As I mentioned previously, the stores are going to be chomping at the bit to get you to spend ALL your money at their store. So you have to have a plan. And stick to it. So here is our plan.
I personally feel that because the check is given with the intention of spending it in the stores, that we should spend some of it in the stores. Key word here: SOME.
Money for the grown-ups: $1200
We had planned that most of the money we receive (meaning money not allotted for the children) would go towards our debt. Especially with it mounting now that JJ is seeing a specialist and we have had to add even more speciality foods to his diet. But amazingly, with our tax rebate, we were able to pay off all our debt! So we will put the extra in an account for future medical costs for JJ.
We will each keep out a small amount for us to spend personally on what we want. $100 each. For me, I plan on doing something fun with the kiddos that we would normally not do (because of funds) - like out for pizza and then to an arcade. Maybe Chuck E. Cheese. :) It will be up to them. I have no idea what to do with the extra. I have a difficult time paying for books now that I can get them for free at Paperback Swap. Beloved has been wanting a game for his Playstation ... maybe I will get him that (if he doesn't think to get it himself). Gosh, being so frugal has really made it tough to spend so much money!
Money for the children: $300 each child
Beloved believes that the best way to put money into the economy is to put it into the stores, but through mutual funds (stock market). He and I are not sure what the future holds for each child. It may or may not include college. So rather than investing in a 529, we are gonna start each child a mutual fund. We don't want them to be playing catching up like we are having to do now. And we don't want them to have to borrow money to goto college or buy a house. We plan on adding to it as we can (tax refunds, unexpected income, etc.).
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