Checklist to Financial Stability During a Shutdown
If you're feeling concerned about handling this situation, you're not alone. There are proactive steps you can take to manage the financial impacts effectively.
• Check your emergency fund and other resources (other savings, TSP, other investments, etc.).
• Understand what government payments and services are stopping.
• Research how your banking institution may cover you for unpaid payroll and how to participate; understand that the amount might not be as much as your normal paycheck.
• If necessary, enroll for government shutdown loan through your bank.
• Hold back on unnecessary purchases and spending.
• Prioritize what needs to be paid and what can wait. Generally, food, shelter, and transportation are going to be a priority. Less important expenses such as credit card payments (consider minimum only for now, if possible and necessary) or gym memberships might have to wait to be paid.
• If appropriate, remove certain payments from autopay if you will choose not to pay those expenses for now. Remember to track and make payments when you are able.
• Communicate with landlord, loan holders, ex-spouses, and vendors to make them aware of the situation and work out a potential repayment plan if payments will be smaller or missed.
• Understand any grace periods for payments before late fees are assessed or lateness is reported. Generally, car loans have a 10- to 15-day grace period before late fees are assessed, and lenders report late payments to credit reporting bureaus after you are 30 days late on any loan payment.
• For VA help to avoid foreclosure: https://www.va.gov/housing-assistance/home loans/trouble-making-payments/
• Research potential sources of assistance such as food banks and other help organizations.
• If money needs to be taken out of investments, understand taxes and long-term implications to your financial plans.
• Plan for if other incomes may stop, such as rental income if you rent to an affected family.
• Contact your local Child & Youth Program Office to request assistance during the furlough.
• Reach out to military financial counselors or managers if you need financial education or planning assistance. You can find your local free Personal Financial Counselor at https://finred.usalearning.gov/pfcMap
• For general resources, call 211 or go to: https://211.org/
• Beware! Many scammers take advantage of financial difficulty so be cautious of the links and services you use.
Find more financial resources at:
Office of Financial Readiness:
https://finred.usalearning.gov/
Consumer Financial Protection Bureau Consumer Resources:
https://www.consumerfinance.gov/consumer-tools/
Federal Trade Commission Consumer Advice:
https://consumer.ftc.go