Lessons From the Shutdown: Why Having Emergency Savings is Vital for Feds

As the partial government shutdown comes to an end, there are some federal employees who may find themselves in a financial bind. Although legislation has already been passed to guarantee back pay, if there is no money being deposited in your bank account, you may still have a problem on your hands.
emergency savings

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As the partial government shutdown comes to an end, there are some federal employees who may find themselves in a financial bind. Although legislation has already been passed to guarantee back pay, if there is no money being deposited in your bank account, you may still have a problem on your hands.

Regardless if the government is open or not, many federal employees are living paycheck-to-paycheck these days – leaving very little room for error.  That’s a scary place to be. If this is you – listen up!

 

If you have little-to-no savings that is accessible to you when you need it, a job loss, furlough or medical emergency could be catastrophic to your finances. Emergencies are bound to happen at some point, and we often have no control over that. However, what we do have control over is being financially prepared to handle it.

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