Your Financial Emergency Plan Checklist

Do you remember running through emergency drills with your classmates? You probably still remember where to go and what to do in case of a fire or earthquake.

You should also have a plan of action for your finances in case of an emergency. Preparing for the worst-case scenario can help you lower your stress in a critical moment.

If you aren’t able to report to work or make a living due to unforeseen circumstances, you will still need to live your life. We’ve designed printable checklists to help you plan for potential financial setbacks so you can get back to normal even sooner.

What to Do in Case You Lose Your Job

Financial experts recommend Aim to save roughly three to six months’ worth of expenses in a savings account while you have income Losing a job can mean a lot more than losing your source of income. If you’re the solo breadwinner or head of household, you might feel a great deal of pressure and stress to get back on your feet ASAP. Here’s where to start in case you experience the loss of a job:

Secure Important Personal Information and Documents

Good recordkeeping can help you access important resources, like emergency assistance, healthcare and insurance benefits quickly. It’s essential to maintain neat and orderly documents for each person in your household. While you might carry some of the following cards in your wallet, more sensitive information should be stored in a secure area or password-protected digital file. These documents may include:

  • Passports and photo IDs
  • Health insurance IDs
  • Birth certificates
  • Social Security cards
  • Financial records, like a recent pay stub, bank account/routing numbers, tax filings and any related documents
  • Digital account information and passwords, where applicable
  • Lease/mortgage paperwork and information
  • Homeowners’/renters’ insurance records and paperwork
  • Medical records, medication lists and other important documents
  • Wills, trusts and other legal documents

Feed Your Household for Less

Whether or not a financial emergency is unique to you, you should have access to low-cost, nutritional and long-lasting food. You may have access to local food shelters and pantries, but a supply of ready-to-eat or easy-to-prepare food at home can help you weather the storm in case of power loss, food shortages and other natural emergencies as well. Consider the following shelf-stable foods that can help feed your family for less:

  • Beans/legumes: Whether purchased dried or canned, beans, chickpeas, lentils and other similar food can fill you up with necessary protein for cents per serving
  • Canned foods: While not all canned foods are nutritionally sound, you can find canned meats, soups and other food that will last a while in an emergency supply
  • Rice/pasta: These shelf-stable foods are tasty, filling and relatively inexpensive
  • Dried fruit and nuts: Look for bulk supply stores to make your own substantial and nutritional trail mix for less

About 

Babs is a Senior Content Writer and financial guru. She loves exploring fresh ways to save more and enjoy life on a budget! When she’s not writing, you’ll find her binge-watching musicals, reading in the (sporadic) Chicago sunshine and discovering great new places to eat. Accio, tacos! 

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