Need a financial boost? You're not alone. There is a new proposal called the Family Security Act 2.0, has been created by senators Mitt Romney, Richard Burr, and Steve Daines. These three senators want to give American families between $250-350 per month for each child. Under this new proposal, children ages five years old and under would receive $350 each month and the money would be sent to the parents. In addition, families would even start to receive money when they learn that they are pregnant. For parents with a child between the ages of six to seventeen years old, the parents would receive $250 each month.
A closer look at the cost of living in New Mexico
Let's take a look at why this is needed. Let's look at the state's capital: Santa Fe. Currently in Santa Fe, the average home cost is $584,000, which would mean an average mortgage of $2,451 each month, before property taxes if we assume that there is a 4.8% interest rate (source). What about other expenses? Well, according to Numbeo, the average estimated costs for a family of four before rent or mortgage is $4,031. The average salary in Santa Fe is $3,755. Looking at these numbers, it is hard to see how many families are making their finances work right now. The numbers simply don't add up.
But with the Family Security Act 2.0, this stimulus money that comes to families could make a big difference in closing this gap financially. At this time, the Family Security Act is still in the proposal stage, so it will wait upon a vote to see if it becomes law.
What do you think about new proposal?
Please let me know in the comments.
Disclaimer: Please note that this article is created for educational and informational purposes.