Editor's note: This article appeared in the April 23, 2008, edition of Quirk's e-newsletter.

Many Americans already have plans for the extra money landing in their bank accounts in May by way of President Bush's economic stimulus plan. The rebate program is intended to help jump-start the U.S. economy, but it seems that the majority of stimulus package recipients are more concerned with frugality and future planning than they are with spending the loot, as only 27 percent of recipients plan to spend the money immediately.

While more than a quarter of check recipients do plan to spend the money - the stated rationale for the rebate program - many also will use the cash windfall to pay bills or create nest eggs, according to a survey conducted by Dallas research company e-Rewards on behalf of American Century Investments.

When asked what they were likely to do with the rebate check from the economic stimulus package, 36 percent of respondents said they would use the money to pay off debt. Twenty-five percent said they would save or invest it. Among survey respondents who indicated they would save or invest the rebate check, nearly half (47 percent) said they would put the money into a savings account.