From paying with a credit card to buying a Vespa, how do we spend our stimulus money?

From paying with a credit card to buying a Vespa, how do we spend our stimulus money?

Me, I commissioned three stained glass windows from a local artist and booked a trip to Ohiopyle, Pennsylvania, for July. So what did we spend it on? Cleveland.com asked readers through our text message service how they spent their stimulus checks.

Consumer spending is up about 7.5% since January, said University of South Carolina Professor William Hauk, who studied stimulus payments with his business classes. “It’s almost like found money,” said Jonathan Ernest, an assistant professor of economics at Case Western Reserve University’s Weatherhead School of Management. “They’ve been waiting to undertake these activities for so long. You feel like it’s a one-time shock. You don’t feel quite the same responsibility to stash that money away for a rainy day.”

“People were just at home for the better part of a year,” Hauk said. “Now that things are opening up, they feel free to go out and spend.” The American Rescue Plan included the largest payments of the three stimulus bills, giving up to $1,400 per person, plus an additional $1,400 per eligible child. And unlike earlier stimulus payments, which many households used primarily for daily expenses like food and housing, economists say it gave Americans more of a cushion.

“It helped to pay for things we would have bought anyway and helped our savings,” said one reader. Out of the more than 130 responses we received, no one said they booked a trip to Hawaii or threw a big end-of-pandemic party. They bought new tires, a much-needed washing machine, a dishwasher, a treadmill to keep their family fit. A few put money toward new cars and a red Vespa. One traveled to California to see family members separated since the start of the pandemic. One is saving for a wedding.

Some paid off debt, whether in credit cards, college loans or mortgages. Some stuck it in their bank accounts to either spend on everyday bills or save for the future. Some donated to food banks and other struggling non-profits. Some gave it to family members in need. Some paid for health procedures, like dental crowns. Some hired local contractors to renovate their kitchens, shore up their porches or install a new shower. The responses were varied.

The News Highlights

  • From paying with a credit card to buying a Vespa, how do we spend our stimulus money?
  • Check the latest News news updates and information about business, finance and more.
Disclaimer: If you need to edit or update this news from compsmag then kindly contact us Learn more

For Latest News Follow us on Google News


Latest Headlines
  • Show all
  • Trending News
  • Popular By week
ESAF Small Finance Bank presents DRHP with SEBI for IPO
ESAF Small Finance Bank presents DRHP with SEBI for IPO
Axis Capital Ltd, Edelweiss Financial Services Ltd, ICICI Securities Ltd, and IIFL Securities Ltd are book-running lead managers to the issue. Also read: ESAF ...
In Europe, Hitachi introduces the Q-series of 4K Android TVs, which range in size from 43-65″
In Europe, Hitachi introduces the Q-series of 4K Android TVs, which range in size from 43-65″
4K Android TVs The new Hitachi TVs are the latest in a wave of Android TVs coming to Europe this year. Through its partnership with Google it can offer ...
The Ohio Department of Health shares COVID-19 guidelines for the upcoming school year
The Ohio Department of Health shares COVID-19 guidelines for the upcoming school year
You can also catch News 5 Cleveland on Roku, Apple TV, Amazon Fire TV, YouTube TV, DIRECTV NOW, Hulu Live and more. We’re also on Amazon Alexa devices. Learn ...
Apple Inc. (NASDAQ:AAPL) supplier Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM) is looking at building its first EU chip plant in Germany
Apple Inc. (NASDAQ:AAPL) supplier Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM) is looking at building its first EU chip plant in Germany
Apple Supplier TSMC Explores Making First EU Chip Plant In Germany Apple Inc AAPL chip supplier Taiwan Semiconductor Manufacturing Co Ltd TSM 0.02% said on ...
Crypto looks like the dot-com space of the 1990s, and bitcoin may not survive it, says chief investment officer |  Currency news |  Financial and business news
Airports in the Western US Dealing with Jet Fuel Shortages
In California, recent flights in and out of Fresno Yosemite International Airport were disrupted by jet fuel shortages blamed on the lack of tanker truck ...
Psaki: We engage with Fox News in hope viewers can listen to medical experts |  Biden Administration
Psaki: We engage with Fox News in hope viewers can listen to medical experts | Biden Administration
Doocy asked: “Do you know of any examples from his 36 years in the Senate that Joe Biden just hopped on a train and left town to avoid a vote that he knew he ...
Money from the Arms Trace Task Force Agreement
Money from the Arms Trace Task Force Agreement
And that $14 million figure doesn’t include the amount spent by the city to pay for the former Task Force members legal defense. “Bad things happened to ...
The mid-year stock winners and losers
The mid-year stock winners and losers
https://www.ft.com/content/1625ef6f-83d5-4a0d-8bbf-7a61b06a963b? FT stockpicking contest: winners and losers at the half way mark, with markets editor Katie ...
Dividing the $40 million in NCHSAA assets
Dividing the $40 million in NCHSAA assets
The association’s assets are managed by the NCHSAA board of directors, a group of representatives from member schools elected to their positions. The board is ...
How Brazil is reforming a public fund to finance broadband expansion
Tre ‘Luckett Joins Coastal States Bank as Director of News Development |
Coastal States Bank – Local. And Proud of It.® CSB is a wholly-owned subsidiary of CoastalSouth Bancshares, Inc. (OTCQX: COSO).  For additional information ...
Show next
Compsmag - Latest News from tech, business and health
Logo