Are You Financially Capable Of Dealing With Emergencies?

Contending with an emergency or a natural disaster would be much easier if you're armed with a good contingency plan.

A lot of Americans are giving more attention on planning for emergencies. Unfortunately, they tend to overlook the financial aspects of the plan. Various things can be done to prevent financial calamities, all it needs is careful planning to save yourself some grief later.

Here are some suggestions on how you can boost the financial aspect of your contingency plan:

Sort out all important documents and stuff in your home.

Group all important documents together and find the original copies, list down all of your belongings that are financially substantial. See if you can purchase waterproof or fire-resistant containers for your papers, you can also avail of safety deposit boxes for the more important ones - like original copies of your documents. In case you PC crashes, it's better if you create backups of backup files. If they'll agree, see if far flung friends and relatives can accommodate some of your more important papers so you'll have copies in case of floods or fire.

Acquaint Yourself With Your Insurance Plans

Go over your policy so you'll know what claims you can file under different situations. Set up a meeting with your insurance rep to see if you can get more coverage for certain disasters like floods and earthquakes. Create multiple copies of your insurance policies and keep them secure.

Put Aside Some Cash For Easy Access

Find an accessible location in your house where you can keep money, make sure there's at least $300 stored there. Break down the money in small denominations for easier spending.

Create A Special Phone Directory for Emergencies

Create a separate directory that is focused mainly on important numbers you might need in the event of natural disasters, this should include the phone numbers of your loved ones, police and hospital numbers, work phone numbers, etc. In case you need to get your credit card information, you better include the 1-800 number of your credit card company.

Create An Account Dedicated For Emergencies

You should create an account exclusive for emergency expenses, it should have a maintaining balance equivalent to your family's 3 to 6 month's cost of living.

It is unfortunate that most of us end up regretting that we haven't made any contingency plans for our finances. There's no need to worry unnecessarily about your family, just follow our suggestions above.

by: Christy Hoyle

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