Sunny days. Pool parties. Family vacations. While the summer months are often synonymous with fun and relaxation, those of us in Florida always have one subject in the back of our minds – hurricane season. From June 1 to November 30 every year, hurricane season officially takes place and can be a major stressor in Florida and other affected areas.
When we prepare for hurricane season, we often think about boarding up our homes and stocking our emergency kits, but we don’t always consider our financial preparedness. Hurricanes and other natural disasters can sometimes take a costly financial toll, so it’s important to keep money management top of mind at this time of year as well. We’ve shared four tips to help you prepare financially for this hurricane season.
Have an emergency fund built into your budget.
Budgeting is your foundation for financial success, so if you don’t have a budget already in place, now is the perfect time to start. We recommend following the 50/30/20 model – allocate 50% of your paycheck toward essentials (like bills, utilities and groceries), 30% toward lifestyle (going out to eat, recreational activities, etc.) and 20% toward savings and debt repayment. If 20% seems too high, set an amount that feels right for you and stick to it. Having an emergency savings account in place will make emergencies feel a lot less stressful and help you prepare for the unexpected.
Protect your financial documents.
In case of flooding or any severe weather, you’ll want to make sure that any important documents you have are safe and secure. You may want to keep financial documents in a safety deposit box at your credit union or bank, or invest in waterproof storage to have at home. You may also want to look into digital storage for important files so that you can still access them if paper copies are destroyed.
Have cash on hand.
If the power goes out, you may not be able to use credit or debit cards. Because of this, make sure you have enough cash on hand prior to any hurricane in case you aren’t able to access your money through ATMs or other means for a while.
Be aware of scammers.
During times of high stress, like pandemics and natural disasters, scammers are more likely to prey on our sense of fear. Be extra cautious when it comes to emails, phone calls and texts you receive, especially if someone asks you to provide sensitive information. For more information about identity theft prevention (and what to do if it happens to you), click here.
At Addition Financial, we love helping our members live their best lives while saving money. Check out our blog for more useful articles, podcast episodes and other resources. If you’re on the hunt for a new financial institution, Addition Financial is a credit union founded by educators with strong roots in Central Florida. With branches in six counties and growing, Addition Financial is part of the Presto! ATM network for added convenience, and has offered continuous service throughout the pandemic and Saturday hours at nearly all branches.
Valerie Moses is a Senior Relationship Manager at Addition Financial Credit Union, where she manages public relations and various Central Florida partnerships. When she is not at a community event or cheering on the UCF Knights, she can be found at her lifestyle and travel blog, Wellness & Wanderlust, along with her podcast of the same name.
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