The economic stimulus payments that most Americans will get are already hitting bank accounts. It was originally estimated that the payments wouldn’t be processed until at least June, so this governmental efficiency should really be applauded. I haven’t gotten my check yet. What about you?

The whole idea of the payments is that people will spend this money. Isn’t that kind of funny? The government knows that people simply will not take an unexpected windfall and sock it away. That money will be spent, and it will help the struggling economy along - or at least that’s the hope. This reflects some depressing assumptions about the capacity of Americans to save money, but I do hope that people will spend their checks. It’ll benefit all of us.

So what are you gonna do with your check? Save it or spend it?

I’d ordinarily advocate the boring option of sticking the money in an interest-bearing savings account, but some retailers are offering bonuses if you choose to spend your check at their stores. A recent CNN.com article mentions several of these options. You can get $400 off some Sony HD-TVs, 10% off at Staples, or 10% off at Sears. The idea generally is that you cash in your stimulus check at these stores, forking over the entire payment and thus violating what your mother told you when she sent you off with a few bucks and advised you not to spend it all in one place.

If you’re planning to purchase a big-ticket electronic item, the above options may work out great for you, but if not, a couple of large grocery chains are offering a 10% bonus when you use your check at their stores. In my opinion, if you’re not up for sticking the whole check in a savings account, this is a pretty smart way to spend it.

Kroger and Supervalu are the two grocery chains offering these bonuses. Theoretically, you’ll actually bring your check to the store and cash it there, but I think it’s very likely that people will not have to bring in the paper checks. After all, what do you do if you received your stimulus payment via direct deposit? The store will issue you a gift card in exchange. For example, if you cash a $300 check, they’ll give you a $330 gift card.

These chains are very large and encompass many brands. Below is a more or less complete list.

Kroger Brands: Baker’s, City Market, Dillon’s, Food 4 Less, Foods Co, Fred Meyer, Fry’s, Gerbe’s, Hilander, Jay C, King Soopers, Kroger, Owen’s, Pay Less, QFC, Ralph’s, Smith’s

Supervalu Brands: Acme, Albertson’s, bigg’s, Cub Foods, Farm Fresh, Hornbacher’s, Jewel-Osco, Lucky, Shaw’s/Star Market, Shop ‘n Save, Shoppers Food & Pharmacy, Supervalu

And here are the actual press releases: Kroger’s and Supervalu’s. These promotions both begin on May 2nd and last through the end of July.

Here’s my plan for my own economic stimulus check, which will be in the amount of $600. I’m going to take half of it to Food 4 Less, which is a very low priced Kroger-owned chain that carries the same brands as Ralph’s, the other, more upscale brand they operate in my area. I’ll take my $330 gift card and stick the rest of my stimulus payment in a savings account. I simply can’t stomach the idea of tying up the whole $600, even though the $60 bonus is enticing.

I figure that if it takes me a year to use up the gift card, I’ve earned a 10% annual return on my investment. Well, sort of; anyway, I think it makes sense to think of it that way. Now my goal will simply be not spending more on groceries than I would otherwise. I’ll have to remember that that $330 is real money. That might be a bit of a challenge, but I think I’m up for it. It really is nice to have $600 just sort of flutter into your hands.

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