The Arizona Republic this morning had some goofy headline in their print edition that said something like "How should you spend your $800 tax rebate?" Far be it for me to presume to tell people how to spend their own money (what do I look like, a Congressman?) but here is a bit of advice: Save it. Because this is not a grant, it is a loan.
All of these rebates will be paid for with additional deficit spending. This means that everyone will eventually pay for their rebate in the form of a) higher future taxes; b) higher future prices due to inflation; or c) increased job insecurity and/or lower future earnings due to reduced output in the economy; or d) all of the above.
It HAS to be this way. Unlike private wealth creation, the government can't get wealth from nowhere.