Here are 4 ways to manage your money during the government shutdown, according to a Colorado financial expert
The current federal government shutdown is poised to extend into a third week, according to CBS News. Impacts are being felt by millions across our country. Some furloughed federal employees are bracing for partial paychecks or even nothing if the shutdown continues.
"How long can you go without a paycheck? Most Americans live paycheck to paycheck," said Steph Winder, National Air Traffic Controllers Association Northwest Mountain Regional VP.
If you are living paycheck to paycheck here in Colorado, Roger Reynolds, CEO of Reynolds Financial Group in Greenwood Village says there are ways to stretch your dollar. First, he suggests prioritizing expenses that are fixed.
"Protect your cash flow. During uncertain times, cash flow is not just king, it's our peace of mind. So, we have to prioritize our expenses, what's critical and what's not. We want to take a look at what are essential bills like our rent, our mortgage, our car payment -- those have to be paid. After that, we take a hard look at the rest and we can ask ourselves 'is this payment going to protect me, my family, is it going to protect my credit?' If it's not, it likely can wait."
Secondly, Roger says you can also use financial institutions, lenders, and creditors to your benefit.
"Local banks or credit unions may actually be offering a 0% bridge loan during the shutdown which will give you a little lifeline. Just communicate to them. Talk to the lenders. A lot of them are willing to work with you if they understand your situation."
Reynolds says, thirdly, while it is tough, try to keep as calm as you can.
"You don't want to make emotional decisions. Be careful by making big changes, big investments, big purchases. So, be conservative in your decisions until things settle down."
And lastly, If you look over your budget and notice you could still use extra boost, local community groups, food banks, and other organizations can help you out. Some organizations set up specific programs to help federal workers.
Here are some resources in our area:
foodbankrockies.org
bienvenidosfoodbank.org
metrocaring.org
dicp.org
foodbanklarimer.org
Anyone in Colorado who qualifies can also access SNAP benefits.