Stimulus checks provided by the federal government are unlikely to happen this year. However, there are effective ways to free up cash!
COVID-19 not only introduced a frightening virus to the world but also ushered in a period of harsh inflation that the Federal Reserve is still struggling to bring under control. In 2021, one year into the United States government shutdown, the inflation rate reached 4.70 percent.
Stimulus Checks 2023
In June 2022, during the second year of the pandemic, the inflation rate reached a painful 9.1%. In November, the rate dropped by 2% to 7.1%, in part due to interest rate hikes.
In the meanwhile, it is unsurprising that 63 percent of those surveyed want the federal government to deposit new stimulus checks into their bank accounts to help them combat the current high cost of living.
Now that Republicans hold a majority in the House of Representatives, there is no chance that they will vote for another check. It is not going to occur.
Consequently, you have control. There are steps you can do to alleviate the agony of inflation, giving it time to decline to a more manageable level, regardless of how difficult things are currently.
How To Free Up Cash?
Here are some of the things you can do now to free up cash, allowing you to pay your monthly bills without falling into the red.
Read more: California Earned Income Tax Credit 2023: How to qualify and how much money is available?
Switch Car Insurance
Switching car insurance is simpler than it sounds and can save you money this month. Think about this: According to studies, auto insurance firms offer discounts ranging from 1% to 2.7% to their loyal customers. However, people who compare rates and switch insurance providers can save 19% on car insurance.
Therefore, if your monthly payment is $100, it might decrease to $81. Request a comprehensive list of possible discounts to determine whether you may save even more.
Make Balance Transfer
Consider transferring outstanding credit card balances to a new card with a 0% introductory APR.
Typically, 0% balance transfer deals run between twelve and eighteen months. Before the promotion ends, you have between 12 and 18 months to reduce or eliminate your debt. If you have not paid it off by the due date, the interest rate will revert to the card’s normal rate.
Ditch Your Bank
If your bank charges excessive monthly fees, it is time to part ways. Given the availability of banks and credit unions, paying superfluous bank fees is absurd.
In addition, do not panic if you have not yet gotten your second stimulus check. In the recently passed $900 COVID-19 relief measure, the 15th of January was designated as the deadline by which the new payments were to have been distributed. If you haven’t gotten the payment before then, you’ll need to claim it when you file your taxes for this year.
Read more: IRS funding: House members voted 221-210 to eliminate agency’s increase in funds