How Can The Government Help You With Your Finances?
We all love free stuff. Sure, we are often a bit skeptical because it can seem too good to be true, but free stuff is all around if you know where to look.
The government might seem unwilling to lend a hand, however, they can and will help you in times of need, because too much poverty affects the economy and no government wants that.
So, much to your surprise, the government actually does have plenty of schemes to help you out. So, today, rather than setting it all out for you simply, we are giving you this epic guide to free stuff and how you can get your hands on it.
Life can be easier, when you know where to look!
Back in 2020, the world was a wild place to be in, Covid-19 struck, and the world had a whole new view on finances, living, and much else. In this time, ‘free money’ got a whole new meaning from the government.
There was an issuing of COVID relief to help people who had been affected financially by the pandemic. While this has ended now, there are plenty of other programs that are available.
Perhaps, while this time in our lives was so bad, it did something to teach us all about the value of what we do every day, and how significant our incomes are to our lives, even if we don’t earn a massive amount.
Unlike the stimulus checks that became an important part of many lives in 2020, these other free money plans are ones you have to actively seek out.
Be aware a great deal of these are funded by taxes, so, technically you do pay for them in a way, but it is as close to free money as you’re going to get.
Utility Bill Assistance
One of the first types of free money you can get is help with your utilities. These are in place to help you if you need financial assistance in paying your heating or phone bills.
There are two options here.
Firstly, you have the low income home energy assistance program, this one aids low-income homes to cover their heating and cooling costs. Every grant will be issued by the state, and the state will receive the funds from the Department of Health and Human Services.
Every state will have its own eligibility requirements, this includes level of income, so you should check your state.
You can also get a ‘lifeline’ program. This will offer internet and phone services at a discounted rate. However, do remember you will need to meet certain requirements for this as well.
For so many families’ daycare can be a huge problem. The cost alone for care for an infant can be around $5000 a year! In some places it can be as high as $22600, and a lot of families do not even make this much!
There is, therefore, a Child Care and Development Fund which helps to ease the burden for any families who are considered low-income. This fund will give states tribes and territories the funds to give to families who need aid in paying for child care.
These grants are based on income and will usually aid in caring for children under 13 years of age. You should look into how this works in your state specifically for you.
Okay, this is not technically free money, it’s actually money that is owed, but we are counting it. It can be a long passed deposit that you paid to a utility business, perhaps a savings bond that was once lost, unclaimed benefits or an uncashed check.
These funds will be turned over to the state if you cannot be found, which usually happens as a result of clerical errors or old addresses.
There are sites that will help you find out if you have any money that is just sitting there waiting for you to claim it.
Assistance With Down Payments
Buying a home is now much harder than it used to be. And if you want to buy a home, but you need help in the down payment, you could look into State Based Down Payment Assistance.
These will help you to get a grant or loan that will cover the costs upfront of buying a home.
Nevada is a great example of this. Prospective property owners who are eligible can pay a fee and as a result they can get a grant giving them up to 5% of their loan value to put down for a down payment and closing costs.
In Nevada this program is actually available to anyone who has an annual income below $105,000.
Credits For Health Insurance
Health insurance is a necessary burden on our banks, and while it’s better than not having it, no one said it was cheap or easy.
If you buy your medical coverage via the governments’ health insurance marketplace you might be eligible for credit towards your premiums. This tax credit can actually be paid to your provider which lowers the fee of your payments on a monthly basis.
You can also get grants that help you with college costs if you are a prospective student. An example of this is the federal Pell Grant, if you are viable for this you can get around $6,495 for the year.
The amount you can get is based on things such as your need financially, the attendance costs and the status of your enrollment.
There are plenty of other options as well though, there is the Educational Opportunity Grant, the Assistance for College and Higher Education Grant, and the Service Grant.
College can be extremely expensive, especially for some types of Colleges, government help means that not only the rich get a chance, everyone gets the chance to start a great career and contribute better to the running of the country.
There are plenty of scholarships as well that can help as well!