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Advanced Child Tax Credit

What Are Your Plans?

What are you going to do with your $400 per child tax cut? About 25 million families will be making that decision. We'd like to know what your plans are. I'd bet that many of you haven't decided yet. And I'm sure that our readers have some great ideas.
Gary

Prepare for Back-To-School

We'll be using it to buy back-to-school items, such as school clothes and shoes, backpacks, lunchboxes, etc.
Perez

Slow and Steady Wins the Race!

I wanted to take a moment to respond to the question of where my $400 from the child tax cut will be going. I have signed up both my 6 and 2 year old for the Florida Prepaid College Program. Any time I get a bonus, overtime or extra money, I put at least half of the money toward paying off their college loan.

I paid for my daughter's education, four years of education and registration fees, in just under two years by doing this. My son will be paid off by the end of 2003, in less than one year, using the same strategy. The extra money is always considered extra and I don't count on it for bills because I never know if it is coming or not. I put half to their college, almost all of the rest to bills, a small portion goes to a book or toy for each of the kids, and a small portion to buy something for myself.

With this method, we have paid off my husband's truck in 18 months, $10,000 worth of medical bills for my son, and $26,000 worth of student loans. Slow and steady wins the race for us!
Aviva

Single Mom's Solution

I am a single mother and I find that the beginning of the school year can be a bit overwhelming financially. In my case, the child tax cut could not have come at a better time, with school starting at the end of August for my son. This will be perfect for those back-to-school school supplies, shoes, clothes, and any sports activities that he may want to participate in that have fees associated with them.
A

Finance Christmas Plans

We plan on putting away our $800 tax rebate check to spend on Christmas this year. By doing this, perhaps next year's tax return can be spent on a vacation as opposed to paying off credit cards!
Paul

Divide It Three Ways

One fourth will go into previously started Coverdale college accounts, one fourth will go into starting personal savings accounts for each child, and the rest will be added to Mom and Pop's savings!
Renay

Make Tuition Payments

As of this fall, we will have two children attending private school. We're going to put that tax credit toward the payment of the tuition.
Lena

Stock the House with Supplies

We have two children that meet the requirements. With that money, we are going to put new brakes on our van. And with the money that is left over, we are going to stock the house with groceries! We have found that it is a good idea to stock the house whenever we get extra money like our income tax return or this special tax check. We load our pantry and buy plenty of toiletries and cleaning/washing supplies. Of course, I use my coupons and sale papers to get the maximum value!
Bridgitte

Have a Little Fun

Although my nature is to put it immediately into savings (no debts except mortgage), we may take a 4-day Disney Cruise and pay for our twins with this money. This is something that I believe they will truly enjoy.
Michelle

Fund College Education

My husband and I plan to put the $400 in our son's 529 Plan. We don't see it as "our money" but rather our son's. Since we wouldn't receive the $400 with out his existence, we think the money really belongs to him. So, we will put it towards his college education and keep making our monthly contributions as well.
JB

Pay Down Mortgage Principal

We're using the tax cut to pay down the principal on our mortgage.
Tracey

Prepare for Tighter Times

I am expecting to be laid off in several months. The extra money will help to get rid of some debt I've been working on paying down.
Stephanie

Take the Next Step

Get the biggest tax refund possible at Turbo Tax

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"The Dollar Stretcher, Inc." does not assume responsibility for advice given. All advice should be weighed against your own abilities and circumstances and applied accordingly. It is up to the reader to determine if advice is safe and suitable for their own situation.