Reactions to a furlough will vary according to a person’s income level, marital status (e.g., an employed spouse), amount of savings, and other variables. Consider one or more of the following strategies:
1. Save From “Full” Paychecks: Set aside money from paychecks that are not reduced to use during pay periods where you are “short.”
2. Spend less: Rework your family budget (spending plan) to reduce expenses by the amount of the income reduction due to the furlough. Invest time in comparison shopping to save on spending.
3. Suspend payroll deductions: If need be, suspend or reduce voluntary payroll deductions such as charitable contributions and deposits into 401(k) or 403(b) plans for the duration of the furlough.
4. Seek self-employment: Try to line up freelance or part-time work to earn the amount of income lost due to the furlough (or more).
5. Sell what you don’t need: Look through your home and garage to see if there are items that you can sell to help generate income.
6. Savor the time off: Plan no- or low-cost activities during unpaid days off and make good use of the time. Options include visits with family and friends, volunteer work, home maintenance or improvements, financial management tasks (e.g., calculating net worth and checking credit report), spring cleaning, and more.
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