Christian Finance Blog

Great news! The Treasury Department said Thursday that the special economic stimulus rebates would be distributed five days earlier than first said. The first round of rebates are expected to be sent starting Monday, April 28 rather than May 2 as previously thought.

About 800,000 tax filers will receive rebates on Monday, Tuesday, and Wednesday. An additional 5 million will be distributed on Friday. The economic stimulus plan signed in February by President Bush will distribute more than $110 billion to 130 million taxpayers.

So what are you going to do with the money? Most people I’ve talked to and read about seem like they aren’t spending it but rather paying down debt and/or boosting their emergency funds and not necessarily the economy. I’m doing the same.

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Happy Earth Day! Today is a day when we need to remember that God is the one who created the earth and we need to take care of it as much as possible. God has called us to be good stewards. Luke 12:42-44 (NKJV) says:

42 And the Lord said, “Who then is that faithful and wise steward, whom his master will make ruler over his household, to give them their portion of food in due season? 43 Blessed is that servant whom his master will find so doing when he comes. 44 Truly, I say to you that he will make him ruler over all that he has.

Here are some ways to be good stewards of God’s creation:

1. Conserve energy by combining different errands into one trip, turning off lights and appliances when not in use (including electronics such as computers, etc.)

2. Recycle everything that you can including cans, paper, old electronics, etc.

3. Use compact fluorescent lights (CFL) throughout the house which uses less electricity and last longer than traditional bulbs.

4. Treat everything as if you own it…because God does.

5. Don’t litter and pick up trash on the ground if you see it.

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I just received my federal income tax refund yesterday! I filed on April 5th and my refund came exactly 13 days later. That was pretty quick! I’m glad I e-filed for the first time this year. I think I’m never going to mail in my tax return ever again. The benefits simply outweigh any of the negatives.

Here’s how to check the status of your refund. Just go to the official IRS “Where’s My Refund” page (can also be accessed from the main IRS website) and enter your social security number, filing status, and exact refund amount shown on your tax return. It showed that mine would be direct deposited on April 18th and it showed up exactly on April 18th in both accounts (I split my refund into two accounts). Most states also have a way to check the status of refunds. Check your particular state tax websites for more information.

Now I’m just waiting for the economic stimulus rebate to arrive. It will be direct deposited to the same account that I filed with (only the first one). Check out this post to find out when you can expect yours.

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The tax deadline is fast approaching! If you’re like many Americans and have procrastinated so far, here are several ways to prepare and file your taxes for free! Nothing beats free!

All you have to do is go through the IRS Free File page. Generally, your adjusted gross income (AGI) needs to less than $54,000 for 2007 unless otherwise noted.

Here are some of the companies that provide this service and are recommended:

1. TurboTax Freedom Edition
The limitation here is that your adjusted gross income (AGI) needs to less than $30,000. If you qualify, this is a great way to do your federal as well as state taxes (AL, AR, AZ, GA, ID, IA, KY, MA, MI, MN, MO, MS, NY, ND, NC, OK, OR, RI, SC, VT, WV) for free!

2. H&R Block’s TaxCut
This is available as a free access to the TaxCut software. Adding a state return costs $24.95.

3. TaxAct
Available with a free federal return. A state return will cost $12.95.

4. CompleteTax
A state return will cost an additional $9.95.

5. Tax Engine
A state return will cost an extra $10.

6. TaxSlayer
This comes with a free state return if you prepare a federal return with it. Otherwise, a state return will cost an additional $9.95.

All of these can be accessed through the IRS Free File website. I filed my taxes last weekend and I’ve already received my state return direct deposited. My federal refund should arrive within a week or so. I’m glad that I e-filed this year and used direct deposit. I used the paid version of the TurboTax software. Just be aware that if you purchase the retail version, you’ll have to pay $17.95 each return to e-file. So if you file a federal and state return it will cost $35.90 in addition to the software cost. Just so you know. If you haven’t filed yet, get to it! This is the last weekend to file your taxes. Hope this helped.

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The IRS will begin to send approximately 130 million tax rebate payments to boost the economy starting on May 2. Most people will receive their rebates by July 11 if tax returns are filed by the April 15th deadline. The IRS takes about two weeks to process a return. Here’s a full schedule for the special rebate payments:

You can use the IRS’s own online calculator to figure out exactly how much of a rebate you’ll get and whether or not you’re eligible.

I’ve written about this special stimulus rebate here and here.

Source: IRS

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20 Then David continued, “Be strong and courageous, and do the work. Don’t be afraid or discouraged, for the LORD God, my God, is with you. He will not fail you or forsake you. He will see to it that all the work related to the Temple of the LORD is finished correctly.

1 Chronicles 28:20 (NLT)

From the Life Application Bible:

David advised Solomon not to be frightened about the size of his task as king and builder of the Temple. Fear can immobilize us. The size of a job, its risks, or the pressure of the situation can cause us to freeze and do nothing. One remedy for fear is found here: Don’t focus on the fear; instead, get to work. Getting started is often the most difficult and frightening part of a job.

