How to Give Yourself a Second Stimulus Check

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OK, who is up for more government gravy in the form a second stimulus check? We thought so. Of course the Yea's that really matter might not get the deal done in timely manner, if ever.

In an attempt to bring the country out of its economic rut, Senate Majority Leader Harry Reid (D - Nev.) recently proposed a second stimulus check package. (Even candidate Barack Obama is in favor of cutting more government checks: He's been detailing a $50 billion plan.) The trouble? Congress begins their recess August 8, and there are a stack of other issues that need to be dealt with first, leaving the potential stimulus check in limbo.

So instead of waiting around for Congress to pass another stimulus package, why not create your own stimulus check? Now is the perfect time to start saving and Consumer Reports gives MainStreet the lowdown on how you will be able to write yourself a $500 check by Labor Day.

Eat Smarter
Sometimes foregoing certain items can be hard, but it means a few extra dollars will be saved. Consider choosing generic over name brand. It’s the lower-cost brands that, according to the Department of Agriculture, can save a family of four an extra $190 during monthly trips to the supermarket. Need to save another $30 to $60? Cut back on eating out. Consumer Reports also recommends taking advantage of off-hour discounts and prix-fixed meals (and always ask for a doggy bag). Amount saved: $200.

Update Your Life Insurance
With life-insurance premiums decreasing, if you bought your policy way back in the 1990s, it’s time for a change. Example: A healthy 50-year-old would have paid $2,125 for a $500,000 20-year policy from Prudential (PRU) in 1998. Today, a 60-year-old man could pay $1,385 over the next 10 years. Not comfortable with getting a new policy? Then get healthy. It's no secret the healthier you are the lower your premium will be, so get fit before purchasing a new policy. And if you are shopping for another policy, Consumer Reports suggests checking out www.accuquote.com and www.lifeinsurance.com. Amount saved: $110.

Re-Examine Your Car Insurance
Lots of factors determine how little or how much you pay for car insurance. A New Yorker's insurance payment will vary from a Montana car owner, which makes shopping around for a new policy even more important. Compare premium quotes online by visiting sites like www.insweb.com or www.insurance.com. If you can't find quotes in your state, then pick up the phone and call you local insurance branch. Amount saved: $65.

Phase Out ATM Fees
Last year, banks collected $39 billion in account fees and penalties, according to the Federal Deposit Insurance Corp. Meanwhile, the American Bankers Association reports that 52% of consumers don't pay a fee. Now for those stuck paying at least $28 per month, per household, Consumer Reports suggests using a large bank with lots of ATMs and shopping for "free checking and strictly adhere to provisions for a minimum balance." Amount saved: $25.

Figure Out Your Phone Situation
Cell phones, pagers, landlines and phone cards cost the average family $90 a month. When shopping for phone service, check out everything from service providers to long distance carriers to your cable TV company. Consumer Reports editors warn cell phone users to manage their minutes: "Don't buy more than you need if you rarely go over 900 minutes per month." Amount saved: $35.