How the Government Shutdown Relates to Your Finances

1413242_94141316

Most of us woke up to the news on Tuesday morning that the United States Federal Government had been shut down.

This means that every non-essential government employee will be put on mandatory leave without pay.

Let this be a wake up call for you. Would you be prepared if you were laid off? How would you feed your family? Pay the rent? Keep the lights on?

Living WITHOUT an emergency fund is dangerous. This is why we advocate that after you have your initial emergency fund and having paid off ALL of your debts, to start saving for a 3-6 month emergency fund.

Why?

According to Money magazine, 78% of us will have a major negative event in the next 10 years.

Therefore, if you lose your job tomorrow but have your emergency fund in place, you don’t have to worry about your basic expenses.

Prepare financially and get on a plan. No excuse.

Adam Taufique

Adam Taufique is a founding member of Qur'an Weekly and Debt Free Muslims. He is a regular khateeb in his community and has served in Masjids from being a weekend school teacher to youth coordinator. You can follow him on Google+ or on Twitter @adamtaufique.

Leave a Reply