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House to include $15 federal minimum wage in Covid stimulus: How the news could affect your money

"Twenty-seven million people will get a raise, 70% of them women."


Markets are mixed, House members are pushing for a federal $15 minimum wage in the Covid stimulus, and data shows how many Americans have more money in emergency savings than credit card debt. How the headlines could affect your money.

Markets mixed after record highs

Markets were mixed Thursday: The Dow closed flat after shedding just 7.1 points. The S&P 500 gained 0.2% and the Nasdaq, 0.4%.

All three indexes were down Friday morning.

House to include $15 federal minimum wage in Covid stimulus 

House Speaker Nancy Pelosi said Thursday that a $15 federal minimum wage would be included in the $1.9 trillion stimulus package that the House is preparing to send the Senate.

"We're very proud of that," she said. "As I've said, 27 million people will get a raise, 70% of them women."

What happens if the federal minimum wage is raised to $15 per hour

Video by Stephen Parkhurst

Americans have more emergency savings than credit card debt

The pandemic left millions of Americans cash-strapped, but that doesn't mean they aren't making smart choices with their money: More than half, 54%, of adults in a recent Bankrate survey said they had more money in an emergency fund than due on a credit card. That's up 5 percentage points from a pre-pandemic survey and the highest rate since 2018. 

It's smart to save even while you're paying down debt if you can. "Regularly contributing to, and building, your emergency savings while focusing on paying off credit card debt are markings on the pathway to future financial security," says Greg McBride, chief financial analyst for Bankrate.

Words you've heard: Recovery Rebate Credit

Tax season opens today. One reason to file early: The Recovery Rebate Credit allows qualifying taxpayers who didn't receive the full amount of stimulus to claim it on their tax return for a credit against their 2020 income taxes.

Although the daily news can have an impact on your wallet, remember to take a long-term outlook when it comes to decisions on spending, saving, and investing.

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