HAMPTON ROADS, Va. (WAVY) - With thousands of workers' paychecks in the sequestration firing line, WAVY.com is on your side with real world advice to cope, when money gets tight.
Most people will have 30 days before the widespread layoffs and furloughs begin. WAVY.com took your concerns to an expert financial planner, Robin Tull, President of Tull Financial in Chesapeake.
"I always tell people, avoid fear, avoid greed and you'll make the best decisions," he said. Tull says he has several clients who've recently shared their monetary fears due to sequestration with him. And after you've determined what exactly is going to be reduced from your income, his advice is to look at your expenses and identify what you can cut. "Some areas that you can do immediately…Most government employees participate in a thrift savings plan. Let's say you put five percent in, that's one way immediately you can save $200 a month."
He also advises you to take a look at your loans, call the companies and see about deferring the payments. Not every organization will agree to this, but he says it's worth a call to ask. It could mean another couple hundred dollars back in your pocket. And now may be the time to only make the minimum payments and work on the balance later.
Tull says to try creating a supplemental income for the days you're not at work. You may even have to dip into your savings.
"As a financial planner we encourage people to save, set aside six months worth," Tull added. "Why? In case you get laid off or furloughed. So use your savings. It may get down, but you can always build it back up in the future," said Tull.
And finally, adjust to a more frugal lifestyle. It may not be long-term. Therefore, finding free entertainment could certainly help you weather this financial storm called sequestration.
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