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The checks that could change your financial life
A temporary boost to the child tax credit can help fuel emergency savings, cut debt and build financial stability.
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FILE - This April 2017, file photo provided by NerdWallet shows Liz Weston, a columnist for personal finance website NerdWallet.com. (NerdWallet via AP, File)
Published 1 hour ago
Starting in July, most families with kids will start getting monthly payments of up to $300 per child as part of the American Rescue Planâs expansion of the child tax credit.
The payments are scheduled to end in December, and itâs unclear whether they will be extended. But even six months of payments could make a big difference in many familiesâ finances.
Checks could change financial life
Liz Weston NerdWallet
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People could start or increase their retirement savings, either by contributing to an individual retirement account or boosting their contributions to a workplace plan such as a 401(k).Getty Images
Starting in July, most families with kids will start getting monthly payments of up to $300 a child as part of the American Rescue Plan’s expansion of the child tax credit.
The payments are scheduled to end in December, and it’s unclear whether they will be extended. But even six months of payments could make a big difference in many families’ finances.
KXLY
May 20, 2021 5:00 AM Liz Weston
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Updated:
Getty Images
Starting in July, most families with kids will start getting monthly payments of up to $300 per child as part of the American Rescue Plan’s expansion of the child tax credit.
The payments are scheduled to end in December, and it’s unclear whether they will be extended. But even six months of payments could make a big difference in many families’ finances.
For some, the money will be a lifeline to pay rent, food and other essential expenses. For others, the cash could be a chance to make lasting changes that could help them become more financially stable.