If the current economic stimulus plan continues its slow run through congress, and is signed by President Obama, it is being reported that the average American will receive an additional $8 in their paycheck per week.  This probably will not change your financial situation, but if used properly this can add some relief to your household.  It is important to think about where you need the most relief in your budget and apply this money accordingly.

The extra $36 a month can add some help making a car payment, buy some summer clothing for your kids, or bolster your rainy day fund (that you may be guilty of dipping into lately).  However you find fit to spend this extra money, make sure you are applying it to your area of most financial pain.

Using the stimulus plan to dine at more expensive dinners may not be the best idea in such a turbulent economy.  I don’t think that is what President Obama had in mind when he started his political campaign for a stimulus plan.  A better idea would be using the money to pay off your monthly electric bills, cell phone bill, or help make your minimum payment on your credit card.

This plan will hopefully add some relief to the average American family.  Unlike the last stimulus package 1 year ago that gave you several hundreds of dollars in one large check.  Didn’t it felt great to receive such a big check for doing nothing but paying your taxes?  Do you remember how you spent that check?  I know plenty of people that ran out to Best Buy and bought a brand new Plasma TV or used it towards a summer vacation.  Of course that does help the American economy by putting money back into businesses, but it does nothing to help the American family get out of this rut and learn how to budget.

Break it down to the basics of budgeting. When you want to help teach kids to budget, do you give them a months worth of allowance at once?  Probably not.  Most likely you will give them small chunks each week so that they can learn the value of each dollar.  That is what the government is hoping to do, and I think it has a better chance for success.

Stay tuned to the news to find out if this bill will pass.  If you really need more help with budgeting and getting out of debt there are some links on this blog that can help.