
The Need-to-Know on Debt Management
If you're a victim of debt, here's everything you need to know.
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Over the last several weeks, many of us were on edge – from wondering when and if we get access to relief funds to whether we’ll even have a job. Now that the U.S. government has rolled out the process and we’ve received more clarity on who qualifies for a stimulus check (and who doesn’t), some of us can breathe a sigh of relief.
So Who’s Eligible for a Stimulus Check?
As an individual, you are eligible for up to $1,200 if:
Married couples are eligible for up to $2,400 if:
An additional $500 is added to the check for each child you have that is 16 years old and younger
If you’ve filed 2018 or 2019 taxes already, you will automatically receive the payment – no need to do anything! Just make sure your bank information on file is correct!
Who Isn’t Eligible for a Stimulus Check?
Unfortunately, there is a group that has been left out – students 17 years and older that have been listed as dependents on their parents’ tax returns. For obvious reasons, parents list their adult children as dependents to receive tax credits that reduce their income taxes paid.
Regardless, I imagine many of us have reflected on the importance of having an emergency fund or have now made it a priority to establish one. No doubt will COVID-19 affect the way people think about money.
In the meantime, what are some of the things you can do to better your financial situation during this COVID-19 crisis?
The big box stores and restaurant chains that can afford to close temporarily or are sitting on a mountain of cash are going to survive. It’s the local stores and family restaurants that will suffer. I’ve committed to supporting local businesses once things start to normalize, and I hope you do too.
Remember, whether you own a business, hustle gig contracts, or work for a big bank, we’re all in this together. Stay safe. Stay home. Don’t be that bratty kid in class that holds back the entire classroom!
Your Sassy Investor
Michelle Hung
For more personal finance and investment stuff, follow Michelle on Instagram @thesassyinvestor or visit her at www.thesassyinvestor.ca
If you're a victim of debt, here's everything you need to know.
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