If you're struggling financially at all right now, you'll want to read on. Here's some great news: 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. In this new proposal, children ages five years old and under would receive $350 each month and the money would be sent to the parents. 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 Oklahoma
Let's take a look at why this is needed. Overall, the cost of living for health is 113, so it is 13% more than most other places in the United States. While that is a positive, it's important to remember that is an average. Let's look at the largest city in the state: Oklahoma City. Currently in Oklahoma City, the average home cost is $197,000, which would mean an average mortgage of $944 each month, before property taxes if we assume that there is a 6.0% 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 $3,142. The average salary in Oklahoma City is $3,540. Looking at these numbers, it is hard to see how many families are making their finances work right now. The average expenses are well over $4,000 but the salary is $500 less. That just doesn't add up.
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?
Feel free to share your thoughts in the comments.
Disclaimer: Please note that this article is created for educational and informational purposes.