Firefighters know better than most: when something unexpected happens, being prepared makes all the difference.
You may already have an emergency kit at home with water, flashlights, medications and important supplies. But what about your finances?
An emergency can mean more than leaving home quickly. It can bring unexpected travel, temporary lodging, repairs, insurance deductibles, missed work or other costs you didn’t plan for. Having your financial essentials organized ahead of time can give you one less thing to worry about when life gets hectic.
Here are six things worth adding to your financial preparedness plan.
You don’t need thousands of dollars set aside before an emergency fund becomes useful.
Start with a manageable goal and build from there. Even a few hundred dollars can help cover an unexpected expense without immediately turning to a credit card.
Consider setting up an automatic transfer each payday so saving happens before you have a chance to spend it.
Think of it like your financial first-response kit: build it before you need it.
If you couldn’t get to your usual branch tomorrow, could you still access your accounts?
Make sure you know your Online Banking and mobile app login information and that your contact information is current.
CVFCU recently added an additional layer of security to Online Banking and the mobile app. When additional verification is needed, a one-time passcode can be sent to the phone number you’ve selected. That makes keeping your phone number current especially important.
Learn More About Enhanced Login Security
You don’t need to carry a folder full of paperwork everywhere you go, but you should know how to access important information if you’re away from home.
Consider securely maintaining copies of items such as:
Be thoughtful about where this information is stored and how it is protected. Avoid keeping sensitive financial information somewhere that could easily be accessed if your phone or device is lost or stolen.
The middle of an emergency isn’t the ideal time to discover what’s excluded from your policy.
Review your homeowners or renters, auto and other applicable insurance coverage periodically. Pay particular attention to your deductibles and consider whether you have enough savings available to cover them.
If something has changed — a new vehicle, home improvement or major purchase, for example — that’s another good reason to make sure your coverage still reflects your needs.
An emergency fund should ideally be your first line of defense, but it’s also helpful to understand your other options before you need them.
For example, CVFCU offers an unsecured line of credit that allows approved members to borrow as much or as little as needed up to their limit, with interest accruing only on the amount used.
Knowing what’s available doesn’t mean you need to borrow. It simply means you won’t have to start researching your options while you’re already dealing with an emergency.
Financial preparedness shouldn’t live with just one person in the household.
Make sure another trusted person knows where important documents are kept, how bills are handled, what insurance coverage you have and who to contact if something happens.
A 15-minute conversation now can eliminate a lot of confusion later.
You spend your career preparing for situations most people hope they’ll never face. Your financial life deserves some of that same preparation.
You can’t predict every emergency. But you can build savings, organize important information, understand your financial options and make a plan before you need one.
At Central Valley Firefighters Credit Union, we’ve been serving firefighters and their families for more than 90 years. Whether you’re building your emergency savings, reviewing your finances or simply have a question, your financial first responders are here to help.
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