If you're noticing that your wallet is a bit emptier than usual right now, you'll want to keep reading. There is a new proposal called the Family Security Act 2.0. In this proposal, children ages five years old and under would receive $350 each month and the money would be sent to the parents. The parents of older kids would get $250 per child per month until the child turns 18 years old.
It's important to state that this bill is just in the proposal stage right now and it's not law at this time.
A closer look at the cost of living in Florida
Let's take a closer look at one of the biggest cities in the state: Orlando. Currently in Florida, the average home cost is $388,557, which would mean an average mortgage of $1,706 each month, before property taxes if we assume that there is a 5.2% interest rate (source). According to Numbeo, the average monthly expenses for a family of four is $3,478. In addition, the average salary in Orlando is $5,192. Looking at these numbers, it is hard to see how many families are making their finances work right now as there is very little, if any wiggle room. Perhaps this is one example why many families making 100k per year are still living paycheck to paycheck right now. (source)
An average family spends as much as it brings in. With the increase in costs for food alone, the numbers simply don'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 this new proposal?
Feel free to share your thoughts in the comments.
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