Starting in a few weeks, more than 36 million American households will begin receiving monthly stimulus checks of a sort, from a temporary expansion of the child tax credit.
Families set to receive these payments, of up to $300 per kid, should have started getting letters this week confirming their eligibility. Based on an analysis from the IRS, the money will cover about 88% of American children.
The payments — part of the massive COVID stimulus bill President Joe Biden signed in March — will lift around 5 million children out of poverty this year, the White House has said.
Financial expert Suze Orman warns that the money will be “a waste” if you don’t have a plan for using it. She has offered these tips to make sure your household bills are paid and that you’re saving for the future.
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