Economic Stimulus Payment is Here, and Smaller Than Expected
May 9th, 2008 by Ana
Just checked the account balance, and our “economic stimulus” payment is finally here. While others got theirs early, ours came when the IRS schedule said it would.
I am underwhelmed with the government’s “generosity” here: we only got $600 total, which breaks down to $300 each. Apparently an E-4 at the top of the pay scale for that pay grade doesn’t make enough to get the full economic stimulus. I really didn’t expect to get the full $600 for myself, since I only had an income of a little over $3,000 delivering pizzas only on the weekends, but sheesh … one would think the government would pay its active duty military enough of a taxable salary to get the full stimulus! I had thought we were getting $900 for our “economic stimulus.”
Yes, I am griping (or whining, if you prefer). We didn’t plan to do much “stimulating the economy” other than our trip to Florida next month anyway, but this just cut the amount I had hoped to sock away into the big emergency fund significantly!
Hubby asked for $150 of that $600 for himself. I agreed without asking if that would go towards our vacation fund. I have to trust that he won’t go blow it at the wargaming shop, but he indicated yesterday when we sat down to discuss money over coffee that he feels like he doesn’t have any money for fun stuff anymore, and it makes him feel poor. Or maybe he plans to use that money tonight taking me out to a nice restaurant for our belated anniversary celebration (quite possible).
So, as it stands right now, our emergency fund will only be stimulated by $450. So much for hopes and plans when they rely on the government. I feel like our financial progress has slowed to a crawl, when last year we were running at full speed.
I know I should be thankful since we are out of debt now. I know there are quite a few readers who are still working towards that goal, and are probably wanting to tell me to shut up LOL But it’s a bit discouraging to see what should be the benefits of getting out of debt - extra money that no longer goes towards debt payments - disappear into the gas tank and at the grocery store and to school as tuition bills seem to go up even faster than the price of gas.
Where’s this “financial peace” I’m supposed to be feeling? Expenses have crept up about 12% since the beginning of the year, while our income took an $800 per month hit. This has resulted in over $1000 per month difference in the monthly budget numbers, and is probably why I am feeling so anxious lately. This so-called “economic stimulus” payment doesn’t even make that difference up for one month! Heck, it only covers two months of increased expenses, with a little left over for the anniversary dinner. No wonder the latest CNN/Money poll says the average American doesn’t think it will help anything.
May 9th, 2008 at 12:15 pm
I’m sure many feel the same way as you. Even if you were luckky enough to get the maximum of $600, it doesn’t make much of a debt in anything.
I made too much money to qualify for the full amount so I only got ~$450. I put the whole thing towards student loans. It is less than 1/3rd a months loan payments. And doesn’t quite make a dent in the 102k I owe. Thanks for nothing.
May 9th, 2008 at 12:29 pm
I would have thought he’d have gotten more too. But I really have no idea how this works. I have an inkling of how it’s supposed to work…but that’s it.
At least you have $450 to put towards emergencies. Just don’t think about the rising taxes to cover this.
*hugs*
May 9th, 2008 at 1:29 pm
Hmm, apparently I am not the only one: Money Crashers only got $600 when he was expecting more! He says the IRS is hanging up on him due to call volume, so this may be a glitch.
May 9th, 2008 at 4:36 pm
Shouldn’t you be getting an extra $300 for your son as well. (I know you are divorces but I’m assuming you claim him as a dependent and he is under 18)
May 9th, 2008 at 5:39 pm
Did you file married filing jointly? If so, you should have received the full amount.
May 9th, 2008 at 8:51 pm
married filing jointly, but the ex claimed my son.
May 10th, 2008 at 9:49 am
Well look at it this way. If you weren’t debt free and had the $800/month drop when expenses rose 12% you’d really be screwed….
We should have received the entire $1500 from 2 adults 1 child.
I was pleasantly surprised to see $1467 and some change get deposited yesterday from the IRS. Here’s the funny part. I screwed up my 2006 taxes which they found. I paid what I owed. Then they sent a bill for $31 and some change - penalty and interest. Which I had until May 12th to pay. So I was going to mail it to them yesterday. Then I get the partial stimulus check in the bank. Apparently they decided to keep $32 and some change for interest that I owed them and sent me the rest…..
I called in to the KGB to confirm. They just kept their money plus a little more interest and sent me the balance…
So how did it get spent?
$100 toward a career transition plan. www.jocrf.org
$632 toward increasing my utility fund envelope to $1000 instead of $500. (All my utilities direct debit 1 virtual envelope at an e-bank. I pulled out of the budget plan cause I saw they owed me more than I owed them most of the year and I want that interest. So bump it up to $1000 cap incase I get a strange month of very very high bills.) I’m also hoping that having different utility bills each month will help convince my wife - turning off the lights DOES matter. Its not a use all you want and pay 1 fee plan….
$735 in savings towards replacing my wife’s car with cash when her fleece is up.
Tell your hubby - this giving dollar a name and working with a long term vision does kinda take the wind out of the sails of these economic windfalls….. Kinda took out the fun out of this check. But I am accomplishing my goals.
May 10th, 2008 at 8:38 pm
You should have still received $1200 since you filed married filing jointly. I don’t get it, and I would question it. It’s based on your joint income, not each individual income.
May 11th, 2008 at 4:11 pm
It’s based on how much your tax liability is… You had to pay in so much taxes to recieve it back in a rebate plus 300 per child. If you didn’t have a tax liability of 600 individual or 1200 married your not getting the full amount. If you claim your son for 2008 tax season you will get the 300 in the refund you get in 2009.