Natural or manmade disasters like floods, fires, earthquakes, tornadoes, or hurricanes can strike without warning and can happen to anyone. Even minor disasters can damage or destroy your property and belongings. Disasters can also make it difficult for you to conduct essential financial transactions.
In addition to planning for your family's safety and basic needs, such as shelter, food and water, you should be ready to deal with financial challenges, such as how to payfor supplies or temporary housing, if necessary. Being prepared to function financially will give you less to worry about if an unfortunate event happens to you.
If you had only a few moments to evacuate your home and were away for several days or even weeks — would you have access to cash, banking services, and the personal identification you need to conduct your day-to- day financial life?
The Following Are Some Tips to Help You Be Prepared If a Disaster Strikes:
Sign up for direct deposit Having your paycheck and other payments transmitted directly into your account will give you better access to those funds by check or ATM. It means you won't have to deliver the deposit to the bank or rely on mail service, which could be delayed. Ask your employer if this is an option for your paychecks.
Arrange for automatic bill paymentsThis service enables you to make scheduled payments from your bank account such as for your phone bill, insurance premiums and loan payments and avoid late charges or service interruptions. With automatic bill pay, you don't have to worry about essential bills being paid. In an emergency that can be a real bonus. You generally authorize each company to whom you owe regular payments to make a monthly deduction from your account.
Consider signing up for Internet banking services This also makes it possible to conduct your banking business without writing checks. Many banks and credit unions offer this as a low-cost or free service.
Review your insurance coverage ”Make sure you have enough insurance to cover the cost to replace or repair your home, car and other valuable property. Once you have taken steps to make sure you're financially prepared for disasters, take time to learn ways to ensure that you stay on course.