Local experts give financial advice on money management during a government shutdown

Local financial leaders say open communication with lenders and honest budgeting can help families manage expenses as the shutdown continues.

MACON, Georgia (41NBC/WMGT) – With the government shutdown cutting benefits, money is now one of the top concerns for many families. Most Americans, however, don’t know how to budget what they have left.

We’re a little more than a month into the government’s shutdown, and many families are still making hard decisions between paying bills, buying groceries and purchasing medicine.

Robins Financial Credit Union Vice President of Consumer Lending Shane Reagan says never shy away from talking with your landlords, lenders and service providers to let them know money is low and how to construct a new payment plan.

“But the key is to contact your financial institution early,” Reagan said. “Don’t wait until it’s too late. We have programs in place that help, and it’s a lot better that we go through this together than doing it alone, because I think we can figure out some really good processes and good ideas to help.”

He also recommends everyone be honest when it comes to budgeting money, meaning knowing how to decide the needs and wants to save more money during this shutdown.

“You’ve got to ask yourself, ‘Is this a need or is this something we want?'” he said. “For example, I think a lot of times going out to dinner versus budgeting and doing your grocery shopping. You can probably save a lot more money by doing the grocery shopping and maybe not going out to eat today. Or maybe that cup of coffee you get on the way to work every day, you might have to make some coffee at home.”

While this time may be hard, Reagan recommends everyone have a budget.

“I’m also sensitive,” he said. “I know there are a lot of people out there that’s easier said than done, and so it may be harder for them. I think of single parents that would love to stock money away, but sometimes you have to figure out how to build that budget and make that work.”

President and CEO of the Better Business Bureau Kelvin Collins says when getting loans, be cautious of emails.

“Don’t believe all the hype,” he said. “Scammers look for two things when they are looking for someone to separate from their money, and that’s greed and need. During a time of need, you might just believe that you’re going to get a super low-interest loan.”

Collins says when you need help, ask. Don’t be afraid.

“It’s not the first time that utility companies or banks have dealt with something like this, and they have plans in place that will help you get back to where you need to be,” he said.

For more information and financial tips, you can visit The Better Business Bureau and Robins Financial Credit Union online.