If you’re a parent, you’re probably aware of the expanded child tax credit, in which taxpaying moms and dads receive advance payments of up to $300 per child under age 6 and up to $250 per child between the ages of 6 and 17.

The money, which started coming to parents in July, has been making its way to households through direct deposit or the mail. Parents can expect the child tax credit revenue to land in their bank accounts or mailboxes around mid-month through the rest of the year.

You could opt out – in order to receive the money in one lump sum next year when you file taxes – but assuming you aren’t taking that route, you may be wondering about the best way to spend or save the monthly child tax credit payments. Here are some ideas:

Buy essentials.
Cover secondary needs.
Save.
Build your emergency fund.
Repay debts.
Invest.
Analyze your yearly spending.
Do some of all of the above.

If you’re a parent, you’re probably aware of the expanded child tax credit, in which taxpaying moms and dads receive advance payments of up to $300 per child under age 6 and up to $250 per child between the ages of 6 and 17.

The money, which started coming to parents in July, has been making its way to households through direct deposit or the mail. Parents can expect the child tax credit revenue to land in their bank accounts or mailboxes around mid-month through the rest of the year.