Survival plan should include finances, experts say
September 14, 2009 by Spencer Cameron
According to the American Financial Services Association Education Foundation (AFSAEF), readying one’s finances for emergencies such as natural disasters is a critical yet often-overlooked part of the preparation process.
It says that next to stacking up on non-perishable food, water, batteries and charged mobile phones, care should be taken to put all important papers, including insurance policies, checking and savings account information and backups of computer files, in a safe location that is likely to withstand damage.
"Taking time to collect financial information before a disaster strikes can save precious time in the aftermath of one," says Susie Irvine, president and CEO of AFSAEF.
"The more information you have about your finances – including contact phone numbers – the more likely you will get help promptly," she adds.
AFSAEF further say that setting aside money in a checking or savings account for easy withdrawal in an emergency can also save valuable time.
In the aftermath of floods, hurricanes and other disasters, insurance and other type of financial fraud frequently proliferates, so care should be taken to research companies offering help before assistance is accepted.
AFSAEF is based in Washington, DC and provides tips on responsible money management. It is affiliated with the American Financial Services Association, the national trade association for the consumer credit industry.
The Atlantic hurricane season lasts through November 1.