Key Takeaways:
- Take some time to learn how a government shutdown could impact your finances. You may find that government services are delayed and that interest rates change.
- If possible, use your emergency fund savings to cover expenses and avoid reaching for credit cards, which can result in high-interest debt.
- Stay informed about the status of your government benefits and assistance programs. Check if there are local resources available that could help you and consider holding off on travel and large purchases.
- You may want to evaluate your investments and reduce your expenses to weather any financial uncertainty. You could also take on a part-time job while you wait for government programs to resume.
You might see few to no changes in certain areas, such as continued Social Security paychecks or a government pension. Other segments could have more intense consequences, including delays in travel or application approvals. The exact implications will depend on many factors and will be based on the agreements that Congress makes in the next few days.
Every year, Congress works to pass budget legislation for the next fiscal year, which the president then signs. Under regular conditions, Congress passes annual spending bills before the start of the new fiscal year, which takes place every Oct. 1. If the government does not reach an agreement, however, it can pass short-term spending bills to keep Congress operating while lawmakers work to pass the annual spending…
