This Federal Shutdown has become the longest in American history, leaving thousands of workers either furloughed or working without pay.
????While politicians stand their ground, many federal employees find themselves on the brink of financial disaster.
????Experts say affected workers should call their financial institutions now \and explain their situation.
Ask for extensions or late fee waivers.
While student loans must be paid, even if you are not getting a paycheck, other creditors may have a temporary relief program.
????According to Forbes, federal employees on furlough could qualify for unemployment depending on the state.
????Either way, reign in all spending and tighten the budget to essentials only.
A month without pay is the time to start cooking all of the food from the back of the freezer.????Credit cards or borrowing from retirement accounts are not ideal situations, but may be necessary.
According to a study by Bankrate.com, only 37% of Americans have enough savings to cover a $500 to $1000 emergency.????Once the shutdown is over, federal workers should continue living frugally, start paying off small loans or highest interest rate credit cards first.
According to Market Watch it’s a good idea to reflect the spending habits you made during the shutdown.
????Then, just in case this happens again, build an emergency savings account that contains enough money at least six months of living expenses.