Tax Rebate and Home Budget

The government (well the IRS actually) is planning a tax rebate in a few weeks time.


do you think this will affect your shopping/spending/budget?

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  • # Posted 8 months ago
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Christian
177 answers
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I don't live in the US but if I got a tax rebate it wouldn't change my spending patterns. Just because you have more money doesn't automatically mean you have to spend it. I believe in saving some money for a rainy day.
Posted 8 months ago ( permalink )
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I'm in Canada, but I can say with confidence, probably not.  We have had rebates before, and it shouldn't change my purchasing habits.
Posted 8 months ago ( permalink )
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jessicalynne
58 answers
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I agree with both Christian and JtotheA.  When you get the tax rebate don't consider it a part of your normal income.

Like Christian says, put the money into savings.  While I personally disagree with this tax rebate/advance, this check is coming in the mail.  So I am personally sticking mine into my savings account so I can pay it back next year, plus whatever taxes come on top of it.

Another thing you can do is (if you owe this year) send the check back to the IRS; it will cover part of what you owe.
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About half of my check will be covering what I paid in taxes. The rest of it will cover some education classes I have to take this summer and then bills. I will not being buying anything big with it. Most of the people I know are using it to not get behind in house payments and the like.

It does mean I can stay on top of the bills while still taking the classes I need, but I'm not sure that this helps a whole lot. 
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