People across the country are beginning to get their stimulus checks in the mail, or directly deposited into their bank accounts. But remember that the goal of this free money is to help stimulate the economy, so consider these top 10 ways to support the economy with your check.
1. Invest in the Stock Market
Although some investors claim that it is not a good time for a beginner to invest in the stock market, you can still help stimulate the economy by making an investment. Look for companies that have been around for decades that are likely to weather these harsh economic times. This will immediately help stimulate the economy, and will provide a decent return in the long run.
2. Purchase Government Bonds or CD's
The government is in debt, and is going further and further into debt every year. By purchasing a government bond or CD you can essentially loan the government your money, and get a guaranteed return on your investment.
3. Pay Down Credit Cards
If you are like most Americans then you probably have a few thousand dollars of credit card debt. By using your stimulus check to pay down credit card balances you can save hundreds in future interest payments. This will give you extra money in the long run, that you can use to continually stimulate the economy.
4. Start a Retirement Fund
Opening an IRA or 401(k) is a great way to use your stimulus check that will help you prepare for your future. If you already have a retirement fund then why not contribute a little extra this month?
5. Start or Expand your Business
There is no better way to support the economy then by opening your own small business. Or if you already have a business then consider expanding and hiring an additional employee.
6. Invest in your Career
If you work as a wage-earning employee and do not have the opportunity to open or expand your own business, then think about investing in your career. Purchase some reading material and attend a class at a local community college.
7. Purchase Locally Grown Produce
Instead of wasting your whole check at once, consider saving it and using a little of the money every time you go grocery shopping to purchase locally grown produce. This will have a direct effect on your local economy, and you will have great tasting produce to show for it!
8. Have a Night on the Town
Take your family out for a fun night on the town. Go to a local carnival, dine at a fancy locally owned restaurant, or even see a movie. This will help stimulate the economy and will also be a well-deserved night out for you and your family.
9. Take a Vacation
If you have been thinking about taking a vacation then why not use your stimulus check to turn that dream into reality? However, instead of going to a foreign country try visiting one of the vacation hot spots in the United States like New York City, or Washington D.C.
10. Save It
If you do not want to spend your stimulus check then go ahead and save it in a high interest savings account. Banks are struggling right now because of the credit crisis and putting your money in a saving account will help them, and in turn help the economy as well.