How To Cope With The Government Shutdown

Government ShutdownDoes the government shut down have you feeling stressed? You’re not alone. This is a very stressful time for many.

If you’re one of the people who have been laid off, or have experienced a delay in receiving checks or services provided by the government, I have 5 tips to help you to ease some of your financial burden.

#1: It’s time to tighten the belt.

Look for any ways you can cut back on your spending. Make a list of what you really need to survive each month. Then the rest can be put on the chopping block, at least temporarily.

#2: What can you sell?

Do you have a car that rarely gets used? What about having a garage sale to get rid of those unused items? Now is a good time to liquidate your stuff, that’s just sitting around gathering dust.

#3: Set up a rainy day fund.

If you don’t have one already, I suggest you set up a savings account for your Rainy Day fund. That you can build up to cover 3 to 6 months of living expenses. This is always a best practice, whether the government is shut down or not.

#4: Avoid Sudden Investment Moves

If you can avoid making any knee-jerk type of decisions on your investment portfolio right now, you’ll be better off later. It may seem like the right thing to do in the short- term, but doing so could have long-term negative effects.

#5: Create a backup plan.

This may be the motivation you need create a “Plan B.” To start the business you’ve always dreamed of. Or to get that advanced degree to further your career and increase your income. It may not be profitable right now, but you will be ready, the next time a government shutdown happens. Which will most likely be “when” it happens again, not “if.”

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