Confessions of a Poor Money Manager

Well, no point discussing whether a stimulus package is the right thing to do, it passed and now we live with it. I agree with Senator Bob Corker, TN, who was vocal about reasons why this was bad for America. The stimulus package impact on future generations will be harsh and the repayment schedule will take it’s toll on our children and grandchildren.

Below are the highlights of the stimulus package and how it will directly impact individuals and families in the immediate future. You can read a full account and explanation of stimulus package benefits at CNN Money in an article entitled: 

Stimulus: How it may affect your wallet

Congress has finalized the economic recovery plan. Here’s a look at some of the provisions geared at financial relief for individuals.

 

NEW YORK (CNNMoney.com) — Key lawmakers in the Senate and House have reached a compromise on a final economic recovery package.

The new stated topline price tag: $789.5 billion. That’s below both the $820 billion House-passed version and the $838 billion Senate-passed version.

Here’s a look at some of the provisions that will have a direct effect on individuals in their paychecks, on their tax returns, and with regard to their unemployment benefits and health insurance if they’ve lost a job:

• Making Work Pay Credit
• One-time payments to those who don’t work
• Break for higher income families
• Temporary deduction for car buyers
• Temporary credit for home buyers
• New temporary college credit
• Temporary Pell Grant increase
• Temporary expansion of child tax credit
• Temporary increase in earned income tax credit
• Direct lifeline benefits
• Health insurance help for the jobless
• Unemployment benefits
• Food stamp payments
• Other help for needy families

What do we do now? Well if you actually find any of the stimulus package money coming your way, spend it wisely…better yet, save it for your kids and grandkids, they are going to need it!

Ashley Clayton, money management expert, providing support and guidance to pastor’s financial management ministry to their congregations.