Tips for living without a payday during shutdown

The partial government shutdown is now well into its second week and thousands of anxious federal employees are managing life without a regular payday. Federal

Financial experts are recommending workers to find areas where they can temporarily cut expenses.

Financial experts are recommending workers to find areas where they can temporarily cut expenses. (10/11/13)

THE BRONX - The partial government shutdown is now well into its second week and thousands of anxious federal employees are managing life without a regular payday.

Federal credit unions say they have been fielding a lot of questions from furloughed federal employees concerning the uncertainty about their next paycheck.

Financial experts are recommending workers to find areas where they can temporarily cut expenses, such as the cable bill or subscriptions. They say to prioritize monthly bills and pay those that could hurt their credit first, such as credit cards and utilities. They also recommend cutting back on any debt reduction or savings plans until cash is flowing back in.

Homeowners can consider a home equity line of credit for emergency cash, but retirement funds should only be touched as a last resort, especially IRAs.

Some major banks are offering assistance to those affected such as no-cost loans and federal credit unions also have resources available for members. 

advertisement | advertise on News 12

Trending Video

News 12 The Bronx hit the streets to 1 Word on the Street: People who take selfies
Experts offer advice on reducing healthcare costs at 2 Tips to reduce health care costs
3 Bronx Sportscast, Jan. 17
The Buzz: Bronx 3-month old dies after alleged 4 The Buzz: Bronx 3-month old dies after alleged abuse
Dozens of congressional leaders say they plan to 5 US representatives from NYC to boycott Trump inauguration

advertisement | advertise on News 12

Features

Sorry to interrupt...

Your first 5 are free

Access to News12 is free for Optimum, Comcast®, Time Warner® and Service Electric℠ video customers.

Please enjoy 5 complimentary views to articles, photos, and videos during the next 30 days.

LOGIN SUBSCRIBE