Experiencing a government shutdown? It can ripple through your budget in unexpected ways.
While some facets, like Social Security checks, might remain untouched, others could feel the pinch. Think travel delays or slow application processing. The full scope hinges on Congress’s decisions in the coming days.
The clock’s ticking as the government’s new fiscal year starts on Oct. 1, 2023. With necessary bills still pending, per the Committee for a Responsible Federal Budget, a potential gap in funding looms. This could hit various U.S. government services, sidelining some while sparing essential roles.
To navigate these uncertain waters, consider these steps:
- Grasp the concept of a government shutdown.
- Assess your emergency financial stash.
- Evaluate government-related payments.
- Reconsider travel plans.
- Pause on significant spending.
- Re-evaluate your financial roadmap.
- Dive Into ‘Government Shutdown’ Basics
A shutdown’s around the corner when policymakers can’t approve the next fiscal year’s budget by Oct. 1. What follows? Many non-critical U.S. government offices hit pause until funds flow again. While key services (think public safety) run, others might operate with limits. Remember, each agency defines its own shutdown approach.
- Strengthen Your Financial Safety Net
Shutdowns might stir financial market waves, even spiking interest rates. A smart move? Boost your emergency fund. Stashing some cash for unforeseen costs is always a good strategy.
For the full guide on how to thrive during a shutdown, [click here].
