With the recent announcement of the US economic stimulus plan, millions of Americans will receive a one-time rebate check from the government.  While congress would love for us to spend every dime of it and pump some cash into the economy, that’s probably not the best personal finance decision. 

There’s absolutely no reason why you shouldn’t save windfalls.  Since the money you receive is a one-time bonus, and you aren’t dependent on it, why go out and spend it?  You most likely would have done just fine without it, so you might as well put it away or use it to tackle some outstanding debt balance.  If you must, you could use it towards a large purchase that you have been planning for, but avoid impulse buys.

Basically any one-time money that falls into your lap should count as a windfall.  Christmas bonuses, tax refunds, birthday money, a $5 bill laying on the ground etc…  Over a long period of time, your savings will be increased dramatically compared to somebody who figures “hey, free money, let’s buy an LCD TV!”.

Considering the case of the current economic stimulus plan; if you need to spend the money because of hard times then by all means use it.  For some families, $1,200 will be the difference between whether or not they lose their home.  If you can though, I would put away every dime I could.  If you don’t NEED it today, then there will be a much better use for it in the future.