Facing the prospect of a government shutdown naturally brings a wave of uncertainty. When discussions arise about potential disruptions in pay, it’s common to think about the state of your finances, contemplate how long you could sustain on your savings, or wonder how to manage if you haven’t yet established a savings account. Here at Military Saves, we are dedicated to fostering a shame-free, empowering environment, especially during times like this, to assist you in maintaining financial well-being and peace of mind.
Below, we’ve outlined some tips and resources to keep in mind should a government shutdown occur.
Staying Informed - Equip yourself with the latest information from trustworthy news sources and official government websites. Staying informed enables you to make wise financial decisions and maintain some control over knowing what your next steps are.
Review Your Spending & Savings Plan - This is a good time to review your budget, and assess your immediate needs. Understanding which expenses need prioritization and identifying areas with financial flexibility can help you navigate through any challenges that may arise.
Use Your Emergency Savings - If you've set aside emergency savings, remember there's no shame in tapping into them if circumstances lead up to it. After all, situations like these are what emergency funds are designed for. Hold your head high! These funds are your safety net.
Know What Resources Are Available - Various organizations, including financial institutions like banks and credit unions, offer support to military, veterans and their families during government shutdowns. Don’t hesitate to reach out if you need assistance.
Resources
USAA Government Shutdown Program
Dept of Veteran Affairs Contingency Plan
Armed Forces Bank Assistance Programs
Penfed Emergency Furlough Relief
Coast Guard Mutual Assistance | Army Emergency Relief | Navy-Marine Relief Society| Air Force Aid Society
Resources for National Guardsmen
Are you trying to save money? Let Military Saves help you reach your savings and debt reduction goals. It all starts when you make a commitment to yourself to save. Take the first step today and take the Military Saves pledge to save money, reduce debt, and build wealth over time. And it doesn’t stop there. Military Saves will keep you motivated with information, advice, tips, and reminders to help you reach your savings goal. Think of us as your own personal support system.
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