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Financial experts offer advice for GM strikers, others out of work

Financial planners say those who anticipate being out of work should have at least 3 months of expenses saved up.

Posted: Oct 14, 2019 2:59 PM
Updated: Oct 15, 2019 1:46 PM

FORT WAYNE, Ind. (WFFT) - On the picket lines, spirits are high for most says UAW Local 2209 President Holli Murphy.

"For the majority they're all picking up the pieces. They're all staying upbeat and positive. They don't want to sell themselves short for a smaller contract than what they've wanted," Murphy explained.

For some, however, the lack of a full paycheck is hitting them hard.

RELATED CONTENT: UAW ON STRIKE AGAINST GM 2019 FULL COVERAGE

Murphy said "A few of our members have come in for hardship letters and assistance, and we've guided them to the local United Way and various organizations to help them. The banks and credit unions have worked with them also."

Certified Financial Planner Brady McArdle, Co-Owner of Galecki Financial Management, says in times like this, it's a good reminder that everyone, not just the wealthy, need a financial plan in case you're out of work.

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McArdle says step one is to budget.

"Figure out what you're spending each month, then take a look at the income and try to see if you can carve away some savings each month and allow that savings to build over time until you really have three-to-six months worth of expenses," McArdle says.

Once you save that money, step two is to then evaluate the extras.

"Once you've taken care of the emergency cash, then that's when you can start to look at the retirement accounts, the investment accounts and all the other facets of the financial plan."

When those two step are taken care of, you should be safe from short-term employment disruptions, but it's important to continue to follow your financial plan.

"You go through these time frames with the UAW and you realize you don't always have control over your employment, but what you do have control over is your expenses. If you keep those in mind, then your plan can still work," McArdle says.

So, if the worse happens to you and you're missing paychecks, you can still rely on your plan to help in times of need.

Links to more money saving tips can be found below:

The Balance Top-Ten Financial Tips

Financial Advisor Shares The 20 Best Financial Tips He Wishes He Could Tell His 20-Year-Old Self

Budgeting Tools to Better Manage Your Money

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