From investing to paying off debt, here are the best ways to use child tax credits as checks arrive tomorrow.
RAISING A CHILD CAN BE EXPENSIVE, but some parents are surely wondering what to do with their child tax credits.
The October child tax credit payments are scheduled to arrive in bank accounts tomorrow, October 15, marking the fourth check for most families.
Monthly installments of $300 are available to those with children under the age of six. Families will receive $250 for each child aged six to seventeen.
Couples must earn less than $150,000, and single parents filing as heads of households must earn less than $112,500 to be eligible for the full payments.
Of course, depending on your family’s needs, some months may be different than others, but we’ve included some suggestions below.
Unfortunately, these will be a part of everyone’s monthly expenses – but tax credit payments can help.
You may require some for your child’s clothing, food, or electrical needs.
If you’re having trouble paying off your mortgage or vehicle debts, you may need to use the money in other ways.
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Using child tax credit payments to pay off debt is a smart method to maximize your savings.
Large amounts of debt can make it difficult to take out new loans or make other financial decisions.
It may also have an impact on your credit score.
Child tax credit payments could provide great assistance to some people who are thousands of dollars in debt.
Families with children under the age of six will receive $3,600 in total for the tax year.
Families with children aged six to seventeen receive $3,000 per child.
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If you don’t have any savings or an emergency fund, the child tax credits can be a good time to start.
The disadvantage of saving in a regular savings account is that it will not increase significantly.
You will earn more interest if you put your money in a high-yield savings account.
In comparison to a regular savings account, a high-yield account can pay 20 to 25 times more in interest.
Emergency savings are typically set up to protect you from a potential financial disaster, such as losing your work, experiencing a medical emergency, or suffering any other major bills that your insurance may not cover.
According to Gordon Achtermann, a certified financial advisor in Virginia, “there is no risk of capital loss” because money up to $250,000 are protected by the Federal Deposit Insurance Corporation.
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