How to Be Smart when spending Your 2007 Stimulus Rebate?

As people begin to receive their tax rebate checks. Some people take a tax rebate as extra spending money instead of choosing to use it wisely to improve your credit and reduce your debt load. Here are some helpful tips as we near the stimulus check season:

Instructions

Difficulty: Moderate

Things You’ll Need:

• Common sense Impulse Control A Plan for the money

1. Set up an emergency fund. Set aside that extra money to keep you from using credit when a financial emergency does arise. An emergency fund will also help you from sinking into debt from an emergency.
2. Get current on past due bills. Pay any late credit card bills that you may have accumulated. By getting current on past due accounts, your credit scores will rise.
   
   Pay down credit card balances. If you are current on your bills, pay down your balances. You will also see improvement with your credit score as your balances are lowered.
3. Invest in your future. Contribute to your 401(k) plan. Some companies will even match your contributions, so you are even saving more money for the future.
   
   Make an extra mortgage payment. By making an extra payment, you will pay down your loan quicker and save money interest fees.

Tips & Warnings

• These are simple tips that will make your stimulus rebate work for you by improving your credit and reducing debt.
• Avoid doing things on impulse. Always way all your options.