Here comes that free money! The Treasury Department has already started delivering its $152 billion in economic stimulus payments to 130 million taxpayers; folks who gave the IRS a bank account number will get their cash within the next two weeks. Filers waiting for paper checks should get their rebates by mid-July.

Just in case you forgot: President Bush and Congress approved these tax-free handouts in February as a way to loosen our purse strings and goose the economy. You'll be in the money if you filed a tax return and made less than $75,000 (single filers) or $150,000 (couples) in 2007. Most singles will get $600, couples will get $1,200, and parents will get $300 for each dependent child. Seniors and others who don't earn enough to justify a tax return but who filed one anyway should see $300. Such amounts aren't likely to change your life, but the rebates will offer some relief for those feeling pinched by rising gas prices, the increasing cost of groceries, and mortgage headaches.

The payments are being delivered on a schedule based on Social Security numbers, with the lowest-ending numbers getting paid first. Full details are at the Internal Revenue Service Web site, but most recipients don't care about the details, they just want the dollars and some advice about how to spend them. Here's a tip: patriotism is nice, but it doesn't mean you have to run out and blow the cash as quickly as possible just because Washington wants you to. Here are some smarter strategies for that windfall.

Kill the Card Debt. If you're carrying any credit card balances, you already did your patriotic duty and spent your stimulus check before you even received it. Now use that check to pay down your credit card balance. Even if it's not enough to wipe out your debt, it is enough to save you hundreds of dollars in interest over the long term. Still need some instant gratification? Go online and calculate how much you can save by paying off a big chunk of your credit card debt. This has got to be the top priority, says Scot Millen of Baltimore-Washington Financial Advisors in Columbia, Md. He tells clients to be aggressive about paying off any debt on cards carrying interest rates over 8 percent.

Get Something for It. If you're going to spend it, look for a retailer that will meet you half way. Sears, Albertsons, Shop 'n Save, Kroger's and others are offering 10 percent bonuses to customers who trade their $300 rebates for gift cards. Other retailers are expected to hop in with stimulus-slanted sales (most of which don't require customers to have actual paper stimulus checks). Just make sure the deal is at a store where you'd shop anyway and that it is offering a payback that's better than you'd get at an ordinary sale.

Spend It Now to Save Later. Home Depot is pushing us all to be environmental leaders. The do-it-yourself superstore has a program that makes it easy to spend your rebate check on a high-efficiency washing machine or air conditioner or a whole lot of compact fluorescent light bulbs. Tune up your car, start a vegetable garden, or put it in the bank and use it as a safety net so you can raise the deductibles on your auto or health insurance policies.

Feed the Retirement Accounts. If you're not maxing out your 401(k) plan, raise your contribution by the amount of your rebate. You'll cut your taxes next year, take advantage of having your interest compound forever and possibly snag some matching funds from your employer. If you're already filling the 401(k) to the brim, put the money in a Roth IRA. Let that one $1,200 stimulus payment ride for 25 years at 9 percent and you'll have $11,000.

Pay the Kids. You'll get an extra $300 for each of your kids, so spend it on them. Use it for a starter deposit in a Coverdell education savings account or a 529 college savings plan. Compare plans at savingforcollege.com. If you have working teens you can use the money to match their summer job earnings and establish Roth IRAs for them. Seed a family investment club and start teaching your kids how to pick stocks. Learn how at the National Association of Investors Corporation. It can cost surprisingly little to buy a few shares of stock, and kids who start young end up rich, says Millen.

Invest It in Yourself. If you've been putting off costly dental work or a medical checkup, do it now, says Mari Adam, a financial adviser in Boca Raton, Fla. "You're investing in your most important asset." Another invest-in-yourself idea: take a class that can further your career or enrich your mind. Or spring for a onetime soup-to-nuts (or insurance-to-investments) financial review. You can find a fee-only financial planner at the National Association of Personal Financial Advisors, or at the Garrett Planning Network, which has advisers who charge by the hour. Let them figure out a way to save you a stimulus check every year.

Take a Vacation. The latest thinking holds that experiences are worth more than things. So skip the large-screen TV (the longer you wait, the less it will cost, anyway) and take the family on a great trip. Blow your rebate building memories, and visit a national park or two on the way. Nothing could be more stimulating and patriotic than that, right?

Give It Away. It's always nice to share a windfall, and a number of nonprofits are asking for a piece of your rebate. That includes everything from the big-name political campaigns to the Episcopal Church to local charities aimed at using the money to save specific foreclosure-threatened homes. But the best way to make sure your check gets used in a way that's meaningful to you is to give it to a charity you already embrace, or check out new groups to make sure they are bona fide. You can find small local charities at Network for Good, and look at charities' financial reports and ratings at give.org and GuideStar. And whatever you do, don't give your rebate away to any caller you don't know who asks for your bank account or Social Security number as a means of transferring the money more quickly; it could be a scam.