Managing Money During a Government Shutdown

🔍 Deep Dive: How to Budget During a Government Shutdown

Most Americans are one missed paycheck away from financial crisis. Situations like this are tough. If you’re without pay, it might be necessary to seek immediate financial help.

Immediate Financial Help

USAA No-Interest Loans

USAA is offering no-interest loans to government workers whose pay has been disrupted by the shutdown.

It’s a 0% interest loan equal to the amount of your net pay, from $500 to $6,000. You’ll have 3 months to repay the loan, and payments will be split in 2 equal payments. (Visit USAA)

PenFed Credit Union

PenFed offers a paycheck protection program that gives you a no-interest loan equal to the amount of your paycheck. You may qualify if your payroll isn’t directly deposited into your PenFed checking account. (Visit PenFed)

Maryland Federal Shutdown Loan Program

Maryland offers zero-interest $700 loans to essential federal employees working without pay. The loan must be repaid within 45 days after the shutdown ends. (Apply in the Maryland Commerce Portal)

Other states may have similar programs.

Military Emergency Relief

Company commanders or first sergeants can approve financial support up to $2,000 for soldiers and their families through the Quick Assist Program.

Food Assistance

Find a food bank near you. Most accept anyone who needs extra help affording food, but some may require proof of income.

Feeding America Network

The Feeding America Network has 200+ food banks and 60,000 food pantries ready to supply you with food.

Find a local food bank or pantry near you using the search here.

Flashfood

You can get fresh produce, meat, and more at up to 50% off. The app is free to use. Download it here.

Utility and Housing Protection

If you’re unable to pay rent or utilities due to losing your income, there are a few programs you should be aware of.

Eviction and Foreclosure Protection

Some states, like Maryland, have enacted laws protecting federal workers from eviction or foreclosure during a shutdown. Unfortunately not every state has these laws, but it’s worth checking your state’s regulations.

Utility Payment Plans

Many utility companies, like Verizon, are offering extended payment plans for affected workers. Give your provider a call directly (electric/gas, water/sewer, internet/cable) to see what they can do.

How to Budget During a Government Shutdown

Creating a budget when income isn’t coming in is…difficult. Here are a few quick action items to take:

1. Contact creditors immediately. Don’t let interest rack up unnecessarily. Many banks and lenders have hardship programs.

2. Focus on essentials. This is a time to cut non-essential spending. Defer or pause cable, gym memberships, and other subscriptions.

3. Apply for assistance TODAY. Don’t wait until you’re in financial crisis. Apply as soon as possible.

4. Document everything. Keep records of missed pay and communications. If a company agrees to defer your payment, ask them for it in writing.

Put It Into Practice

Apply for financial support you might need. Community organizations are mobilizing to support you, but they need you to reach out and apply for the help you need.

💵 Budget Breakdown: Unconventional Side Hustles

This creator Ana shared a few unconventional side hustles she’s done to earn extra cash, including:

• Donating stool samples 💩 ($35/sample)

• Overnight clinical research studies ($6,000 for 2 studies)

Yes, both of these side hustles are legit.

If you’re interested, here are a few places to check out:

• Stool Donation

  • GoodNature: Up to $1,500 per month

  • Human Microbes: $500 per sample

• Clinical Research Studies

  • CenExel: A range of studies with varying compensation (currently up to $5,500)

  • Flourish Research: Paid clinical trials for specific diseases

🔗 Quick Links

📈 Should you cash out your 401(k) during the shutdown?

👴🏼 Retirement tips to avoid financial ruin.

💸 AT&T prices are on the rise.