Take steps before a disaster strikes to be prepared financially if and when it does
Brenda Procter, M.S., Consumer and
Family Economics
College of Human Environmental Sciences, University of
Missouri-Columbia
A "disaster" is any sudden or unexpected misfortune. It could be a call
to war, the loss of a family member, a natural disaster that
strikes everyone in the community or any other negative,
sudden event you can imagine. No family is immune to
disaster.
During a time of disaster, it is difficult enough to deal with its
emotional effects, much less any financial effects--like a
sudden loss of income or unavoidable increase in expenses. A
family in crisis generally needs more resources to get
through it. That is why it is so important to take steps
before a disaster strikes to be prepared financially if and
when it does.
You can prepare ahead of time by taking stock of the resources you
already have and thinking about whether you are adequately
covered in terms of property and casualty insurance. What if
you were to become disabled or lose your job? Would you have
savings or other personal resources to tap into? Would you
know how to identify public resources for which you might
qualify? Social services exist for you and they are meant
for victims of disaster or other misfortune.
The following resources provide additional information about important
benefits for families, tax implications of property and job
loss, tools to assist with personal and family financial
planning and budgeting, and information about key tax
credits for which your family may qualify.
Feature Articles:
When Your Income Drops, Take Control
Just Lost Your Job? Don't Panic!
Tax Credits for People Who Work
Quick Answers:
How
can I be better prepared for a financial disaster?
Do I need to know what belongings I have in my house?
Consumer and Family Economics Guides:
Living on Less
(pdf available)
Managing your Money
(pdf available)
Credit in the Family Budget
(pdf
available)
Repaying Credit Debts and Loans
(pdf
available)
Shopping for Consumer Credit
(pdf
file available)
Links:
Benefits for Families
Earned Income Credit
Last update: Friday, August 29, 2008
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