The current state of the economy is causing financial troubles for New Yorkers, but if the Family Security Act 2.0, introduced by Senators Mitt Romney, Richard Burr, and Steve Daines passes, millions of New Yorkers could see a payout of up to $4,200 a year.

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Gas, groceries, utilities, and housing costs have become a huge issue for New Yorkers as prices have gone through the roof and show no sign of going back down anytime soon. The situation is bad.

According to the United States Bureau of Labor Statistics, New Yorkers are paying 8.6 percent more for groceries and the cost of other basic necessities in New York are 13.2 percent higher than last year.

SEE ALSO: New York Now Bans the Arrest of Children Under 12

The Family Security Act 2.0 proposes that families with children from newborn to five would receive a $350.00 direct monthly payment which would total $4,200.00 a year. Families with children ages 6 to 17 would receive $250.00 per month or $3,000 a year.  Expectant parents would also be eligible to receive the benefit mid-pregnancy to help the with expenses before their baby is born.

Through the Family Security Act 2.0, families would be able to claim benefits for up to six children a year and would also have the option to receive the benefits annually or monthly. Payments would be administered through the Social Security Administration and each parent and child would be required to have a social security number to receive the payment.

READ MORE: NY Suggests Ways Parents Can Protect Their Children’s at School

A New Yorker’s family income would have to be at least $10,000 a year to qualify for the plan and cannot exceed $200,000 for a single taxpayer or $400,000 for a join filer. If a family’s yearly income is less than $10,000, they would get a benefit based on that amount.

LOOK: Here are 25 ways you could start saving money today

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]

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