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The latest plan to stimulate our economy could either be a disappointing incident or a very advantageous opportunity, depending on how it is looked upon.
Our debt stricken society is in need of a good bailout plan to enhance the success of the future. And making your own bailout plan can be the best possible solution.
How far the latest stimulus plan will take you is entirely in your hands at this point; the stimulus for the American people will ultimately be equivalent to an approximate $7.70 additional per week in our paychecks. Equaling an approximate $33 a month for most of us, this extra stimulus amount could be a stepping stone, if we make a plan to use it as one.
While the stimulus tax credit was originally supposed to equate an extra 9.60 per weekly paycheck, the amount got cut down to $7.70 during the plan negotiations by the lawmakers.
But that should not matter. Even the slight amount over seven dollars a week can contribute to a financial bailout for your family when you do just a few simple things and stick with the plan.
Ways to Use the Stimulus as a Stepping Stone with Your Own Bailout Plan
- Set up an automatic deposit into your savings account, since it wasn’t money that you were counting on to begin with, then you will never really truly miss it. In doing an automatic weekly savings deposit, you will be approximately $400 richer at the end of the year. It would add up to even more when you put that extra money into an interest bearing account.
- Put the extra money from the stimulus credit on your mortgage in order to pay it down faster. If you would put the extra $30 on your mortgage, you could trim about four years off of the life of the loan. If you feel like you are in too deep with your mortgage debt, it would be also advantageous to ask the lender if getting a mortgage modification or restructure would be an option for you. This could play an enormous part in your bailout plan for your future.
- Add to your 401(k) contribution with your employer. Fill out a new form to contribute a bigger portion of your pre-tax dollars using the new stimulus benefit. This will enhance your lifetime retirement fund and help you build a pretty good nest egg for your golden years.
- As strange as it sounds, buy a new car when using the stimulus credit. The offer that comes with the new stimulus plan is a refund of any sales tax that is paid when purchasing new cars. You can sell your old vehicle, purchase a new one and use the plan to get a sales tax refund. Today, there are many automobile dealers that have new car incentives of zero percent interest and no payments for the first twelve months.
- * Last but not least, your bailout plan should include paying down any of your high interest rate credit card balances that you currently carry. The additional pay in your check could be sent directly to the credit card company each month; which will definitely help rid yourself from paying high interest rates and carrying outrageous balances. A possible three years could be cut off of the life of a credit card balance, just by paying the extra amount over the minimum payment each and every month. It won’t happen overnight, but the bottom line is that it will, in fact happen, as long as you stick to your bailout plan.
In conclusion, an extra seven bucks to some folks may mean being able to have another dinner of fast food during the week or renting a few extra movies for entertainment.
However, a much better way to spend the extra money and ensure a healthy financial future is to make and follow your own bailout plan.