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What to do with your stimulus check if you don't really need it?

Yes! This has been a harping point for me in other social media: there's a difference between hardship relief and stimulus. The premise to a stimulus is not to relieve the hardship of the recipient, that's what things like unemployment insurance and food stamps are for. Rather, it's just to increase the "velocity of money" in an economy.

When I get to economic history topics in my classes, I sometimes do this exercise: I take a dollar bill out of my wallet and time the students while they pass it around, telling them to count every time it changes hands over sixty seconds. Then we do it again, and often the count goes up. That's economic growth; it's still the same AMOUNT of money in the economy, the one bill, but if it MOVES faster, you have more cash flow, more transactions, and thus economic growth. So the point of a stimulus is to accelerate the flow, just give things a push so money moves around the society faster. From that perspective, it doesn't matter much how you spend it; the intent is served as long as you DO spend it.

My wife and I have been fortunate, not to have taken a financial hit in the pandemic so far. It may not last. But when the first stimulus came through, we used it to finally do a home improvement project we had our sights on, installing hardwood flooring in our living room and hallway. We hired a local company, so they had some income and could pay their workers, which means those workers could go pay their bills, and so on. That kind of thing is what a stimulus is supposed to do.

Charitable giving also accelerates the velocity of money, so that's definitely an option. A couple music-related ones that I've had on my radar are Save Our Stages and MusiCares. There's also standbys like food banks and the United Way.

Loved the explanation of Stimulus. The cool thing about this is there is a multiplier effect on the dollar as well when you spend. Unfortunately, when those dollars come from the government, there is an offsetting drag from taxation used to come up with the money.

We are retired as well. Covid-19 pushed me into it, but it was time anyway. The first round of stimulus checks went towards replacing our 20 year old heating and air conditioning system. This round is going to pay for some excavation work we had done to prevent flooding in our crawl space.
 
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new roof - $7K ?
Nov 2019 my new roof cost $33K. !

but, to the point, need or not, I'll use it to pay bills. $600 will cover my electric bill for
a month.

We did our roof this past summer 36 squares @ $11,000. 30 year transferable warranty Certainteed shingles. This included replacing 6 full sheets of plywood, removed the clam shell roof vents, and put in roof peak vents. The contractors did a great job.
 
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Are there some legit music based charities out there?

There are absolutely are. And I would urge all of you who can afford it to give to one of them. The simple fact is that professional musicians (like me) have significant portions of their incomes simply unavailable right now. We do not need stimulus; we need help in the form of money in order to be able to pay our mortgages and rent, buy groceries, etc.

National:
The Actors Fund supports all performing artists: Actors Fund
Sweet Relief is specifically for musicians and crew of touring musicians: https://www.sweetrelief.org/
Musicares: MusiCares

And then there are regional and local funds all over the place. I helped start one in New England: New England Musicians Relief Fund Our fund is intended for musicians of all genres, regardless of union affiliation. We are new and don't have our nonprofit status yet, but we have a fiscal sponsor through which you can make a tax-deductible donation. So far, we have been able to give out over 200 aid grants of $1,000 to musicians out of work, and we are not finished by a long shot.

There are also funds established by local unions all over the place. You can find them easily by googling "musician relief" and the region you live or the closest big city.
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Jazz & Heritage Music Relief Fund | The New Orleans Jazz & Heritage Festival and Foundation, Inc.
 
The underpinning idea of the stimulating part of the stimulus is "velocity of money" or how many times a dollar [or use your currency] changes hands in a period of time. i.e. You get the money then spend it in a store; the storekeeper spends that money on stock or wages; those folks, in turn, buy shoes or gas or ??? from another business and so on. A dollar can change hands many times in a week/month/year.

I'll grant that there's an element of Zeno's Paradox at play but a lot gets done along the way.

We're retired and barring a truly disastrous, unexpected event we'll be just fine. Our first stimulus money went to a local food bank and we'll choose a purpose for the next when it arrives. (Don't count your chickens...) I sure don't need any more gear than the excellent stuff I have.
 
new roof - $7K ?
Nov 2019 my new roof cost $33K. !

but, to the point, need or not, I'll use it to pay bills. $600 will cover my electric bill for
a month.

Nov. 2019, what a coincidence. I got my roof done the same month; $12,000.00.
for my little 2 story Colonial.

I'll also use the money to pay bills; or bank it for now. If I could afford it, I would have quit my job as it's the most likely place for me to be contaminated. It's a luxury I can't afford, so I cannot say I don't "need" the stimulus check. I expect to retire in July, and am not spending for anything which isn't essential. Who knows where we will go from here? I've always been distrustful of the future.

Tom
 
You could donate to a legit kids music school/program. Junior and High Schools usually have some kind of music program that, since it is not sports, is always underfunded. Go straight to the instructor/teacher as going through 'proper' channels will almost always result in the program getting little to nothing as it is siphoned off on stupid pet projects with no accountability.

We went to the local Junior High that had a great band and Jazz program and either gave the money directly to the program, or just bought them what they needed.