Supporting Federal Employees Through Transition

Labor Credit Union is here to support you with expert guidance, budgeting tools, and financial relief options

Stay in Control of Your Finances

A federal layoff or furlough can create financial uncertainty, but you don’t have to face it alone. Labor Credit Union is dedicated to helping our members maintain financial stability during difficult times. Below, you’ll find resources to help you budget, manage debt, and explore financial assistance options.

Step 1: Assess Your Current Financial Situation

Understanding your income, expenses, and available resources is key. Start with these steps:
✔️ Review your essential expenses – Identify what must be paid first (housing, utilities, food, transportation).
✔️ Look at your emergency savings – Determine how long your funds can cover basic expenses.
✔️ Check for alternative income sources – Side gigs, part-time jobs, or freelance work can help supplement your income.

Step 2: Prioritize Your Bills and Debt Payments

When money is tight, prioritizing payments is critical. Consider:
✔️Mortgage & Rent: Contact lenders or landlords to ask about deferment or payment plans.
✔️Utilities & Insurance: Some providers offer hardship programs—reach out to inquire about options.
✔️Credit Cards & Loans: Speak with lenders about temporary relief programs or interest reductions.

📌 Tool: Use our Loan Payment Calculator to explore payment options based on your budget.

Step 3: Explore Financial Assistance from Labor Credit Union

Financial counseling with a certified expert: Schedule virtual appointment.

✔️Fee Waivers: We understand the financial strain this situation may cause, so we have decided to waive all fees associated with your account for the duration of the government shutdown.
✔️Loan Payment Deferment: If you are having trouble making loan payments, we encourage you to contact our loan services team to discuss your situation and explore available options.
✔️Debt Consolidation Loan: Some members may benefit from and be eligible to consolidate multiple loans or credit card debt into one loan. The advantage of debt consolidation are often lower monthly payments on debt obligations, and reduced interest paid on debts.

Step 4: Reduce Expenses & Adjust Your Budget

Making small changes can help your savings last longer.
✔️Cut non-essential spending – Pause subscriptions and limit dining out.
✔️Adjust grocery shopping – Plan meals and look for discounts.
✔️Explore community resources – Food banks, assistance programs, and nonprofit organizations may provide temporary relief.

📌 Tool: Try our Weekly Expense Tracking Worksheet (Balance) to monitor and adjust your daily expenses.

Step 5: Stay Informed and Plan for the Future

Even during uncertainty, planning ahead is crucial.
✔️ Plan for what’s next in your career by exploring options with your TSP or other government retirement plan.
✔️ Monitor updates on government benefits – Stay informed about unemployment assistance and federal relief programs.
✔️ Continue saving when possible – Even small contributions add up over time.
✔️ Consider financial counseling – Our Balance partnership can help you develop a long-term plan.
✔️ Explore new opportunities: Reach out to our community partners outlined below for help with updating your resume, interview preparation, and available job openings in the community.