A federal windfall seems unlikely. Here are some other sources of money to look at.
- Many Americans struggle to manage higher living expenses.
- Although a fourth federal stimulus check isn’t happening so far, that doesn’t mean Americans won’t get more bargains.
- Americans can look to potential state rebates, tax refunds, or side hustle money as other forms of supplemental income.
Inflation made the cost of living unaffordable for many Americans at this point. Gas prices are on the rise, grocery prices are skyrocketing, and many people are facing higher utility bills than ever before.
Worse still, many people have depleted their savings during the pandemic and now have little or no cash reserves to fall back on to make ends meet. As such, many people are crying out for the feds to step in by issuing stimulus checks again.
The latest round of stimulus checks to hit Americans’ bank accounts was approved in March 2021. But at the time unemployment was still raging and COVID-19 vaccines were in short supply.
Today’s economic situation is very different, however, not least because jobs are much more available and anyone who wants a COVID-19 vaccine to make returning to work safer has the opportunity to get one.
But while there are no plans by the federal government to issue a fourth round of stimulus checks, that doesn’t mean Americans can’t get relief in other ways. Here are some sources of money that could replace a fourth stimulus check.
1. A refund from the state
At this point, a number of states have a budget surplus, and rather than spending that money, they distribute it to the public. Colorado residents, for example, are in line for $400 checks this summer, while those living in Indiana can expect a $125 payday. It pays to see if your state plans to give residents discounts, because if so, you could have a lot of money at your disposal.
2. A tax refund
The IRS has been slow to process tax returns that were filed on paper. But if you submitted yours before the April 18 filing deadline, you may soon see your refund appear in the mail or in your bank account. The average tax refund this year is $3,025, so if you’re in line for a comparable payday, that could easily replace a missing stimulus check.
3. Parallel work
The gig economy is booming these days and many businesses need more labor, especially seasonal businesses that tend to see an increase in demand once the summer season kicks in. This means there are plenty of opportunities to go out and get a side hustle. You can use this income to cover your growing expenses or to pay off the debt you have incurred over the past few months as the cost of living has risen.
While many people lament that there is no plan for a fourth stimulus check, the reality is that blowing stimulus money to the public could end up making inflation even worse. But before you resign yourself to months of financial hardship, think about what other sources of income might come your way – or, in the case of a secondary hustle, what other sources of income you can proactively set yourself up with. .