Ready for the Unexpected: A Financial Preparedness Checkup

Start with your emergency savings.

An emergency fund can help cover unexpected expenses without immediately relying on credit. If you already have one, take a moment to check in on it. Does the amount still make sense for your household and current expenses? If you’re just getting started, don’t be discouraged by a big savings goal. Setting aside a small amount consistently can add up over time.

Know where your important information is.

In an emergency, you may need quick access to insurance policies, identification, financial account information and other important records. Keep these documents organized and stored securely. For especially important records, consider keeping secure digital copies as a backup.

Review your insurance coverage.

When was the last time you looked at your homeowners, renters or auto insurance policies? Life changes, major purchases and home improvements can affect the coverage you need. Reviewing your policies now can help you understand what is and isn’t covered before you need to file a claim.

Make sure your contact information is current.

Check that your financial institutions, insurance providers and other important accounts have your current phone number, email, and mailing address. Updated information can help you receive important alerts and make account recovery easier when needed.

Have a plan for accessing your money.

Emergencies can sometimes disrupt power, internet access or normal routines. Know how you can access your accounts, and consider keeping a small amount of cash in a secure place for situations when electronic payments may temporarily be unavailable.

Preparedness doesn’t mean you can predict what will happen. It means putting a few safeguards in place so you have more options when something unexpected does.

This National Preparedness Month, take a few minutes to give your finances a preparedness checkup. A little planning today can make a big difference when you need it most.