Stimulus money?

iVillage Member
Registered: 07-02-2008
Stimulus money?
7
Thu, 02-26-2009 - 10:11am

Well, looks like starting April 1st we should see tax withholdings in our paychecks. I think it amounts to about $10 or $20 per pay period. How do we all plan on spending/using this money?


I can tell you that I personally am scared to get "used" to the witholding money b/c I can guarantee that money will go away next year. Then I fear I will be hurting trying to get used to the deficit in my paycheck. I plan on snowflaking or transferring that exact difference in my check right into savings.


I know this defeats the purpose of "stimulating" the economy but I can't help it. I WILL be responsible with my money!

Avatar for meandmypea
iVillage Member
Registered: 03-27-2003
Thu, 02-26-2009 - 10:44am

We won't see any of it.

DH is just putting that extra money toward his IRA. And it won't affect me in the short-term because I'm self-employed, and I don't have taxes taken out of my billing. It may be a nice surprise when I file next year, though.

Bridget




Bridget
iVillage Member
Registered: 03-28-2008
Thu, 02-26-2009 - 11:05am

I plan to pretend it's not even there and put the difference in our savings/efund.

iVillage Member
Registered: 10-01-2008
Thu, 02-26-2009 - 12:27pm

Unfortunately, it looks like for me that about the time we see a little more in our paychecks, I will be driving a more expensive ride.

Norma


"Patience is the best remedy for every trouble"- Plautus


iVillage Member
Registered: 04-10-2003
Thu, 02-26-2009 - 12:40pm

*sigh* no stimulus north of the border (for a few months anyways as far as I can tell). I mentioned this is another post that the only thing that I may see is that my Canada Pension Plan contributions have been capped, which means I will "max out" on them earlier then normal.


In Canada, employees pay into the CPP. It is a fixed percentage of income up to a capped amount (around $2000 I believe) It is taken out every pay check regardless of your income. So those with higher incomes contribute more each pay, but max out earlier. With my income, I generally max out sometime in late October. If the levels are capped, and I have my raises, I should max out a few weeks earlier, which means for a few weeks, I have an extra $100 or so on my paychecks. I funnel that money right to Christmas so I don't get used of it!


If I was American, I would definitely funnel it into savings or debt. Including it (and getting used of it) becomes dangerous because when its gone, you "need" it.


Good luck ladies!


Bex -


"Yesterday is history, tomorrow is a mystery, today is a gift -thats why its called the present."


Bex -

iVillage Member
Registered: 05-20-2005
Thu, 02-26-2009 - 12:46pm
I will use it to pay my parents back some money I owe them.
Wedding
iVillage Member
Registered: 08-04-2008
Thu, 02-26-2009 - 12:55pm
I don't think



Community Leader
Registered: 07-26-1999
Thu, 02-26-2009 - 7:52pm
I only get paid once a month, so my increase will be decent. Even though DH would like me to change my withholdings, I'm still trying to decide. I still need to call accounting and see what changing them would be. Either that, or I will have it put into my other checking account and sweep it into my christmas club account each month when I get paid, that way it will be sent to me via check come November so I can use towards Christmas presents.

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