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Why Financial Preparedness Matters
Financial preparedness information helps you protect your money and records when a crisis strikes. Whether you face a natural disaster, medical emergency, or sudden job loss, having the right documents and plans in place allows you to recover more quickly.
What to Include in Your Emergency Financial Aid Kit
Your emergency financial aid kit should contain the most essential information for you and your family. Use FEMA’s EFFAK toolkit to guide you.
Include:
- IDs and Social Security cards
- Health insurance information
- Legal documentation housing payments
- Financial and bank accounts, student loan repayment plans, and insurance policies
- Contacts for trusted financial and legal providers
Keep copies secure, both physically and digitally. Your emergency financial aid kit should exist both physically and virtually.
Helpful Financial Preparedness Tips
Stay organized and prepared with these financial preparedness tips:
- Make an inventory of your home or business property
- Update expired records and scan backups
- Share your plan with a family member
- Avoid keeping sensitive records in unsecured places
Review and update your kit each year.
Identify Financial Records You May Need
Knowing which records to include in your emergency financial aid kit is key. Use the CFPB disaster checklist to find what’s important: tax documents, property deeds, pay stubs, and insurance details. These will help you prove ownership, re-establish bank accounts, and access emergency financial services.
Set Up an Emergency Savings Account
Start an emergency savings fund to build a financial safety net. Even saving a little over time makes a difference. For help starting your fund, check out this guide from Credit.org.
Use Mobile Banking Services
Having mobile banking set up means you can:
- Conduct banking transactions remotely
- Make loan payments
- Monitor account activity
This keeps you connected to your financial information, even if local branches are closed.
Understand Insurance Coverage and Needs
Not all insurance policies include disaster coverage. Consider purchasing flood insurance if needed. To speed up claims, create a home inventory of your possessions and store photos with your financial and personal records.
Know the Emergency Financial Programs Available
Unexpected events may lead to lost income. Be ready to access:
- Economic relief payments
- Government funded unemployment
- Food and nutrition benefits
- Debt consolidation options if needed
Track what you’ll need to access necessary financial resources, begin receiving economic impact payments and other temporary support.
Protect and Share Personal Financial Information Safely
Never email sensitive personal financial information. Use password protection and encryption for digital files. Be sure a trusted contact knows how to access your aid kit if you’re unavailable.
Promote Financial Preparedness in Your Community
September is National Preparedness Month. Share financial preparedness information from Ready.gov with friends and family. Encourage others to gather documents and build their own emergency kit.
Get Support for Disaster Recovery
If a crisis has affected you, Credit.org’s Disaster Recovery Services offer one-on-one help. Our certified counselors provide guidance on creating or using your emergency financial first aid kit, managing debt, re establish financial accounts, and getting back on track. Don’t wait; get the support you need today.
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