Friday, November 12, 2010

My Finances Take Yet Another Hit

Currently, my family qualifies for the Earned Income Credit(EIC), a refundable tax credit from the federal government. This also means that I can get Advance EIC, a little bit of that put in each paycheck in advance. The total amount I get this way is just a fraction of the whole, but it is $44 every two weeks, which means $88 in my monthly budgeting.
Because of new legislation, the Advance EIC program will no longer be available after this year. I don't have the $88/mo to spare. The government ultimately saves no money doing this, and I get to suffer just so they can have more money upfront throughout the year.
I was already planning to cancel my cell phone next week and use the upcoming tax return to pay off a year of cell service for the one remaining phone my wife has. Now instead of that move making our finances easier, it becomes essential to keep us afloat.

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