Spend and Save
Posted May 4, 2008
Ideas for your Stimulus Check
If you haven’t heard, most Americans will be getting a check either in the mail or deposited directly into your account over the next few weeks and months. These checks will range from $600 to more than $2,000 for qualifying families. The idea is that you might spend the money right away and get the economy going again.
Many people have said they plan to save the money. While that sounds good, with more than 90% of Americans having very little savings, it can best be assumed we will spend the money rather than save it or pay off debt. So with that in mind, here are a few things you can do that will satisfy the “spender” in all of us while ultimately saving you money!
If you are only getting the $600, consider using part of that money to upgrade the light bulbs in your home. I know that sounds a bit silly, but going from traditional incandescent lights to the new compact fluorescent bulbs can save you hundreds of dollars in both energy and replacement of bulbs. These bulbs use a fraction of the energy and last much much longer!
If you are getting $1200, maybe spring for a good digital thermostat or replacing a worn storm door. You may also want to consider upgrading an older appliance that may save on your energy bill as well. New water heaters, dishwashers and refrigerators can save you a ton on your energy bills.
Getting over $2,000? If you rent, use it as part of a down payment to buy a home. If you already own a home, consider putting it towards a new HVAC system. The newer, more efficient heating and air conditioner units can save you so much money that you could end up paying for it in savings alone in no time!
The bottom line is that you can spend part of the money to stimulate the economy, while still making a positive impact on your own! With the right research, you can find the right upgrades that will help your house run smoother and more efficiently.
Ed Nailor is a mortgage specialist with Residential Mortgage Center.
Residential Mortgage Center is a HUD approved Mortgage Lender offering FHA and VA loans, in addition to the hundreds of other conventional and jumbo mortgage loans available. We proudly serve home owners and home buyers in the Charlotte area (including Concord, Gastonia, Matthews, Monroe, Huntersville and Ft. Mill as well as all of North and South Carolina.)
Apply online for your Charlotte area mortgage loan
or call 704-651-8704 for your free mortgage consultation.
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