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Food stamps are rising by a record 30% — here's what that's worth for a family
Some 1 in 8 American families will soon be able to load up their grocery carts with more food to keep their families nourished.
The Biden administration has announced the largest increase to the federal Supplemental Nutrition Assistance Program, or SNAP — commonly known as food stamps — in the program’s 46-year history.
Households juggling multiple bills, paying down debt and stretching to meet their housing costs will be better able to afford the key ingredients essential to a healthy diet.
Roughly 42 million people, representing 12% of U.S. families, rely on SNAP benefits to put food on the table. On Oct. 1, they'll see their monthly amounts increase by around 30%, on average.
The dollars and cents of the food stamps increase
Food stamps were boosted last year for the COVID pandemic, but that was a temporary measure to help carry families through the worst of the crisis. It's set to expire on Sept. 30.
But the following day, the new, permanent change to the program will make a substantial increase in benefits from their pre-pandemic levels. The goal is to help users include more fish and vegetables in their diets.
“Too many of our fellow Americans struggle to afford healthy meals," says Stacy Dean, USDA deputy undersecretary for food, nutrition, and consumer services. "The revised plan is one step toward getting them the support they need to feed their families."
On average, each recipient will receive an additional $36.24 per month, or $1.19 per day, the USDA says in a news release.
The typical monthly SNAP benefit per person will rise from $121 before the pandemic to $157 — an increase of about 29.8%.
What the increase means for a family of 4
SNAP households have typically used up more than 75% of their benefits by the middle of each month, according to USDA data.
Officials expect that the beefed-up benefits, along with the "family stimulus checks" from this year's expanded child tax credit, will mean fewer families running out of food money or being unable to afford necessities.
The child credit payments are already having an effect. The first checks in July coincided with a 3% drop in households with children experiencing food scarcity, according to the U.S. Census Bureau.
The food stamps increase will raise the maximum possible benefit for a family of four to $835 a month. That's up from the current pandemic amount of $782, and it's far ahead of the pre-COVID maximum of $680 per month for a four-person household.
The boost in SNAP will have a broad, positive impact, says Agriculture Secretary Tom Vilsack: "The additional money families will spend on groceries helps grow the food economy, creating thousands of new jobs along the way."
What to do if you can't get food stamps
If you don’t qualify for SNAP but are struggling to get by, here are a few ways you might carve out more room in your budget.
Deal with your debt. If you’ve been relying on credit cards to get through the pandemic, expensive interest must be catching up with you by now. Manage your balances by rolling them into a single debt consolidation loan, which will slash the cost of your debt and help you pay it off faster.
Cut your insurance costs. If you haven’t shopped around for a better rate on your auto insurance lately, you might easily be overpaying by hundreds of dollars a year. A little comparison will help you find a better rate. The same strategy also works well for scoring a lower price for homeowners insurance.
Make every penny count. When you order online to stock up on essentials, use a free browser extension that will automatically scour the internet for better prices and coupons.
Turn your pennies into a portfolio. Don't assume that investing is too expensive or intimidating. A popular app will allow you to earn returns in today’s red-hot stock market merely by investing your "spare change" from everyday purchases.
This article provides information only and should not be construed as advice. It is provided without warranty of any kind.
