Natural disasters can happen at any given moment. While having necessary supplies in case of an emergency situation is critical for survival, financial preparedness continues to be on the back burner for many people.
We must remember that even though a natural disaster’s focus is safety and survival, the recovery process can be extremely costly. Hurricane Sandy in 2012 and Hurricane Katrina in 2005 serve as examples of just how costly natural disasters can be.
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Putting an extra debit card away in your preparedness kit may not be enough. Check out 3 tips to get you financially prepared for a disaster:
Already have a savings account? Avoid being tempted to spend money from your emergency fund. Make sure to keep your spending, savings, and emergency savings separate so you don’t end up borrowing money from the funds that could help you during a natural disaster.
Power lines may be down during a natural disaster, or you may not have access to an ATM machine near your home. Put cash cash away in a discreet container, and be careful not to add too many smaller bills for the sake of space.
A great way to add diversity into your emergency fund is by adding a pre-paid debit card to your preparedness kit. This can be helpful in the event that a natural disaster results in banks to take security measures that may freeze accounts.
Get financially prepared and stay safe! We can help: FirstMyFamily.com