Preparing finances for furlough

FAIRBORN, Ohio (WDTN) - Everyday 13,000 civilians report to work at Wright Patterson Air Force base.

However, if a budget agreement is not reached soon in Washington, all those civilian employees could be staying home.

As part of the Sequester, they are facing a proposed 22-day furlough which equates to about a 20 percent reduction in pay.

"The sooner they plan, the better they off they are," said Tracy Fors, the Vice President of Marketing and Business Development at Wright Patt Credit Union.

Because so many of WPCU's members are base employees, Fors said they have started looking at ways to help lessen the financial stress that could come as a result of the massive government spending cuts.

"We want them to come in and sit down and talk with us," added Fors. "I think that they should do that sooner than later. I would not try to handle this myself. I would come in and say, "What are my options?".
    
Fors said most members will have more than one option, such as lowering interest rates on existing loans and setting new budgets. She also said employees should resist the urge to cut back on retirement savings.

While there is no single solution that will work for everyone, Fors adds professional help can lessen the burden.

"It is going to reduce their stress and give peace of mind," she said. "As soon as they get their letter, that's basically when they can come in and start talking with us. If they already have an idea, come in and talk to us now. There's nothing holding them back".

WPCU is also planning to hold town hall meetings to help base employees understand the Sequester and their options. The first town hall is tentatively scheduled for mid-March. Stay with 2 NEWS and we will keep you posted on specific dates, times and locations.