Financial Well-Being During COVID-19, May 13, 2020
The stimulus checks issued by the federal government are a welcome relief to many people--127.5 million per the IRS website. An additional 22 million people still await their checks. The government states the checks being mailed are in reverse order to income, those with the smallest incomes will receive checks first. The remaining checks will be sent to people with increasing incomes until all eligible people will receive payment. The mailings should run through early fall.
Whether or not you receive a stimulus check you can still look to reduce expenses. A common way is to look at expenses from a needs vs wants perspective. Here is a worksheet from SmartAboutMoney which gives some pointers. The worksheet is a good review for adults, teenagers and young children. We all have a different view of expenses, especially if we are the one paying for them or the one benefiting from them.
Financial Well-Being During COVID-19, May 4, 2020
The Commonwealth of Massachusetts provides updates through the Attorney General’s office. The AG’s office prepared a worksheet which outlines the protection measures which are in effect. The worksheet is available in ten different languages. The multilingual document covers the following areas of protection: eviction and foreclosure; debt collections; utility shutoffs; discrimination and others. Any questions or concerns in any area should be directed to the Attorney General’s office. The contact information is listed here.
Financial Well-Being During COVID-19, April 17, 2020
The federal government passed the stimulus act (CARES) which will provide both one-time payments and enhanced unemployment benefits. Both are designed to help individuals and families who are facing financial difficulties due to the COVID-19 pandemic.
Stimulus checks are deposited directly into an account if that account was used for Federal Tax Filings for 2018 and 2019. If there is not an associated account, a physical check will be mailed. The mailed check will be a longer process. The government, through the IRS, has provided a website to check on the status of a payment.