Take steps to be financially ready before disaster strikes
Brenda Procter, M.S., State Specialist & Instructor,
Personal Financial Planning, University of Missouri Extension
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 sudden event. No family
is immune to disaster.
During a time of disaster, it is difficult enough to deal with
emotional effects, much less any financial effect — like a sudden loss
of income or unavoidable increase in expenses. A family in crisis generally
needs more resources to get through. That is why it is important to
be prepared in case a financial disaster strikes.
You can prepare 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 became disabled or lost your job?
Would you have savings or other personal resources to tap into? Would
you know how to find public resources you might qualify for? Social
services exist for you. They are meant for victims of disaster or other
The following articles have information about important benefits
for families, tax implications of property and job loss, tools to assist
with personal and family financial planning, and information about possible
tax credits for your family.
- When your income drops, take control
- Just lost your job? Don't panic!
- Tax credits for people who work
- Earned Income Credit
- Benefits for Families
- How can I be better prepared for a financial disaster?
- Do I need to know what belongings I have in my house?
MU Extension publications:
Last update: Tuesday, September 13, 2016