Managing Household Finances During a Strike

When there is a worker’s strike, households can face some unique challenges.

Whether you’re directly involved or indirectly affected, keeping a few things in mind can help ease the situation.

First, communication is key. Make sure everyone in the household understands what’s happening and why. It’s a great opportunity to teach kids about labor rights and the importance of standing up for what you believe in.

Next, stay connected. Take the opportunity to lean on your support network – friends, family, and community resources can be a big help during this time.

Stay Informed: Keep yourself updated on the strike’s progress, negotiations, and any developments that might impact your situation. Knowledge is power.

Another general tip – stay healthy. Prioritize your physical and mental health. Stress can be high during a strike, so make sure to exercise, eat well, and find ways to relax.

Managing household finances during a long strike can be challenging, but it’s all about finding ways to make your money stretch.

As a trusted national nonprofit focused on financial health and wellness, we’re sharing some financial fundamentals below.

This situation sheds light on a critical reality — that 78 percent of American households are living paycheck-to-paycheck and find it more difficult to recover from an unexpected financial setback. The Federal Reserve Board has reported that 40 percent of Americans need help to cover a $400 emergency, which means that striking workers may have exhausted cash reserves.

Unfortunately, some services take advantage of those in vulnerable situations and may come with high-interest rates or create more financial difficulty in the long-term.

Phone/cable carriers, for example, may extend billing due dates. You may want to explore ways to remove services on your cable/phone/Internet plan to lower your bill. Health clubs may temporarily freeze payments for you.

Behavioral economics research shows that when people are stressed, it is harder to make financial decisions for long-term health. Having a budget in place will help you feel more in control of your finances even during times of financial distress.

GreenPath’ is a leading national nonprofit team of HUD-certified housing counselors and NFCC-certified credit counselors.

We know that even in the best of times, juggling finances can be a challenge. When you face an interruption in income, such as with a looming or ongoing worker strike, it can be even harder. Connect with someone who has your interests at heart. A caring GreenPath financial counselor is ready to help you understand options and take a look at not only current financial challenges, but also your entire financial picture.