Managing Your Finances During a Difficult Financial Time

A government shutdown impacts more than the headlines. It can put real strain on the financial security of families, federal workers, contractors, and anyone affected by interrupted income. When a shutdown happens, the uncertainty can feel overwhelming, but financial support is available.

You are not alone during this time. There are steps you can take right now to protect your finances and find the credit union assistance you need. TEG Federal Credit Union is here to help guide you through.

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Practical Tips for Financial Support During a Government Shutdown

Missing a paycheck, even for a brief period, can quickly upend your financial plans. Here’s what you can do to stay in control and access support.

Understand Back Pay and Income Options

If you are a furloughed federal employee, you may qualify for retroactive pay under the Government Employee Fair Treatment Act of 2019, meaning your lost wages will be restored once the shutdown ends. Contractors usually do not receive this benefit. Knowing your eligibility is an important first step toward financial stability.

Review Unemployment Benefits

Some furlough employees may be eligible for Unemployment Compensation for Federal Employees (UCFE). Guidelines for these benefits change by states, so check with your state’s unemployment office for details. Essential workers who continue working without pay often do not qualify. Stay informed about your rights and options.

Stay Proactive with Creditors

Communication is key when your income is at risk. Before missing payments, contact creditors, mortgage lenders, and utility providers to explain your situation and ask about any hardship accommodations. These supports differ by institution, but many offer temporary relief during a government shutdown. For personal guidance, TEG members can reach out, credit union assistance is just a call or visit away.

Focus on Essential Spending

Prioritize your spending to maintain financial well-being. Cover critical needs like housing, utilities, and groceries first. These essentials should come before paying unsecured debts, such as credit cards. Keeping your basic needs met helps you stay steady until your income is restored.

Connect with Community Resources

Local organizations and nonprofit groups often offer extra help with food, housing, and health care needs. Leaning on community resources can make a big difference during uncertain times.

Stay Informed and Lean on Support Networks

Reliable information helps you plan. Monitor updates from trustworthy news sources and government agencies to stay current on the shutdown and available resources.

Share your experience with trusted friends, family or coworkers. Talking can reduce stress and connect you to helpful resources. And don’t forget to care for your own well-being, your mental and physical health matter as much as your finances.

Beware of High-Interest Loans

Fast-cash offers and payday loans may look appealing, but they often carry steep interest rates and fees. These can lead to a cycle of debt that’s hard to break, threatening long-term financial stability. Always reach out to your credit union first to ask about safer, more affordable solutions. TEG is dedicated to your financial health and will help you review responsible options.

TEG Federal Credit Union is Your Partner

Life is full of unexpected bumps in the road, but you don’t have to face them alone. At TEG Federal Credit Union, we prioritize your well-being and are committed to providing compassionate, expert financial assistance whenever needed. Whether it’s a government shutdown or another financial challenge, our team is here to listen, understand your situation, and offer tailored solutions to help you move forward. Reach out today for trusted guidance and the resources to navigate life’s uncertainties. We’re with you every step of the way.

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