Furloughed government workers have gotten their last paychecks until the shutdown ends, but thriving through a prolonged income loss is entirely possible with these tips.
When the federal government shutdown on October 1, it started a chain reaction of income problems for federal workers. Roughly 900,000 government employees are now on furlough. Another 700,000 are working without pay because their jobs are too critical for them to stay home.
If you haven’t done so before your income loss, sit down and figure out your baseline monthly expenses. These are the expenditures that are essential for maintaining your life, such as rent or mortgage payment, utility bills, groceries, transportation, and childcare.
To add insult to entirely preventable injury, the current administration has indicated that it may not provide the legally mandated back pay to these workers once the shutdown is over. Considering the fact that getting another job during the furlough may require the government employee’s agency approval (and wouldn’t help critical employees working without a paycheck), the shutdown could be a personal financial disaster for hundreds of thousands of Americans.
Only 1.8% of all American workers have Uncle Sam for a boss—but that doesn’t mean the other 98.2% of us are exempt from furloughs, sudden income loss, or bizarre grandstanding from unrelated departments that lead to you coming in to work for no pay for weeks on end. (Well, maybe not that last one.) That’s why it’s so important for all workers to know these financial strategies that can help you safely get to the other side of income loss:
Read the complete Fast Company artice BYÂ Emily Guy Birken: https://www.fastcompany.com/91419631/these-5-tips-will-help-government-employees-survive-the-furlough
