At Super-Advice we are about all things financial, but more importantly, helping people understand so they can get ahead financially.
In today’s blog post we talk about something that is quite topical at the moment and that is how to prepare financially for a natural disaster.
Have an emergency fund
Something that we rattle on about quite a lot is having an emergency fund.
When things do not go as expected, having no money makes it worse.
So this is just another reason to make sure you establish an emergency fund.
What exactly is an emergency fund?
The best way to do it is to take your fixed expenses over a period of time and save that much money. So if your fixed expenses, for example, for your rent and your power and your internet and all the things that you’ve gotta pay for, come to a thousand dollars a week.
12 weeks is three months, $12,000.
If you can save six months, $24,000.
Just have it somewhere that’s ready to access because I can tell you a natural disaster, you will need money.
Review your insurance coverage
Your home, your contents, your life insurance, your health insurances, all these insurances, just make sure you’ve got what you think you have.
Because reviewing your insurances after you need them and you haven’t reviewed them for some time, you could come unstuck. Make sure your insurances are set and do what you need them to do before, not after.
Prepare an emergency kit.
You have the basic stuff like some basic medical supplies, some food, and some water.
However, make sure that all of your important documents are in a safe place that you can either grab quickly or you know they’ve got a good chance of being resilient against any natural disaster, any passports, birth certificates, any important legal documents, any important medical information, have it all in one place, ready to grab.
Make sure you know who your service providers are
For example, your insurance companies, and make sure you have a way to contact them
Perhaps bookmark their websites and contact sites on your phone so that you’ve got easy access.
Keep a file somewhere in your phone that lists all your insurance companies and what it’s for.
It’s easy for it to get lost in the noise.
Take photos of all your important information and expensive stuff
If natural disasters hit and shit goes missing. You need to be able to show that you have it. If you are prudent with your contents insurances, you would’ve done this already. I can tell you that insurance companies can be a little bit difficult if it’s difficult for you to prove that you actually owned something that’s now destroyed or no longer with you.
So please take photos, keep them all in your file of emergency stuff where everything is, and photos of documentation of important items.
Important things to remember
In conclusion, if you have an emergency fund, your life’s gonna be easier should a natural disaster hit. If you’re prepared with an emergency kit for the usual stuff like food, medical supplies, and water, as well as important documentation, have it in the same place.
Make sure your insurances are up to date. Make sure they do what you need them to do. If not, get advice and take photos and document all your important stuff. So it’s just easier to start that claim process, which you will need to do after a natural disaster.
That’s a wrap
So what do you think? Are you and your finances prepared for a natural disaster?
If you need any financial help or advice please get in touch with us at Super-Advice.