Its not getting the economy going.

when you spend it you benefit - and the shop benefits.

It benefits the people putting it into savings. They can great easier, they may spend a little more willingly, knowing they have something to fall back on.
I wish everyone would stop with all the judgement and name calling, and deciding what is and is not on for people to do with their own money.

amother

Gray

Sun, Jan 03 2021, 8:29 am

Ema of 4 wrote:

100% agree! We are using it to pay our mortgage which is overdue. We have a lot of financial issues and no savings. But I don't resent anyone else for using their money however they want. The same way I never resent them for using their money the way they want.

Nobody is required to give their stimulus check to tzedakah just because they don't need it right now. And nobody has a right to judge them or tell them that they have to do it.

The attitude that nobody else can have more than me is poison. If you're going to be jealous, don't open the thread!

Redbird

Sun, Jan 03 2021, 8:31 am

amother [ Tan ] wrote:

Um, so sad Wink

10k is a joke for someone whose business is forced to be shut for 6 months. That's not even enough for most businesses to cover basic expenses, let alone cover salary for the owners/employees.

amother

Violet

Sun, Jan 03 2021, 8:52 am

Ema of 4 wrote:

I'm sorry if you read anything I posted as name calling. It wasn't the intention.

You can do with your money what you want. My comment about patriotism stands.

HakarasHatov

Sun, Jan 03 2021, 9:16 am

amother [ Indigo ] wrote:

I am one of those who will not be getting it. Just because the govt decided that a certain income bracket doesn’t need it. Doesn’t mean that I have less expenses etc than others and couldn’t use the extra $$. Happy for those that got. BH at the point we don’t need it, but it would have been helpful during the first go around

Im sure it would have been helpful for you, probably more helpful than for some people who received it. I just meant that the government determines who is “supposed” to get it and those that get it its because the government said they should. Those that receive and put it in savings are not doing anything different in my opinion than people who work, or won the lottery and put money into savings. It’s all from Hashem.

Ours went to tuition by the way.

amother

Pearl

Sun, Jan 03 2021, 9:43 am

amother [ Tan ] wrote:

Um, so sad Wink

No I'm very grateful for it but it's not like we can spend it! It went straight to paying back debt the business owed. It was a big help bH. There is now no debt left, and it's all profit so iyh we can save some more a month. The pandemic didn't effect my dh's business bh, if anything it made it better.

On the other hand I didn't have income for a couple of months back then. We will have the same amount of money regardless...Hashem keeps a cheshbon Smile

Hashem_Yaazor

Sun, Jan 03 2021, 10:30 am

amother [ Bisque ] wrote:

Last I heard it was 2000 a person. That's not true?

If it's only 600 it will probably just go towards one of those things.

Trump wanted it to be 2k but it didn't get support from the Senate. So it reminded at the 600 level that was passed.

It's possible Biden will get the new Congress to make a third package. No way of knowing for sure.

amother

Pearl

Sun, Jan 03 2021, 10:35 am

Redbird wrote:

10k is a joke for someone whose business is forced to be shut for 6 months. That's not even enough for most businesses to cover basic expenses, let alone cover salary for the owners/employees.

Exactly! It wasn't closed for so long though, he went back after 2/3 months and those months him and his employees were furloughed. Rent for their unit is 4k a month, then there is all the wages etc.

Optione

Sun, Jan 03 2021, 10:36 am

We called our kids school and told them they they can add a little more to our tuition for the current year- we pay a lot less than full tuition.

amother

Saddlebrown

Sun, Jan 03 2021, 11:05 am

Optione wrote:

We called our kids school and told them they they can add a little more to our tuition for the current year- we pay a lot less than full tuition.

If you itemize deductions on your tax return, I believe you can contribute it to the school as charity instead of tuition, and ask them for a receipt, so you can get a charitable deduction.
Ask your accountant.

Hashem_Yaazor

Sun, Jan 03 2021, 11:20 am

This year you can actually count 600 of charity for a married couple filing jointly to reduce taxable income even if you aren't itemizing as part of the CARES act (renewed for 2021)

HonesttoGod

Sun, Jan 03 2021, 11:25 am

I still have a theory that somehow it will affect my tax returns so it has gone safely into savings for now. If they don't come back for it then I will use it towards my downpayment which is where every extra penny goes right now.