Hurricane season has already begun. During these months, the Caribbean becomes a focus for the development of hurricanes, storms, and tropical waves. We must be prepared!
In addition to including measures to protect ourselves, prepare the house, and conserve supplies, it is essential to safeguard finances.
Here are some tips that will help you prepare for this hurricane season.
#1 Create an emergency fund
Implementing an emergency fund is recommended as part of the initiatives to achieve economic stability after the passage of an atmospheric phenomenon. For this, an emergency expense estimate must be made, a budget must be prepared, and it must include every detail. Saving is key because it will give you peace of mind in the face of crisis! We know that recent events may have affected the emergency fund and that you do not have the same amount as in previous years, but the important thing is that you try to save at least a little additional money.
#2 Keep a portion of cash in a safe place
As is known from previous experience, electricity service may not be operational after an emergency. For this reason, it is advisable to have cash you can count on during the first weeks after a crisis. Likewise, it is advisable to keep this money in a safe place.
#3 Consider maintaining savings for three to six months
In addition to the emergency fund, people are advised to save for at least three months. Make a list of expenses and divide them according to their importance.
#4 Keep track of your finances and insurance updated every month
To facilitate the process of future damage claims, it is recommended to update the finance and insurance record monthly. In this way, the process of requesting some claims or stipulating the expenses that were made during the emergency will be more accessible and organized. This exercise will also make you revise your debts and active policies to work on them. If possible, keep the receipts of each purchase before buying new equipment that will later be claimed or digitize them. Remember also to take photos of the damage if required.
#5 Save important documents
Keep copies of important documents such as house deeds, passports, and identification, among others, digitally. A message sent by email and archived in PDF format on a computer and hard drive ensures your virtual access. Send it to a person outside of Puerto Rico so they can access them from abroad, if necessary, and there are no resources on the Island. In the same way, you can print them two or three times and store them in a resealable plastic bag in different places to prevent water from damaging them.
We hope that with these tips, facing an emergency is less uphill and stressful. Hurricane season has already begun, so planning is crucial in preparing your finances for an atmospheric event. Remember that the most important thing is your safety and your family. We are ready to help you with whatever you need during this season.