1.       Pay down debt. Debt is one of the biggest obstacles to financial independence. Give serious consideration to paying down credit card or student loan debt. Americans have doubled their debt over the past decade to $2.5 trillion (this excludes mortgage-related debt). The sooner you eradicate your debt, the sooner you can build assets, which will put you on the road to financial stability.
2.       Apply toward mortgage principal. Consider making an extra payment to your principal. Although the short-term benefit may seem small the impact over 30 years could result in noticeable mortgage interest savings.
3.       Avoid fees and get your whole check. If you don't have a bank account, avoid cashing your rebate check at check cashing outlets that aren't affiliated with a financial institution because they will charge high fees that eat into your rebate. Wal-Mart is offering the opportunity to cash your check for free at their stores and no purchase is necessary. Once you do this, you should also consider our next option...
4.       Get banked. More than 28 million Americans do not have a bank account and an additional 44.7 million are under-banked, hindering them from becoming financially stable. If you are one of millions without a bank account, consider starting a savings account with your rebate. If you have a bank account, consider directing some or all of your rebate toward beefing up your rainy day fund.
5.       Start (or add to) your child's college fund. Individuals who are college educated are likely to make $1 million more in their lifetime than those with only a high school diploma. Help your child attain a full education and be better prepared to succeed in life.
6.       Build you retirement nest egg. If you plan to stop working at some point you need to put money away. The money you invest in your retirement today is going to carry you even further down the road when the interest in your investment grows. Consider a Roth IRA or other investment vehicle.
7.       Further your education. Have you been thinking about finishing a degree or receiving training in a different career field? Use your rebate toward that goal and in turn you can increase your employability.
8.       Support others in need. If you have all you need, consider helping others thrive by donating some of your rebate to United Way of Santa Barbara County             

9.       Update your home. A home is a person's greatest financial asset, so it's important to keep it in good condition. Many home improvement stores are offering discounts if you use your rebate check toward merchandise.

 

Take advantage of retail savings. Once you have carefully covered all of your savings, investing and charitable giving bases consider taking advantage of discounts retailers are currently offering to consumers in hopes of getting some of their stimulus cash. National and local retailers are offering discounts, gift cards and other incentives to get you to shop. Now may not be a bad time to take advantage of the extra buying power to get clothes for the children or an item you really need.