But realistically, this package is a mere drop in our country's $14 trillion economic ocean. Moreover, as one of my colleagues at Schwab put it, spending - consumption - isn't our problem; saving and investing are bigger issues for our long-term economic future. This stimulus package is a one-time shot in the arm, but like most temporary "fixes," it probably won't have a lasting effect on the economy. That said, something is probably better than nothing.
But this column isn't intended to be about economics - it's about personal finance. So what should you do when you get your check? It depends on your personal situation, but if you have high-interest consumer debt, I recommend using this windfall to pay it down. Otherwise, save it or invest it.
In any case, this stimulus package almost certainly doesn't represent the kind of money that will change your life, just as it probably doesn't represent the kind of stimulus that will rev up the engines of economic growth. But it could offer a little boost to your family's economic health.
Take it and use it wisely.