Hello, everyone, and welcome to our live blog about the latest financial news from all over the United States of America on June 1. Today is the first day of a new month, which means that many of the financial aid and benefits programs in place across the country are changing.
We'll go over which programs are starting and ending, as well as when payments will be sent to you, below. Even though the federal government isn't sending out stimulus checks anymore, some states still have programs to help their residents deal with inflation, which has caused prices to go up all over the country in recent months.
In particular, gas prices are a big problem, and we'll bring you the latest news on this issue as well as tips on how to save money on gas by making a few simple changes. There will also be more general ways to save money in today's live blog, so you can keep more of the money you've worked for.
American Finances Updates: Money-saving Advice and News About Government Programmes
As we always do, we'll mix information about benefits programs and ways to save money with the latest breaking news from the US government and the financial world. So, let's get started. You can find all of Wednesday's updates above, with the newest ones at the top.
Today's USA financial news live blog has a lot to talk about because it's the first of the month. So, let's get started so we can help you save money and find the programs you qualify for, which will make these summer months a little bit easier on your wallet.
Interest in Your Tax Refunds
This year, it's taking a while for people to get their tax refunds. However, this could be a good thing in the long run because interest will be added to the money owed. Here, you can learn more about how the IRS figures out how much interest to add to tax refunds.
The June Payment Schedule for Social Security Benefits
Now that it's a new month, you'll get more Social Security benefits over the next few weeks. Check out our guide to the June Social Security payment schedule to find out exactly when you'll get paid.
Find the Cheapest Gas Prices Near You
Even though gas prices are high, you might be able to save some money by shopping around. Not every gas station has the same prices, so here is a list of the cheapest gas stations in the biggest US cities.
Is It a Good Thing That States Are Handing Out Stimulus Checks?
Americans have had to deal with record levels of inflation for a long time. Because of this, gas, groceries, and utilities all cost more. When you consider that rents are going up, car prices are through the roof, and home prices are so high that buyers on a tight budget almost can't make an offer, it's clear that a lot of people could use financial help.
Now, the bad news is that this help won't come in the form of a check from the federal government. The good news is that some states now have more money in their budgets than they thought they would. This means that people who live in those states can expect a windfall, the size of which will depend on the state.
But sending out state-level stimulus checks might help a lot of cash-strapped Americans who don't have much money saved, but it might not be as good of an idea as people might think.
When States Send Out Rebate Checks, Do They Hurt Themselves?
On the one hand, it's great that states are sending rebate checks to residents to share their extra money. So, people who are having trouble paying their bills can use that money to get their own finances in better shape.
On the other hand, by giving that money to individuals, states miss out on the chance to invest in things like infrastructure, schools, parks, libraries, and other things that can improve lives, raise property values, and have a positive effect on residents as a whole.
Now, some states have rules that say they can't keep all of the extra money they get when they spend less than they planned and have to give some of it to their residents. But it's a different story for states that can keep those funds and invest them.
Americans Want the Money for Sure.
It's easy to say that the state, not the individual, should spend extra money from operating budgets. But the truth is that things are very bad right now from an inflation point of view. Costs of living keep going up, and wages aren't rising fast enough to keep up.
Also, many people ran out of money in their savings accounts at the start of the pandemic, when unemployment was high and many people couldn't go back to work because they were afraid of COVID. So, because living costs are going up, a lot of people are in danger of going into debt and ruining their finances for years.
So giving these people state rebates is a real lifeline. As it is, a lot of people are having trouble because lawmakers couldn't keep the increased Child Tax Credit in place through 2022. The maximum value of the credit went up in 2021, and half of it was paid out in installments from July to December.
Many families were able to pay their bills better because of these monthly payments. At this point, a state rebate check is the best way to replace some of that money.