Having your financial house in order is an important part of surviving daily life. Having a money survival kit is something most people never consider.
Some kinds of financial records/documents should be backed up so you can access them if a disaster, or emergency situation were to take place.
The goal of a money survival kit is to be able to replace anything that gets destroyed or lost in a disaster, or emergency situation.
We are going to discuss 7 things that should be in your money kit, however it’s important to remember that it’s also critical to store those things in a safe, secure place.
You may also want to think of having a second copy of your money kit to be stored in another location. Here are 7 things that should be included in your money survival kit.
1-Paper copies of your plastic payment arsenal
In order to ensure you have access to funds following an emergency, it’s a good idea to photocopy the payment methods in your wallet.
“Take a Xerox of each and stick it in a file,” de Baca says. This paper replica should include both the front and the back of your credit or debit card so you can readily access account information, expiration dates and the customer service number you will need to call to have the physical card replaced.
You also will want to be sure to include information on where you can find emergency sources of immediate cash. “This could be a checking account, money market, home equity line or all the above,” says estate planning lawyer Martin M. Shenkman.
Following an emergency, there’s a good chance you will need to contact an insurance provider. To make sure this can be done readily, de Baca suggests also photo-copying all of your insurance cards, including proof of medical, dental, property, casualty, auto and disability insurance.
Copies should be made the same way you replicated your payment methods. Make sure you also have 24-hour contact number for the insurance providers on hand, in addition to your agent’s direct line.
“A natural disaster that forces you from your home may just as well close down your local agent’s office for a few days as well,” says Jim Heitman, a certified financial planner with Compass Financial Planning.
3-Contact information for medical personnel
According to Shenkman, it’s just as important to include the contact information for your preferred medical personnel in your survival kit.
This will let family members know who to call in the event of a prolonged medical emergency. In addition to ensuring you are treated by a trusted physician, it can also reduce the chances of incurring big medical bills your insurance will not pay once you have recovered.
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