Take steps to be financially ready before disaster strikes
Brenda Procter, M.S., state specialist &
instructor, Personal Financial
Planning, College of Human Environmental Sciences,
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 its 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 misfortunes.
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.
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: Tuesday, May 05, 2009
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