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Financial tips to weather sequestration

March 1, and no sequester solution in sight.

So here are some tips from the Certified Financial Planner Board of Standards for federal workers, contractors and other consumers to weather government spending cuts:

—    Furloughed? Reduce your expenses by about 2 percent for every week you’re on furlough —  to make up for lost income. Workers should see some savings on commuting, child care and going out to lunch.

—    Fewer food inspectors could mean rising food prices. Eat less meat.

—    Expect longer security lines at airports — something affecting all air travelers. Frequent fliers can apply for a “pre-check” clearance to avoid standard security measures.

—    Parents and college students could see financial aid costs go up or tax breaks to pay for school shrink or disappear. Plan for these potential changes by saving more.

—    If the cuts lead to another recession, make sure your resume and job skills are up-to-date in case you need to find a new job.

 

 

 

 

 

Copyright © 2014, The Baltimore Sun
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