Weekly Savings Tip

This article courtesy of Feed the Pig. Copyright 2011 American Institute of Certified Public Accountants.


The US East Coast is picking up the pieces after a visit from Hurricane Irene. While (thankfully!) not everyone experienced the storm, everyone can benefit from a lesson in disaster preparedness and recovery. Here are some tips for preparing and recovering from a disaster.

Protect important documents. In the case of an emergency, you want to make sure that your important documents are safe and easily accessible should you need them. These documents include wills, birth, death and marriage certificates, powers of attorney, insurance policies, passports, bank account and credit card information and a home-inventory checklist. Consider storing items in a natural disaster proof container for additional security.

Don't forget your finances. In times of emergency, your finances will likely be the last thing on your mind. Help keep your finances from being an added stress by having a list of key accounts and bills with contact information for each. List your bills in order of priority so that you can take care of the important ones first. Some financial obligations to utility companies may be able to be put on hold, and creditors may be able to grant you extensions. Of course, one of the best ways to prepare financially is to make sure that you save money each month in an account to be accessed solely in the event of an emergency.

Have a plan. The most critical step in preparing for and recovering from a disaster is to have a plan for your entire family. Review your household evacuation plan regularly and choose an out-of-town contact that you can reach out to in case of emergency. Establish a meeting place should you and your family be separated.

Making sure you're prepared for a disaster can make recovery that much easier. A financial professional, like a CPA, can help you develop a financial disaster recovery plan.

For more information on disaster preparedness and recovery, click here.


Visit www.feedthepig.org for more money-saving tips.