Preparing for the Worst: Gov. Shutdown & Your Finances - News, Sports and Weather

Preparing for the Worst: Gov. Shutdown & Your Finances

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Financial Advisor, Bobby Shaw, says if you haven't planned for times without income, the first thing is to look at what you can do to cut back.  He says you should count how much cash you have and plan out just how long it might last.  He says if you need to draw out cash from somewhere else, the first place to look would be to cash in certificates of deposit.

Shaw says, "If you really want to accumulate a rainy day fund or money for an emergency like this, one of the most important things you can do is make it automatic. Just have it drafted out of your check, don't ever see it. You'll forget that you have it."

If you're planning for the future, Shaw suggests using 80% of your income and diverting the rest to your retirement plan and savings accounts. He says always have a cash reserve for unexpected incidents like the government shutdown or illnesses. Most importantly, Shaw says continue to save, no matter what, because every dollar will help during tough times.

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