Stephanie Klein-Davis | The Roanoke Times

Mike Whitehead, a sales associate at Grand Home Furnishings in Roanoke, explains the features of La-Z-Boy recliners to Sillena Brean, who's looking for a newer model and planning to use her stimulus check to pay for it.

By now, the awaited funding boost from the federal government may have appeared on your online bank statement, or it's expected to land in your mailbox beginning this month.

The stimulus checks, ranging from $300 to $1,200 or more per household, are intended to pump up a slowing U.S. economy.

Retailers want that money. But many consumers don't plan to fork it over.

What the government has envisioned as a strategy for stimulating the economy may not amount to a spending spree.

Even as Kroger, Circuit City and Grand Home Furnishings dangle deals to entice consumers to spend their stimulus checks at these stores, some people in the Roanoke Valley are not paying much attention.

Instead of splurging on a new couch, a television or a mound of groceries, they're using the checks to pay debt, save or even give back to the federal government by paying off estimated taxes.

"The majority of it's going into my checking account," said Denise Waker, 24, who has two children. "I'm trying to catch up on bills."

The Eichler household in Hillsville plans to turn their stimulus check back over to the government.

"I'm paying taxes," said Tricia Eichler, 41, whose husband is a pastor. He's considered self-employed and typically has to pay about $7,000 in taxes a year, said Eichler, a stay-at-home mom with three children.

Temptations to spend

Waker and Eichler are not the kind of customers that Grand Home Furnishings has been trying to draw to its stores in the past week.

Starting May 4 and ending Monday, the Roanoke furniture company with 16 stores is giving customers a discount on furniture if they spend certain increments that correspond with the stimulus checks.

For example, if you buy a couch for $1,500 or more, you'll receive a $300 discount. For purchases of $750 to $1,499, the discount is $150.

"We're trying to get folks to shop our stores with their economic stimulus checks," said Steve Davis, a spokesman for Grand.

Other retailers are encouraging consumers to shift their checks onto gift cards. Stocking up on groceries for the next several months? Through July 31, Kroger says it will add 10 percent to the value of a gift card if you roll your entire check onto one of the grocer's cards.

Want 10 percent extra in funds for a Sears or Kmart shopping spree? Move your stimulus checks onto gift cards for these retailers, and you'll receive the bonus.

Other stores, such as Wal-Mart, will cash stimulus checks for free with no purchase requirements. Sam's Club also is following suit by cashing checks for its members.

Likely Wal-Mart is betting on people to shop once they walk into their stores to cash the checks.

Since late April, the chain has been touting additional discounts on some grocery and consumable items to coincide with the arrival of government bonuses.

Using the checks wisely

Walt Kearns' advice for using the government's stimulus soundly isn't earth shattering.

Save it or pay down debt, said Kearns, a certified financial planner who owns Just Financial Planning in Salem.

"I know that the government hopes people will go out and spend the money," he said. "But honestly, I don't think that's really what most people should be doing."

Americans had about $941 billion in revolving credit debt in 2007, which is up 7.5 percent from $875 billion in 2006, according to the U.S. Federal Reserve.

Kearns teaches a personal finance class at Roanoke College, and the textbook that he uses offers up a list of tricks for saving.

The list advises people to "take advantage of income tax returns, inheritances and other windfalls," he said.

That could involve paying down debt, creating an emergency fund or even investing in the stock market.

"I feel that this tax rebate is an opportunity," Kearns said.

Tom Nasta, a chartered financial consultant with Personal Financial Planning in Roanoke County, suggested additional possibilities for using stimulus checks, such as contributing to a child or a grandchild's college fund, giving to charity or saving the funds to fill up on trips to the gas pump. Spending the funds on desired items, such as flat screen televisions, should be a lower priority, he said.

Still, Debbie Davis sees her stimulus check as an opportunity to invest in home improvements.

As of early last week, she hadn't yet received her check, but she already told her husband that she wanted to use the money to re-carpet the living room in their Roanoke County home.

"We're putting it back into the economy," said Davis, 50.

But as if she believes the federal bonus is too good to be true, Davis hasn't yet begun to scout out deals on new carpeting.

"I won't do it until I get the money."