Today I heard a rumor in the office that we might be seeing a salary furlough coming within the next few months. Normally I don't pay much attention to the rumor mill, but this rumor has some credibility to it.
- This is a state office, in a state that has been behind budget for months
- This state has furloughed employees before - and the return of their missing salary weeks took 2 years to occur
- This rumor comes from a person who is our union rep.
Considering the possibility, I want to be prepared in case this comes to pass. I have about a month's worth of income in my savings, about $8000 set aside in an investment account, and about $18,000 set aside in a deferred compensation retirement account.
I'm considering reviewing any subscription services that we don't use frequently for cancellation - which I was going to do anyway as a matter of course - but are there any other steps I should take or prepare for if and when this furlough occurs?