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Are You Financially Prepared For an Emergency?

Are You Financially Prepared For an Emergency?
By Dennis Snyder

A little planning now can help you handle a natural disaster or other emergency. With all the disasters that have hit over the last few years such as, hurricanes, tsunamis, earthquakes and other natural disaster many people have focused on their need to be prepared in case of an emergency.

Very few, however, consider the need to be prepared for a financial emergency in their plans. From keeping an evacuation box with important documents to setting up an account with emergency funds, preparing now can be the difference between financial security and financial crisis.

Create a household inventory for items of significant value and locate originals of important financial and family documents. Store original documents in waterproof bags in a safe deposit box or durable “evacuation box” and photocopies in a safe place. Use a CD to back up key documents on your computer. If practical, store copies with friends or relatives who live outside the area.

Understand what types of losses your renters or homeowners insurance covers. Ask your insurance agent or financial planner about additional coverage for floods, earthquakes, home offices and big-ticket items. Keep copies of your policies in a safe place along with your other important papers.

I like to keep at least $500 in cash at home in a good hiding place where I can get to it quickly in case of a sudden emergency. Don’t keep the money in large bills but it should be in small denominations for easier use.

Keep a list of important emergency contacts, including direct family members, doctors, medical facilities, numbers for your bank, insurance agent and company, lawyer and financial planner/advisor. Credit card 1-800 numbers can help you quickly retrieve account information.

The last but by no means the least make sure you have a funded emergency savings account. This account should be separate from any other account and contain enough money to cover at least three to six months of living expenses. This type of account will lift a heavy burden from your shoulders should an emergency occur.

Follow these guidelines to ensure you and your family are protected financially as well as physically. If you would like to learn more on how to gain control of your finances all the time then head on over to the report at Money Management Made Easy. You can Get control over your money!

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Even though the video above has nothing to do with my two best ways to save money I enjoyed watching it and does deal with saving money so enjoy it.

Since the goal of this blog is to entice us to become fanacially free learning the best ways to save money is an essential element. Here are two of the easiest ways top save money. Now always remember that we are saving this money so that we can sock it away in our savings accounts. The first and most important account is our emergency fund. We must get three to six months set aside for those unexpected thigns that will eat us out of house and home. So don’t just save money put away what you do save.

The first way to save money is to walk away from all those extended warranty sales pitches you get when you buy anything electronic, appliances and other large items like snowblowers and air conditioners. The stuff we purchase today is already warrantied for so many months and if it makes it through the intitial warranty it is very unlikely and very rare for them to break.

The second best way to save money is to buy your seasonal items during off-season times. If you can find a snowblower in April, May or June you will be able to save over and above 50% on it. If you are going to buy a snowblower for next Winter anyways then get it a few months early and then put what you saved into your emergency fund. The same goes for your lawnmower, fishing supplies or rototiller and the list is only shortened by your lack of imagination.

Here is a great place to discover more ways to live better and save more click here!

tpc10 Uncategorized, live on less money, ways to save money best ways to save money, control spending, emergency fund, financial freedom, how to save money, live on less money, simple ways to save, Tight Money

This is not my favorite time of year as the dreaded tax time draws near. I am no were ready to get my done. I will be working most of the day tomorrow in order to get all my paperwork in order to give to the accountant. I am hoping that I will get some money back this year especially since this is the first year I will be without my two deductions. They both left the house, one married and one in the Marines, and I cannot deduct them at all this year. Just the wife and I left at home and no house mortgage interest to claim so I am concerned I mght have to pay them instead. Nothing I like less than paying out at tax time.

With the state of the economy we all Read more…

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