Plan ahead to manage your finances during difficult times
September 14, 2020 10:38 AM
September is National Preparedness Month, recognized each year to promote family and community disaster planning. As our nation continues to respond to COVID-19, and we have experienced how quickly our “normal life” can get turned upside down, there is no better time to start planning and preparing this month.
While it might not be top of mind in an emergency or disaster situation, financial preparedness is an integral part of the overall plan. At all income levels, Americans have experienced the challenges of rebuilding their lives after a disaster or other emergency. In these stressful times, having access to personal financial, insurance, medical, and other records is vital for quickly and efficiently starting the recovery process.
Here are some actionable tips to reduce the impact:
Obtain property, health, and life insurance if you do not have them. Not all insurance policies are the same. Review your policy to ensure the amount and types of coverage you have meets the requirements for all possible hazards. Gather financial and critical personal, household, and medical information.
Attempt to save money in an emergency saving account that you could use in any crisis. Keep a small amount of cash at home in a safe place to purchase necessary supplies, fuel, or food.
Gather financial and critical personal, household, and medical information. Store important documents either in a safety deposit box, an external drive, or the cloud to make it easy to access during a disaster.
For more helpful financial preparedness tips, download the Emergency Financial First Aid Kit to start planning today. (https://www.ready.gov/financial-preparedness) Should you need any assistance opening accounts that will serve as your emergency nest egg, please don’t hesitate to reach out to your local Horizon Advisor.