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5 Tips To Help You Plan For Emergencies

by admin on November 20, 2013

Life is what happens to you while you’re making other plans. –John Lennon

This quote has proven to be true in the past few decades between tragedies like 9/11, Hurricane Katrina, The Great Recession from December 2007 to June 2009 and even with day to day events you can never be too prepared. Although things have been improving in the country in many ways, for example the decrease in unemployment, you still never know when something unexpected will happen. We are all one bad day away from unemployment, sickness or natural disaster. You can’t predict tragedy but you can prepare for it. Here are a few tips to make hard times more bearable.

Save– The first and most obvious tip of this is to save money. A good rule of thumb is to keep 6 months income in savings. Once you’ve established, this try to put at least 10% of each paycheck into your savings on top of that.

Prepay– Always try to pay a little more than what is due on bills that you know you will have each month. A single mother in Texas lost her job with only a months notice. Luckily for her not only did she save a percentage of each check she tried to pay at least $20-$50 more than was due on her utilities such as electricity and water bill and her rent. When she lost her job, she and her son didn’t have to struggle while she looked for a new job because she had earned credits on her accounts.

Keep Some Cash- Did you know most banks will freeze your accounts if the access or pin code is entered in incorrectly a certain amount of times? What if in a panic at the ATM, you punch in the wrong code? What if it’s a Sunday morning and you can’t reach your bank? What if there is some sort of national emergency and the banks become shut down temporarily? Try to keep a few hundred dollars cash somewhere safe and hidden in your home for such emergencies.

Prepare an emergency kit- No, I’m not suggesting you prepare for the zombie apocalypse or build a panic room. Ready.gov is a great government website that can give direction on preparing for potential disaster. The site suggests the typical disaster kit should contain enough supplies for 3 days, kits should include water, non-perishable food, cash, any prescription medications, first aid kit, matches, battery powered flashlights and radio, batteries, and manual can opener. * Having a kit put together that you can grab quickly could save someone’s life.

 Buy in Bulk– It’s a well-known fact that buying in bulk saves money in the long run but in this case it could keep you afloat financially during an emergency. Not having to purchase certain life essentials like toilet paper, or canned food when you’re living off of savings will make them last longer.

*This is not the complete list of suggested disaster supplies. We recommend visiting www.ready.gov for more information on Emergency planning.

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