COLORADO SPRINGS, Colo. (KOAA) — The government shutdown means in a week or two a lot of people will possibly be without a paycheck and short on funds.
“We're anticipating, depending on the length of this that it will interrupt some families,” said Ent Credit Union, Director of Financial Well-being, Bree Schellito.
A large part of Shellito’s job is financial education with goal of guiding members of the community toward financial stability.
She cites data showing, as many as 75 percent of Americans are in a paycheck-to-paycheck situation.
It means the government shutdown cuts off their cash flow need to meet financial obligations like payments for loans and bills.
Now that the shutdown is reality, the advice is creating an immediate financial survival plan
“We recommend even just an essentials budget, taking a look at what is truly essential, what might be able to be paused, especially if you're considering any big purchases it's a good idea just to take a pause on those and assess your situation,” said Shellito.
Act early.
If money is short, talk to anyone expecting a payment from you.
“If you call ahead they could typically defer those payments, skip a payment. There's a lot more options if you get ahead of it. That's not just on loans. That could even be on things like utilities. Any bills that you might have."
Shellito advises making contact well before money is due.
If you wait until a payment is past due it can limit relief options and lead to penalty fees.
Also, be cautious with credit cards.
High interest rates can put you in the hole.
Ask your financial institution for ideas on short-term low interest options.
“Make sure that this [government shut-down] stays semi debt free and as affordable as possible as we come out of it,” said Shellito.
At Ent there are free services where anyone can meet with a financial coach to help with money strategies.
There are other financial institutions offering similar services.
Creating a plan to counter the government shut-down can help keep it a short-term issue and prevent it from becoming extended financial problem.
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No injuries reported after small plane crash-lands in Colorado Springs
At about 4:15 a.m. on Wednesday, crews in Colorado Springs were called to a busy intersection where a small plane had crash-landed. "3 occupants on board, all parties accounted for with no injuries," the Colorado Springs Fire Department wrote on social media.
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