What to do with your child tax credit money

This week child tax credit payments will begin to hit bank account. For families that qualify, here’s how it works:

  • You will get a total of $3,600 per child that is under the age of six.
  • For each child between the age of 6-17, you will get $3,000.
  • However, the payment will come in monthly, here is the breakdown.
  • Between July-December, you will get $300 per month if your child is under the age of six. If your child is between the ages of 6-17 then you will get $250 per month.
  • That will cover half of your payment, the other half you can claim once you file your taxes.

There are a lot of things you can buy with this money , however, financial professionals are giving you a few options to spend your money wisely:

  • Household essential items
  • Open a savings account for your child
  • Save for college
  • Look into purchasing life insurance

To check to see if you are eligible for the child tax credit go to irs.gov