Two groups of people are entitled to stimulus checks in 2022
Most of you are wondering whether you’ll be getting a stimulus check in 2022 or not.
Some of you will qualify but most of you won’t.
Those who do will be receiving a check of $1,400 from the U.S government.
Only 2 groups of people will receive stimulus checks in 2022.
Keep reading below to see who’s going to qualify for a stimulus check in 2022.
Qualifications for stimulus checks in 2022
While not everyone will be receiving stimulus checks for the new year, the government is still working on creating other programs to benefit American citizens.
IMPORTANT: One of which will actually be an extension of the Emergency Rental Assistance to keep families in their home.
The deadline for submitting a request for the second round of reallocated funds is January 21, 2022.
This program will provide additional support to renters so don’t miss it if it will provide your household with assistance.
Can I get a stimulus check if I didn’t file taxes?
It’s important to include that if you did not file taxes for 2020 or 2019 and are not planning on filing taxes for 2021 you will not be eligible to receive your stimulus package for 2022.
The first group of people who will receive stimulus checks in 2022 will be those who didn’t claim their first or second checks in the past.
If for whatever reason you did not get your stimulus checks last year, you are entitled to $1,400-$4,200.
How do you claim your relief program compensation?
You may receive your stimulus checks in the form of tax credits when you file your taxes for the year of 2021 through the Recover Rebate Credit.
You will have to file your income in order to receive your compensation.
And if you owe taxes from the previous year, your stimulus check will become a tax credit on what you owe.
Depending on how much you owe, you may end up not paying anything in taxes, or you may end up paying the difference when the credit has been applied.
Now for the second group of people who are eligible to receive a stimulus check in 2022.
#2. New parents 2021-2022
New parents are eligible for a 2022 stimulus package
According to the U.S government, parents of newborns, foster, or adopted children from 2021-2022 will have a stimulus package benefit for the new year, via. Marca.
The help comes from the American Rescue Plan which provides families with $1,400 for their dependent children.
So, although another stimulus check in 2022 might be unlikely for most Americans, a few of you may still benefit from this last round.
If you have not received it yet, keep an eye out for a letter from the IRS on how instructions to receiving it.
Some families might receive a tax credit when filing taxes, others might receive a direct deposit or check.
This will depend on whether you’ve filed taxes in the past or not.
Letters form the IRS are said to get delivered by the end of January 2022.
Follow the instructions as provided to ensure you claim your stimulus package.
Will more Americans receive checks this year?
As of right now it’s unlikely Americans will continue to receive stimulus checks moving forward.
However, bookmark this page or subscribe to the newsletter for live updates on any changes.
If you are entitled to compensation, you will not want to miss it.
We are super excited to share these amazing tips to keep you grounded during hard times. Kudos to you for looking out for yourself. Here’s how to stay afloat during a recession.
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Budget
Coupon
Cut unnecessary expenses such as subscriptions and streaming services (e.g. Disney Plus, Netflix, Hulu, etc.)
Avoid eating out – includes takeout
Use coupons to your advantage for discounts on your groceries and other necessary household items. By momentarily cutting off subscriptions and streaming services, you give yourself more breathing room. Avoid eating out as it tends to cost more money than cooking at home. Some restaurants or delivery services might offer free delivery at the moment but they are in the same situation during a recession. Take care of yourself first.
Build Your Emergency Fund
Put money in a high-yielding savings or money market account to earn you interest.
Stack some of your earnings in a personal savings account as liquid money.
By putting money into a high-yielding savings or money market account, your money gets to work for you. Compound interest will begin to accumulate and earn you money every month whether or not you keep depositing earnings. Tip: The more you deposit, the more your return is.
It is important that you keep stacking your money for your necessities. Move money into your personal savings account to keep as liquid money, or money you can pull out within a matter of seconds in case of an emergency. It usually takes 3 business days for earnings to come in from a money market account so it would be wise to keep some cash at hand in a personal savings account.
Live Below Your Means
Hold off on any moving plans, stay put
Avoid liabilities such as a new car / new home
Rethink your current standard of living
If you were planning on upgrading your standard of living this year you might want to hold off on those plans. Stay put, chances are your rent or mortgage is currently lower than where you want to go.
Avoid liabilitiesaltogether. This means the new vehicle, the new home, the new tuition, etc. It is important to stay out of debt during a recession. Liabilities require you to take money out of your pocket and prohibit you from saving and investing it.
It Can Wait
Rethink your current standard of living. If you’re able to momentarily downsize then you’re in a great situation, do it to reduce your costs on rent and utilities. Another great tip is to work together with people you trust and split the cost of rent in order to live adequately to cut back expenses and continue to save money.
Use Gift Cards During A Recession
Gift cards are an amazing way to treat yourself for free. Most people tend to use gift cards when the economy is booming and everything is great. If you’re like us, you probably have a few saved. Perhaps you just never got around to using them or have a little sense of self control most don’t.
Gift cards are great during a recession because it allows you to make a purchase without taking money out from your wallet. You’ll never get to appreciate them the same again.
Recycle / Cash In Change
Recycling is a great way to keep you afloat during a recession. You’re essentially getting cash back on all your recyclables. Plus, it’s great for our environment; let’s not forget that. Although recycling money may not be a lot, it is certainly a good way to earn $10-$20 every month.
Cashing in loose change is also a great way of gathering money that’s been collecting dust. If you’ve already been filling up the piggy bank now is a great time cash it in.
Work Temp For An Essential Company
Essential companies seem to be the only places hiring during our current coronavirus pandemic situation. Although we are currently facing this issue, it is unlikely we will be coming across this challenge for every recession.
Take precautions, but see what is hiring and how it may convenience you. Go where the money is and keep stacking your money.
Develop An Extra Source Of Income
Developing an extra source of income is one of the best ways to keep you afloat during a recession. There are many ways people are earning money online by working from home. Find your side hustle! Read: “Ways You Can Earn Money During The Coronavirus Lockdown” to see how you can begin making money on the side and from home.
An extra source of income will help pay for your necessities or allow you to put extra cash away into your money market account or personal savings account.
Sell items that you don’t use anymore to keep you afloat during a recession. This strategy is a quick way to put cash in your pocket.
Consider selling (old, extra, or unused):
MP3s / iPods
Cellphones / Smartphones
Blu-ray, DVDs, Headphones, Televisions
Gaming consoles / Games / Movies
Books / Board Games / Magazines
You can sell on Facebook market, eBay, Amazon, Craigslist, etc.
Rethink Transportation
Think Outside The Box
It would be wise to make transportation arrangements in order to cut back on fuel expenses and avoid unforeseen car repairs. If you work locally perhaps it would be best to bike to work. Maybe your work is a few blocks away, walking is another alternative. If your work is cities away carpool with someone one week and alternate driving.
Use A 0% APR Credit Card
We don’t usually condone the use of a credit card but there are times where they become handy, especially when used responsibly. We suggest using a credit card with 0% interest in the event that there are no savings in your account. The 0% APR will help you pay off the credit card without any additional interest per the providers agreement. Do your research to see which cards fit your needs during a recession.
Here are other benefits to using a 0% APR credit card:
Payoff other credit card debt
Apply payments to principle on loans eliminating accruing interest
Most 0% APR credit cards have terms up to a year
Qualifying for one of these bad boys requires you to have great credit score so make sure you keep track of yours.
This strategy is last on our list as it is only suggested as a last resort. The government has currently signed off a stimulus package that allows you to withdraw from your 401k without any fees. Although this is only temporary, it is certainly an option in order to keep you afloat during a recession. We recommend keeping a portion of these earnings in a money market account to earn you interest while it’s out of your 401k.
