The S&P 500 and Nasdaq hit record highs, and non–tax filers can apply for the Child Tax Credit. Here's how the headlines could affect your money.
The Nasdaq and S&P 500 both hit all-time highs at the closing bell on Monday. The Nasdaq rose 0.7% to reach 14,174.14 and the S&P rose 0.2% to hit 4,255.15. The Dow fell 0.3%.
Markets were dipping slightly Tuesday morning.
On Monday, the IRS debuted an online tool that allows families to sign up for the credit before payments begin going out on July 15. In 2021, families will receive $300 per month for children under the age of 6 and $250 per month for children between the ages of 6 and 17.
The tool can also help you register for the third stimulus check of $1,400 and claim the recovery rebate credit for any previous stimulus checks you were eligible for but did not receive.
Use the Child Tax Credit calculator below to see how much you could get under the enhanced credit.
Carrying cash can be a good thing, experts say: It helps you be more aware of how much you're spending. (Plus, some vendors only accept payments in cash.)
How much cash should you have on hand at any given time? Opinions vary. Some experts recommend having $1,000 or so stashed in a safe at home and as much as $300 in your wallet; others say carrying $100 or less is fine.
The producer price measures the cost of materials to those who make goods. When it rises, the consumer price often does too, as producers pass on these additional costs. Producer prices rose 6.6% in May, the largest year-over-year increase on record.
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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