Today, President Bush is expected to sign into law his economic stimulus package containing consumer tax rebates intended to spike consumer spending.  Many of you have heard about the rebates and are probably already thinking of the myriad of ways that exist for you to blow this money upon receipt.  Congratulations, this is exactly what the Federal Government is hoping you will do with your check.  Immediately spend it to jumpstart what many see as a sluggish current US economy.

Most taxpayers will receive a check of up to $600 for individuals and $1,200 for couples from the Internal Revenue Service, with an additional $300 per child. People earning at least $3,000 and those who owe little to no taxes would get $300 for singles, $600 for couples. Those making more than $75,000 and couples with income exceeding $150,000 are to get smaller rebates - $50 less per $1,000 they make over those thresholds.

Unfortunately, a recent survey by the Associated Press shows that only 19% of consumers plan to spend their rebate checks.  45% said they plan to pay bills using the rebate check, while 32% planned to invest the money.

For those of you who may be on the fence on how to spend that pending windfall, here are five great ways to help the economy and yourself at the same time:

1. Go on Vacation:  Use that money to see the great US of A by taking a quick trip with family or friends to a local landmark or tourist attraction you have been putting off for years.  Never been to the Grand Canyon in AZ or the Mall of America in MN, now is your chance.  Gas prices continue to fall and hotels are offering cut-rate pricing nationally, all which conspire to ensure a low-cost option for a much needed family getaway.
2. Home Improvement:  Fix up your home by investing in new paint, carpet, or updating your appliances.  $600 can surprisingly go a long way at Home Depot if you concentrate on the improvement of one room or area of your home.  When the housing marketing bounces back, as its always prone to do, this investment now could reap $1000’s in increased equity in the future.
3. Upgrade your Hobby:  Do you collect stamps, comic books, tea cups or own horses?  Use the money to add a new addition to your collections or upgrade your saddle.  These little investments not only return money to our struggling economy but they work to promote personal emotional well-being and our long-term financial solvency.
4. Donate It:  Are you a member of a struggling community service group or a traditional donor to a worthy non-profit? Then this may be an opportunity for you to actually give what you always wish you could in the past. Many local community groups and leading charitable organizations are suffering record contribution shortfalls in the current economic climate.  Using your tax rebate as even a partial contribution to these worthwhile entities ensures your funds go to those that really need it AND guarantees you a nice charitable contribution on your 2009 returns.  A win-win arrangement for all involved.
5. Blow it:  The government really wants you to spur that economy onward and if that means you spend it all on a wild, free-for-all, one-time trip to your local mall, so be it.  Get that new jacket and matching boots or upgrade little Blake’s baseball cleats, now is your chance to do all of that without wrecking the weekly budget.  As most of us now, we tend to overspend when hitting the mall so if you take $600-$1200 with you to the mall and spend in actuality, $800-$1400, congratulations, you have done what the government has hoped you would do all along.  Thanks for being such a good citizen, your grateful government approves.