Double Payday, Thanks to Uncle Sam

May 7th, 2008

I awoke this morning to a wonderful surprise: Not was today payday for my employer, it apparently was payday from Uncle Sam as well. My bank account squealed with pleasure this morning as it gleefully announced that I had two large deposits waiting for me:

05/07/08 - Electronic Deposit Us Treasury 220 - $1,500.00
05/07/08 - Electronic Payroll Deposit - $1,447.57

My checking account is now flush with funds, and I’m already feeling the temptation to spend it. I have to keep reminding myself that my economy needs more help right now than the nation’s. $300 of the rebate is already earmarked for my bike, so I immediately scheduled $1,200 to move to my ING savings so I can’t “accidentally” spend it.

It’s kinda funny how many times the destination for those funds has changed since it was first announced. First, it was destined to become a huge car payment to help pay off the car faster, but our washing machine decided to start walking away on us. I switched the funds toward replacing our washing machine, but our surprisingly large tax refund took care of that, so the rebate got pushed back toward a car payment. Then, after canceling my gym membership, I decided I wanted an elliptical so I could keep exercising, but I just don’t feel ready to drop $1,200 on a piece of equipment that is commonly destined to become a clothes hanger. And now, with a new baby on the way, we need another baby-safe vehicle that can carry two car seats. My wife and I have settled on this $1,200, along with the $3,000 CD, being used for a down payment on a minivan.

So, in the end, I suppose I will be spending this money and “helping the economy” like a good little consumer, just not immediately. I would have loved to use this to start an independent investment account, but sometimes short-term needs do outweigh the long-term.

Has you rebate arrived yet? What did you end up using it for?