The IRS will pay half the total credit amount in monthly payments, starting July 15.
"It totally depends on your situation," said Ruhle."This question will likely be easy to answer for most families. Of course, if you're feeling stretched, use it for essentials, that's what it's there for.""If you can invest it for your child, that money will grow a lot," she said."Even just one $300 payment for an infant could turn into more than $1200 by the time your kid goes to college and almost $45,000 by the time they retire.
"Planning is essential for last minute travel, even if the plan is to be flexible," she said."If you are flying this summer, travel booking app Hopper recommends making sure you book at least three weeks out so you're not hit with higher prices."to be had on hotels in major cities."Try booking less than two weeks out from your intended stay for a deal," said Ruhle.
Ruhle said that even though we're all itching to get back out there and see the world, that we should stick to a budget when it comes to summer vacations. And don't forget to set aside a little money for those unexpected expenses and incidentals that always come up on family trips.Your kid's camp may be celebrating"Christmas in July" but for parents, it's actually a smart time to start planning for the expenses that come with the holidays.
"It know it's the height of summer but the holidays will be here soon enough," said Ruhle."The holidays happen every year, there is no reason not to plan for them."for the holidays, and Ruhle doesn't want to see that happen to you this year. "This is a prime example of a short-term savings goal," she said."Take the total amount you think you'll spend and divide it by the number of paychecks from now until Thanksgiving. If you save $32 each week or $64 per paycheck starting now, you'll have $600 to spend on Black Friday. And you'll save yourself a bit of a debt headache in January."
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