How Americans Plan on Spending Their Stimulus Checks
As the stimulus checks start rolling out this week in an effort to try and jump-start the economy, some surveys have been conducted asking Americans how they are going to spend their stimulus checks.
I did not take part in any of the surveys, but Chris and I have already talked about what we plan on doing with ours. First and foremost, we plan on replacing our garage door. We're not sure if we need a new door per se, but we know we need a new opener as well as new springs for the overhead door, if not the door itself as well.
If we have money left over after that, we are planning on buying a new toilet for the powder room in our house. The toilet works, it's just getting old and doesn't look as nice as it used to.
And, if by some miracle there is some money left over after those two projects, we will split what's left evenly to buy whatever we want or put it towards our personal bills.
Looking at the results of a survey conducted by Magnify Money, I don't see garage doors or toilets anywhere on the list.
According to their website, Magnify Money surveyed 1038 consumers and they were told they could choose more than one thing to spend the check on. Here are the results from their survey. 44% said they plan on using the money to pay for groceries. 42 % said they would use it to pay bills.
Other people were going to use the money for such things as paying off student loan debt, donating some to charity, paying off credit card debts and other debts, putting some in savings, and a few said they would take a trip once it's safe to do so.
Only 4% said they would splurge. Maybe they're the ones that are planning on getting new garage doors and new toilets.
Some people have already received their stimulus checks. The IRS has a tracking tool so you can track the status of your check. You can find that tool in the related link below.
[via: Magnify Money]