3 Tips For a Government Shutdown

Lawmakers face a big list of unfinished business and looming deadlines, including a stopgap spending bill to keep the government open beyond September 30th.

The most hard-to-deal-with issues… a solution to a year-long battle over agency budgets and a deal on a long-sought highway bill… have been pushed off to the fall.

Whether you were one of the thousands affected by the last government shutdown or not, you need to pay close attention. You see, the same thing could possibly happen again on October 1st, 2015.

So I have 3 tips to help you prepare your financial life for the next one. Whether it’s on October 1st, or next year.

Tip #1: You must have a budget.

I suggest that you write down everything you spend money on for the next 30 days. Take this list and find categories that you might be able to cut back on. For example, you might find that you can save $100 or more a month on food if you buy in bulk and use coupons.

#2: Build up an emergency fund.

The past shutdown lasted 16 days. Who knows how long the next one will last. I suggest you save up at least 2-3 months of living expenses in a savings account.

#3: Turn your hobby into a business.

Do you like doing yard work around your home? Or are you good at selling stuff on eBay? You could possibly turn those skills into a part-time business. Not only will this give you a backup plan, but it will supplement your income now. The main thing is to get creative and have fun.

This way you’ll be prepared in case the people on Capitol Hill can’t get together on an agreement.

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