Here are steps you can take to make sure you’re ready for the next emergency.
When a power outage knocked out electricity to a multistate region in 2003, Gabriella Barthlow, a financial coach in the Detroit area, was prepared. She had enough money on hand to buy food for herself and her two young children, plus put gas in her car in case they needed to leave home.
That money is in addition to an emergency savings fund, which is stored in a savings account to help you get through a period of unexpected hardship or income loss. Financial experts often recommend you build up three to six months worth of expenses into that account, but even much smaller amounts will help stabilize your finances.
Gather your important documentsBarthlow suggests collecting your essential documents — contact numbers; insurance information; recent bank account statements; identity cards; any marriage, birth and divorce certificates — and putting them in a waterproof, fireproof box, as well as scanning and storing them online in a password-protected account or on a flash drive.
Weather How to prepare for and recover from hurricanes Protect your creditDuring an emergency, it can be easy to miss a bill or credit card payment, which can hurt your credit, Golden warns.
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