Feb 12, 2021 12:54 AM EST
On Jan. 14, President Joe Biden proposed his first-ever action as the new head of the nation: a massive $1.9 trillion stimulus bill called the American Rescue Plan. When it pushes through, a third round of stimulus checks might be released.
Biden plans to "top up" the $600 stimulus checks from the last round of checks for a total of $2,000 aid provided. So if you're a qualifying single taxpayer who received or expect to receive $600 in the most recent payment round, you are also likely to receive another $1,400 if Biden's proposal pushes through.
While this is massively good news for some, because they are down to their last cents already, it is quite possible that some people might get the money and thought of using it beyond their basic needs. This is quite alright, but if you are one of them, below are some ideas on what you should use the money with so that you do not end up wasting these new funds.
Chances are, if you are going to get the new round of checks, the previous aid you received must have already ran out. It is highly likely too that the COVID-19's impact on the economy remains a bane on your own personal income. This is why, if you get $1400, you must make sure your immediate needs are met before uusing the money for something else.
This includes food, monthly bills, and rent or mortgage. Naturally, choose those most urgent. If your state or banks offers relief on various services such as electricity, mortgage and other utility, then pay those much more urgent - food and such.
Check whatever generous programs you can take advantage of, then allocate funds accordingly. Although it does not seem like it, many agencies and organizations are chipping in the economic recovery by helping those affected by it.
It's February 2021, and it's unlikely the IRS will postpone tax filings like it did last year. This means taxes will be due in three months.
If there is something that the world should have learned right now - it's that every household or every individual should have an emergency fund. Even if the pandemic will vanish soon, anything can happen any day.
In other words, as this pandemic shows, the world can change very quickly. After paying off what you need to cover urgently, keep the rest for emergency fund. It is simply wise to do.
Following the pandemic, natural calamities, and major employment shifts, a startling new study on the online news site News Nation shows that 1 in 4 Americans don't have an emergency fund.
Generational wealth is a facet of wealth management that is often misunderstood. Labeled trust fund babies, rich kids, and lucky breaks, those who receive an inheritance from families are rare.
Social media has successfully made it to the mainstream consciousness of over half the global population. DataReportal's latest study shows that over 4.33 billion people worldwide are using some form of social networking site this year. That's why it's no wonder many tech companies are interested in investing or forming the next Facebook, Twitter, or YouTube to capture the hearts and minds of the general population.
Ease of access, freedom to choose in which to invest the money and lines of credit designed according to the needs of consumers, are some of the characteristics that have made consumer credit one of the most important financing products in the world’s market.
While researchers have suggested that individuals who base their self-worth on their financial success often feel lonely in everyday life, a newly published study by the University at Buffalo and Harvard Business School has taken initial steps to better understand why this link exists.
The younger generations are willing to put their money where their mouth is when it comes to sustainable living.
An international research team led by NUST MISIS has developed a new iron-cobalt-nickel nanocomposite with tunable magnetic properties. The nanocomposite could be used to protect money and securities from counterfeiting. The study was published in Nanomaterials.
Bank credit officers are more likely to approve loan applications earlier and later in the day, while 'decision fatigue' around midday is associated with defaulting to the safer option of saying no.
After graduating or leaving college, many students face a difficult choice: Try to pay off their student loans as fast as possible to save on interest, or enroll in an income-based repayment plan, which offers affordable payments based on their income and forgives any balance remaining after 20 or 25 years.