DENVER — The government shutdown is now entering its second month, with no end in sight. With SNAP benefits on pause and government employees and contractors going without pay for weeks now, we've been hearing from a lot of you about how tough it is to make ends meet.
Denver7 spoke with two financial experts about resources and steps you can consider if you're impacted by the shutdown.
"Whether you're in financial distress or not, it's hard to ask for help," Annie Snead, the executive director of philanthropy and community relations for ENT Credit Union, said.
Snead explained that ENT offers financial coaching, whether you're a member of the union or not.
"A certified coach can help you with whatever your individual situation is," Snead said.
However, she did caution how important it is to stay on top of bills, even during tough financial times.
"If you are someone who is maybe on the brink, call all of your creditors ahead of time, even before your payments are due," Snead said. "That's really important because there's not a lot of help that they can offer you after you've missed a payment. but most of them are willing to work with you, especially during these times."
Snead said a good place to start is looking over your expenses, then cutting out anything that's not a necessity. Those cuts might be streaming services or other subscriptions you don't use often.
Some people also may be tempted or forced to take money out of their savings accounts to cover bills during missed paychecks. But experts say it's best to avoid doing so if you can.
"I would not advise it," Anneliese Elrod, the chief operating officer of Westerra Credit Union, said.
Elrod said at her credit union, there are no penalties for withdrawing, but that may not be the case everywhere. She explained it's best to only take out money for necessities like medical bills, car repairs or high interest debt.
"For non-essential purchases or market-related fears we recommend leaving your savings untouched so it can continue to grow," Elrod said.
If you're looking for ways to help people in need, Snead shared ENT is matching donations to Food Bank of the Rockies up to $25,000.
You can also donate to our Denver7 Gives campaign. The money raised will go directly toward people impacted by the government shutdown.
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