If we really are to use the rebate money to “stimulate the economy”, Matt and I have been challenged to think of ways that we could actually do so with the rebate. I fully recognize that for some people paying off a debt or loan might be the wisest thing to do. I recognize that some people might actually need to use this money for basic necessities (which would be a good thing). But for those of us who really don’t need this money to get by each month and are viewing this as an early Christmas bonus, here’s some ways to spend your rebate check in a way that might do more for the economy than buying a new ipod.
1) Give a large potion or all to a local food bank. Food banks are being hit extremely hard right now and with the new economic uncertainty, demand on their services is only increasing. For many food banks it takes around $300-$500 to operate one day of service or more. That one day could be the encouragement or support needed to get an untold number of people back on their feet.
2) Invest in a community development investment funds/accounts. Sojourners recently highlighted this type of financial investment. I feel they state clearer what the impact of spending a rebate this way might be better than I could:
"According to the Calvert Foundation’s online Social Return Calculator, your $1,000 deposited in a [community development fund/account/bank] could build .19 affordable homes or finance .32 microenterprises (while creating .53 jobs) over the three-year term of your loan. You did not give the money away to do this; you simply moved it to a financial institution whose primary lending mission is to serve low-income people."
To learn more about these types of investments or how to do so, I suggest taking a look at the links at the bottom of the Sojourner's article. For those of us who are drawn to the saving for a rainy day principles, this might be a great option. You may not get as great of a financial return, but just imagine the human impact return.
3) Give an extra gift to a local missionary. Like food banks, many local missionaries are struggling to make ends meet. Working where we do (at InterVarsity), we hear of this quite often. Your extra gift may be the answer to prayer for a local missionary and may help them continue to purchase their basic necessities. We’d love to pass along names of those who would be blessed by some or your entire tax rebate.
4) Spend your money at a non-corporate business (mom and pop store) or a local artist. Since many of these folk cannot compete with big businesses they often have a harder time making ends meet. Choosing to spend your money there can have a greater and more immediate impact than spending at a bigger cooperation.
5) Find 10-15 other like minded people to pool their rebates to help a single mom at your church put a down payment on a house and expect no repayment. Talk about helping someone gain a bit more financial stability in their life (and their kids).
There are many more ideas out there. For some other ideas check out http://www.jesusmanifesto.com/index.php?s=tax+rebate
So how will we use the rebate? The jury is still out, but we're leaning towards one of the above ideas.
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