|
|
|
|
HOME
BE INFORMED
MAKE A PLAN
BUILD A KIT
DISASTERS
FAMILY
BUSINESS
COMMUNITY
LOCAL INFO
|
 |
Family Finances: Preparing for An Emergency |
The following are just few basic tips and guidelines that will help you prepare your family to weather a natural disaster or other major emergency.
Avoid Debt
It’s difficult to achieve financial security with excessive debt. Avoid consumer debt. Only take out loans to obtain a college education, buy a home, or pay for unexpected emergencies. Eliminate your debt as soon as possible. Develop monthly budgets to save money that can be used to reduce debt.
Getting—and Staying—out of Debt
Debt should be avoided. Excessive debt can contribute to high stress, financial hardship, and marital problems. To eliminate debt, plan carefully, set reachable goals, and discipline yourself.
Use a Budget
Make a record of all your expenses and spending. At the beginning of each month, thoroughly examine the previous month’s record and determine what expenses can be eliminated or reduced.
After determining essential and non-essential expenses, develop a monthly budget. You should budget money for groceries, housing expenses, insurance payments, transportation, and savings. Do not deviate from your budget unless it is necessary.
Build a Reserve
Gradually accumulate a special fund to use only for emergencies. Saving just a little from every check makes a big difference over time.
Teach Family Members
Teach children and other family members how to effectively manage money. Let children participate in monthly family budget meetings. Instill in children the importance of working hard, saving money, and exercising restraint. Emphasize the importance of working hard in school and obtaining post-high school education.
|
|
|
|
|
|
