Financial Friday: Protecting your finances during a natural disaster

Financial First Aid Kit

HUNTSVILLE, Ala. (WAFF) - Protecting the lives of your family and yourself is the first priority during a natural disaster, such as a tornado, flood, fire, or a pandemic.

However, there are things you can do before the disaster strikes to make sure your finances are protected.

WAFF talked to Patricia Lloyd at Redstone Federal Credit Union and she offered the following advice to prepare your “Financial First Aid Kit.”

  • Create an emergency or ‘rainy day’ account so that you can stay afloat when unexpected expenses threaten to drown you. Start where you can and grow it from there.
  • Make certain you are signed up to use your financial institution’s money management tools, such as online banking, mobile banking, direct deposit, and bill pay to make sure your income keeps coming in and you can pay bills even if your credit union is closed.
  • Make sure your insurance coverage is up to date. Review all your policies and know what is covered and their dollar limits.
  • Take an inventory of your belongings. A great addition to your inventory list is a video or photos of your items.

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