Are you Financially Prepared for Emergency Situations?

I want to share these tips with you guys so that we will all learn to be financially prepared for emergency situations just like what we are experiencing now, which is the covid pandemic.  Emergency situations may also be calamities like a typhoon, volcanic eruption where people need to go to evacuation centers, loss of job, illness, sudden death of a provider and of course recession.  So here they are:

1.  Always have cash on hand💲 -  Always keep enough cash, in small bills, which you can use immediately.  Maybe P2,000 to P5,000 will suffice.  You will never know when something will strike and you will need cash as you may not have time to go to the bank.  Your COH will be a great help.   

2.  Have an Emergency Fund -  Your emergency fund will be useful when you will find yourself in situations like calamities, sudden death in the family, illness, pandemic, etc.  You will need some working cash while your family waits for assistance, etc.  You don't want to borrow money from relatives and friends during occasions when everyone is trying to find ways to tide the days when relief has not arrived yet.

3.  Be covered by insurance -    Get an insurance that will cover different valuables you want recouped, whether it be your home, car or even for your hospitalization.  And most importantly get an insurance that would provide for your family should something happen to you especially if you are the head of the family.

4.  Record all Valuables -   If you have valuables like jewelries, electronic items, branded authentic bags,  get a video of them stating their value and date of purchase.  This record will be of great help in case of loss or looting.  You have a record to show the authorities in reporting them.  

5.  Put Important Documents in a Safe Deposit Box -  Documents need to be kept safe in order to survive the disaster.  If you can't find a safe place in your home for your documents, then keep them in a safe deposit box in the bank.    Documents like wills, bank account information, credit card information, contracts, adoption papers, birth certificates, marriage contracts, land titles, property deeds, insurance policies, passports, licenses, diplomas, etc are just among them.   In a country like the Philippines where red tape is still a practice, it is so difficult to refile to get these documents back.  So keep them safe if you don't want to spend hours filing and following up these documents. 

Emergencies strike when we are unaware and when we least expect it, so be prepared financially.  It is so difficult to approach anyone for money during crises, so be prepared and you won't need to worry when emergency strikes.  

#financialmanagement 

#financialliteracy

#financialpreparedness