Another round of stimulus checks are on the way for some Americans. This time around it's based on dependents, specifically children. The new stimulus checks will be in the form of a child tax credit and will be split into monthly payments starting sometime this July. It's all a part of the American Rescue Plan Act of 2021 signed by President Joe Biden. Families with children ages 5 and under will receive $3,600 and $3,000 for children ages 6-17. The American Rescue Plan Act of 2021 increased the standard child tax credit for 2021 from $2,000 to $3,000 and up to $3,600 for families with kids 5 and under for each child.

The much needed relief for families with children is expected to start in July. Basically if you have children in the age groups listed above you'll receive monthly payments from $250 to $300 per child depending on their ages. You may qualify for a larger sum depending on weather or not you received the most recent $1,400 stimulus check earlier this year. The payments will run from July until December and the remaining amounts will be applied and claimed on your 2021 taxes. Basically they're giving you half the amount of the child tax credit up front in monthly payments and the remainder at the end of the year when you fill your 2021 taxes.

This will go a long way in helping families in need and who have been most affected by the COVID-19 pandemic. Things are definitely starting to improve and we're finally seeing fewer positive cases, hospitalizations and deaths due to COVID-19. Now that the vaccine is becoming more available and more and more people are getting vaccinated hopefully we'll get back to normal by this Summer sometime. *Fingers crossed*

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These money-saving tips—from finding discounts to simple changes to your daily habits—can come in handy whether you have a specific savings goal, want to stash away cash for retirement, or just want to pinch pennies. It’s never too late to be more financially savvy. Read on to learn more about how you can start saving now. [From: 25 ways you could be saving money today]