Tuesday, February 12, 2008

stimulating!

A twist on the tax rebate situation: Debit cards for everyone!

From the point of view of what the government is hoping will happen with the rebate checks, this is a spectacularly good idea. Fortunately for me, however, it doesn't look like that's what's going to happen.

I'm going to do everything in my power to save the $600 I expect to get. It will be coming at a really bad time for willpower--I'll have just returned from my youngest brother's college graduation and will be desperate to go on a cruise a friend and I were planning before my money situation blew out of control. But I need to get my emergency fund back up to a full six months of expenses--which now, with a higher rent payment, will actually be higher than it was before. That mental security is worth so much to me.

Having the funds on a debit card which must be spent in stores is probably something I could work around--spending what I would normally spend using the card and then transferring the cash from my budget into savings--but that would require a lot more willpower than simply depositing a check in my ING account.

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