Barbara O'Neill, Ph.D., CFP®
Extension Specialist in Financial Resource Management
Rutgers Cooperative Extension
Sometimes, just as people are making progress to improve their finances one small step at a time, something happens to set them back. For some people in today's difficult economic climate, that setback is a furlough.
Furloughs (also known as "temporary layoffs") have been in the news a lot lately and are being used by both public and private sector employers. In some cases, they are voluntary and employers ask for volunteers to take unpaid leave in exchange for more time off. In most cases, however, furloughs are mandatory and every worker is told to work less, and therefore, earns less. If you're facing a furlough, you need a plan for both the income loss and your use of the unpaid time. Consider the following seven suggestions:
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