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Preparing for Financial Emergencies
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Disasters and other emergencies can disrupt your finances and your sense of normal. Financial emergency preparedness helps you plan, recover, and rebuild after disasters and emergencies.
A financial emergency is any expense or loss of income you do not plan for, like a missed paycheck, a damaged roof, a flat tire, or medical bill. We don’t know what financial emergency we will have in the next year, but it’s likely we will have one!
You can take steps to prepare for financial emergencies. For example, an emergency savings account can help you with unexpected expenses.
Review your insurance coverage (health insurance as well as property insurance) so that it’s effective when needed. Also, be sure that you compile important documents and phone numbers. Know where they are when you need them in a crisis or emotional moment.
WATCH | READ | LISTEN | ENGAGE
Prepare for Financial Emergencies
Read an overview of the different steps for preparing for financial emergencies. An extensive resource list also is provided.
Build a Contact List
Organize key records and contact information so that it will be handy in an emergency. You can download this free chart to help you.
Small Amounts Add Up
Jumpstart your savings by taking a look at how your habits may be adding up!
Financial Emergency Preparedness for Older Adults Webinar
Attend this webinar to learn ways to organize your finances, develop valuable resource lists, and reduce anxiety and stress during a financial emergency. With a focus on implications for older adults, we also will explore building your contact lists before an emergency and watching out for financial fraud following a disaster. Many resources will be shared!
July 9, 2024, 2:00 - 3:00 p.m. (CT) Online
Registration is free and necessary to receive connecting information. Register now!
More Resources for You
Weathering the Unexpected
As a young child, I remember the adjustments my dad would make to our house. He would buy construction materials to batten down the windows and protected his workshop. I also can picture my mum securing essential documents such as our birth certificates, bank account information, medical information, and other necessary documentation as we brace for a storm.
Read more of this blog post to learn how you can prepare for weather disasters.
Dealing with Storm Damaged Trees; Preparing for the Next Disaster
As a horticulture educator, I am often asked in the aftermath of a weather-related disaster, “How do we restore our landscape?” Christopher Enroth, Illinois Extension, provides excellent ideas on how to plant and tend to trees to minimize the risk from weather damage in this blog post.
Earthquakes, Tornados, and Ice Storms, Oh My!
In this episode of Family Financial Feuds podcast, financial educators discuss the implications of natural disasters and large financial emergencies. Strategies to protect your finances is the focus of the discussion. Listen in!
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Grow Your Savings
Visit the Savings and Investing page of Illinois Extension's website for ideas and resources.
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For an in-depth, how-to workbook, download FEMA's Emergency Financial First Aid Kit (pdf).