Are you're struggling a little bit financially with inflation hitting as the holidays are right around the corner? Well, here is some news that will likely encourage you. A proposal from three senators has come out called the Family Security Act 2.0. This program would give American families between $250-350 per month for each child. 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 how much it costs to live in Indiana
Let's take a look at why this is needed. Let's examine some of the data that takes a look at the largest city in the state: Indianapolis. Currently in Indianapolis, the average home cost is $230,307, which would mean an average mortgage of $1,011 each month, before property taxes if we assume that there is a 5.2% 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 $3,844.
However, the average salary in Indianapolis is $4,562. Looking at these numbers, it is hard to see how many families are making their finances work right now. The average expenses are at least $300 more than the average salary for one individual. 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.
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