A year with pandemic life is ending, which means that it is also time for the economy to try to make people’s finances better.
Washington can’t agree to give out more stimulus checks. But many people are worried about paying their monthly expenses. They’re worried because the pandemic drags on.
The remaining COVID relief is aimed at smaller groups of Americans. There will be stimulus payments coming in 2022. People with these payments may need money to cover their bills or deal with debt.
Here’s who can expect more stimulus payments
Background: The government is still giving money to some people in the form of stimulus payments. States are also issuing checks to residents who meet certain requirements.
The newest Americans can get up to $1,400 in stimulus payments. These people were born in 2021, and they qualify for the third round of federal stimulus checks that many people got in March. To get the full amount, your household income must be between $150,000 and $75,000 if it’s just one person or between married people filing a joint return if they are married.
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This year, when you file your taxes in 2021, if you have a new baby or babies, the IRS will give you a stimulus check.
Plus, when people have babies in 2021, they might not know that they can get more money because of the COVID stimulus package.
If you had told the IRS about your new family member this year, they would have given you monthly credit installments. If you didn’t tell them, they would give you the full credit when you file your next tax return in 2022.
Make your own stimulus.
You can help yourself if you find new ways to save money. Some examples are:
Student loan debt is hard to pay off. It’s really expensive to keep paying for it. But you can lower the amount of time it takes to repay your student loans by refinancing them.
If you have a lot of debt from multiple credit cards and loans, it might be time to consolidate it into one loan. You’ll only need to worry about one payment, and the lower interest rate will help you pay off your debt faster.
When you buy things online, prices can be all over the place. Make sure that the price you see is a good deal and that it has a coupon before you purchase it.
You do not need to have a lot of money to buy stocks. A popular app lets you invest your “spare change” from buying things like coffee or clothes.
This article is only information. It is not advice. You should not use it for advice because it has no warranty.
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