As of October 1, 2025, the U.S. government has officially shut down, leaving over 750,000 federal employees without pay. With no clear resolution in sight, families may start facing serious financial strain—struggling to cover essentials like mortgage payments, credit card bills, and even groceries. Whether you are furloughed or working without pay, the uncertainty can be overwhelming.
At Freedom Credit Union, we understand how difficult this moment is. But there is one thing members can count on: your deposits remain protected.
Unlike banks, which are insured by the FDIC, credit unions are backed by the National Credit Union Administration (NCUA), which is an independent federal agency that does not rely on congressional appropriations. That means the shutdown has no impact on the NCUA’s ability to insure deposits. Additionally, deposits over the NCUA limits are fully insured by the Massachusetts Credit Union Share Insurance Corporation.
We are committed to supporting our members through this crisis. Depending on your personal situation, here are some steps you can take to stay financially afloat:
Apply for Unemployment Benefits
If you are a furloughed federal employee, you may be eligible for unemployment assistance. While it will not match your full paycheck, it can help bridge the gap and cover basic expenses. Learn more and apply through the Office of Personnel Management.
Re-evaluate Your Spending
Now is the time to take a close look at your budget:
- Audit Your Current Budget
- Track every expense
- Categorize spending into essentials (rent, groceries, utilities) and non-essentials (subscriptions, dining out, entertainment).
- Identify areas where you can cut back immediately
- Prioritize Needs Over Wants
- Focus on covering basic living expenses first.
- Pause or cancel non-essential services like streaming platforms, gym memberships, or premium apps.
- Delay large purchases unless absolutely necessary.
- Manage Debt Strategically
- Pay minimums on all debts to avoid penalties.
- Focus any extra cash on high-interest debt like credit cards.
- Contact Freedom Credit Union to request deferments or hardship assistance.
- Adjust Lifestyle Habits
- Cook meals at home instead of dining out.
- Choose free or low-cost entertainment (library, parks, virtual events).
- Swap clothes or goods with friends instead of shopping new.
- Seek Temporary Income
- Consider part-time or freelance work to supplement income.
- Explore gig platforms like DoorDash, Upwork, or tutoring services.
- Even modest earnings can help cover essentials and reduce stress.
Small adjustments like these can stretch your savings further during this uncertain period.
Freedom Is Here for You
If your income has been disrupted by the shutdown, we are offering relief options to help ease the burden:
- Loan Payment Deferments on Personal or Auto Loans
- Fee Waivers
We are standing by, ready to help you through this challenging time. Call us directly at 413-739-6961 or toll-free at 800-821-0160.