Take Steps to Safeguard Your Finances During National Preparedness Month
Disasters can happen at any time. They aren’t planned, and they certainly aren’t welcome, but they come nevertheless. Various weather-related and health-related natural disasters can cause widespread devastation and wreak financial havoc on families and communities. In recognition of National Preparedness Month, Federated Bank is advocating some simple measures to help consumers to prepare in advance of a disaster for the recovery and rebuild process.
While natural disasters are an unfortunate reality, they don’t have to lead to financial ruin. As your trusted partner and ally, Federated Bank can help you enact a plan to safeguard your finances and minimize the financial fallout so you can remain focused on the personal safety of you and your loved ones in the chaotic moments that occur during and after a disaster.
Here are some tips to help customers prepare for the inevitable disasters that come. By being prepared, you will be able to better regain your financial footing following a natural disaster.
- Establish an emergency savings account for use in a crisis and keep a small amount of cash on hand in case you’re unable to access funds electronically and need to purchase necessary supplies, such as fuel or food.
- Prepare backup communications plans with your family in case both cellular and landline services falter.
- Store copies of financial documents, including investment records, property deeds, insurance policies, tax information, wills, trusts, and financial and medical powers of attorney.
- Make copies of personal documents— Driver’s licenses, passports, Social Security cards, birth certificates, adoptions, marriage and divorce papers, property deeds, and titles.
- Print contact information for trustees, guardians, and executors and store them for safekeeping.
- Create an inventory of personal and household valuables and use photo or video documentation to help assess their value and determine replacement costs.
- Contact your insurance agent or visit the Federal Emergency Management Agency’s (FEMA) website, to determine if you need a flood insurance policy.
For more helpful financial preparedness tips, download the Emergency Financial First Aid Kit to get started planning today.
Our team at Federated Bank can serve you as financial first responders. We are stewards of our community and can be a great resource to help you evaluate your financial preparedness and reestablish your financial footing in the aftermath of a natural or manmade disaster. Call on these trusted stewards of your community with questions you may have before these unexpected, stressful events occur. Use the resources around you to create a plan to prepare you for disasters and get you on the road to financial recovery.
