FLINT, Mich. — Now that pay day has come and gone for federal workers, many are left wondering how they are going to pay the bills.
Financial advisers say, even without money coming in, you have to find a way to pay the bills.
The essential bills that need to get paid are your home owners insurance, car insurance, health insurance and anything that could have a negative effect on your credit score if not paid on time.
More than 800,000 workers are going without pay during this shut down and over half of those are still reporting to work everyday.
Meaning bills for gas, food, and the mortgage still need to get paid.
Financial adviser Bob Wright says regardless if you are a government employee or not, the best thing is to have an emergency fund in place.
If you do not have one, there are some ways to access cash quickly.
You can take short term loan from your 401k or Thrift Savings Plan, ask a friend for family member for a loan, set up a home equity line of credit (HELOC), pull from a Roth or traditional IRA, and as a last resort, use a credit card to pay the bills.
“You’ve got 30 days before interest starts accruing before you have to pay that credit card back without paying interest,” says Bob Wright with Complete Wealth Advisors.
On Friday, the house passed a bill requiring all federal employees, even those furloughed to be paid in full, as soon as the shutdown ends. It now heads to President Trump who is expected to sign the bill but when employees will see that money is still yet to be determined.