Creating a Financial Emergency Kit

Financial EducationJohn Perdue
Feb 02 2016

In an emergency situation you need to be prepared for anything. While a basic disaster supply kit containing things like water, food, and flashlights is essential to help you through the emergency, you also need to prepare for a way to get back on your feet once the immediate danger has passed. For this, you need to create a financial emergency kit.

FINRA has a detailed list of the essential items you need for your financial emergency kit, but here are the basics.

1.Cash and keys. Depending on the type of emergency situation you are dealing with, loss of electricity could limit access to ATMs or other electronic forms of payment so it is essential to have some cash on hand. If possible, you should have enough cash to live off of for a few days. Also pack an extra set of car keys in your kit, just in case.

 

2.Contacts. Create a list of telephone numbers, emails and other contact information. In addition to family members, your contact list should contain key medical, financial and business contacts. The list can be stored electronically, but keep a paper copy as well.

 

a.Many of the contacts you will need are the numbers on the backs of the various medical cards or credit cards in your wallet. A quick way to make a list of these contacts is to photo copy the front and back of all the cards you carry.

 

3.Personal identification. Keep a copy of essential documents that help you establish who you and your family are, such as driver’s licenses, passports, birth certificates, adoption decrees, and social security cards.

 

4.An inventory of your valuables and personal belongings. In case you would need to file an insurance claim, have a paper, photo or video inventory of your valuables. Include receipts for major items, if possible, or appraisals for valuables. For household items, walk through your house and write down what is in every room.

 

Want more tips on how to keep your finances for a disaster? Check out this IRS checklist on how to keep your tax records safe.

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