Yes, I admit it. I should be in Cheapskate’s Anonymous, although I prefer to be called frugal. But you can call me cheap if you want, I really don’t care. I’m not completely cheap, though. I’ll spend money on things I care about, but I will never try to jeopardize my financial future. I always have not only the future consequences of all of my actions in mind, but the eternal consequences as well. See, we as believers are governed by something higher than this world’s economy, rules, regulations, and government. We must answer to a higher being not only here on earth but in eternity as well. We must be held accountable to God.

That being said, I always ask for a discount. I think that it is wise and being a good steward to try and get the best value for your dollar on everything. I’m not talking about taking advantage of people. I’m talking about using the money and resources God has blessed us with to get the best deal possible without hurting anyone. Everywhere I go shopping, I ask for a discount. If you’re a student, ask for a student discount. If you’re a senior citizen, ask for the discount. If you’re in the military, ask for the military discount. Even if you don’t fit in any of those, ask for a discount. When you’re checking into a hotel, ask if there’s a better rate. My philosophy is that it doesn’t hurt to ask, and the worst that can happen is that they say no.

It doesn’t matter who’s watching or if you’re going to be embarrassed asking for a discount or for using coupons. You’re never going to see the people behind you in line again. This also applies to getting “stuff” that makes you look cool. That’s why we shouldn’t buy things to impress other people. Like that shiny, fancy, new car that you want because it will make you look successful. The people you pass up on the freeway will never see you again. And their opinion doesn’t really matter anyway. The people who matter most are your family and true friends, and especially God. Everything else doesn’t really matter except who you are in God’s eyes.

So always ask for a discount and live a life that’s pleasing to God Almighty. I try to.

4 and he was shown to be the Son of God when he was raised from the dead by the power of the Holy Spirit. He is Jesus Christ our Lord. 5 Through Christ, God has given us the privilege and authority as apostles to tell Gentiles everywhere what God has done for them, so that they will believe and obey him, bringing glory to his name.

Romans 1:4-5 (NLT)

It’s the power of his resurrection that forms the basis of our very faith! Without his death and resurrection, we wouldn’t be here today as believers. Everything in our relationship with Him rests upon the truth of His virgin birth and His glorious death and resurrection. So as we spend our day with family and friends, remember the reason is Jesus!

1 Come now, you rich, weep and howl for your miseries that are coming upon you! 2 Your riches are corrupted, and your garments are moth-eaten. 3 Your gold and silver are corroded, and their corrosion will be a witness against you and will eat your flesh like fire. You have heaped up treasure in the last days. 4 Indeed the wages of the laborers who mowed your fields, which you kept back by fraud, cry out; and the cries of the reapers have reached the ears of the Lord of Sabaoth. 5 You have lived on the earth in pleasure and luxury; you have fattened your hearts as in a day of slaughter. 6 You have condemned, you have murdered the just; he does not resist you.

James 5:1-6 (NKJV)

From the Nelson Study Bible:

In the spirit of the Old Testament prophets, James pronounces judgment on employers who treat their employees unjustly (Is. 3:14, 15; 10:2). God will judge those who oppress the poor (see Ezek. 18:12, 13).

I just saw a post on FatWallet that talks about the Provident Direct online high yield savings account that’s currently paying 4.50% (edit: now only 3.75%)! It seems like a good deal especially given today’s market conditions. However, the Fed is expected to drop rates again tomorrow so who knows how long this rate is going to stay competitive. Currently, it’s the highest that I know of. It’s also FDIC insured at Provident Bank which has been around since 1886. The online portion has been around since November 2007.

It says that there are no minimum balance requirements and no monthly fees. You only need a dollar to open. The major downside is that withdrawals are limited to $5000 per transaction but you can do multiple transactions per day. However, savings accounts are government regulated and cannot exceed more than 6 transfers out in a month. Any withdrawals after that will be charged a $5 fee. You can bypass the $5000 limit by “pulling” from another account rather than “pushing” from the Provident account. Apparently there’s also a $25 fee for closing the account within 180 days and a$5 monthly fee if the balance dips below $300.

I’ll have a full review when I open an account in a little bit. I’m going to wait and see what happens to the rate first. It would be a great place to park my emergency fund which is currently only earning 3.85% at FNBO Direct.

In other news, there’s a new concept in the online savings space that I stumbled onto today. It’s called SmartyPig and it basically combines an online savings account with social networking. The basic premise is that you need to set goals that are funded by monthly deposits into SmartyPig. The goal is active until it is reached. The social aspect comes in when you make your goal public. People can help fund your goal by using a credit or debit card (with a $4.95 processing fee). Once goals are met, you can “withdraw” the money via MasterCard debit card or a gift card from participating retailers. At this time, there is no way to receive that money via ACH transfer in cash. This is apparently done so that it’s harder to use the money since the purpose is to save it.

Deposits are FDIC insured and held at West Bank, which has $1.3 billion in assets. Deposits also earn a very competitive 4.30%, albeit with some limitations. I think it’s a good idea, but I definitely wouldn’t use it to hold my emergency fund because it’s not liquid enough. However, I don’t think it was intended for that purpose either. I think there’s a market for this and if it helps people to set savings goals and encourages them through the social aspect, it could be a winner. I’m holding off on it for now, but maybe I’ll revisit it later. Maybe I can set up a public goal to get out of debt and you guys can contribute!

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