Mother Nature, Human Nature, and Your Financial First-Aid Kit

Hurricane Sandy is slowly making her way to the state of New York. Governor Cuomo has issued a State of Emergency, closed all government buildings and sent everybody home. Likewise, Mayor Bloomberg has closed schools and suspended NYC MTA service and closed roads, tunnels, and bridges.

If you had plans of making a quick run to the bank, you know you can’t do that, right? Banks are closed.

Plus, with the threat of power failures, there is a chance that you may not have access to your online accounts and ATM.

In addition to preparing for the storm with stocking up on the basics from the supermarket, make sure you have all of the basics of your Financial First-Aid Kit covered.

Know Your Banks Policies Regarding Assistance During Natural Disasters
Some banks are available to provide financial recovery solutions to you including access to cash and waiving fees in the event that you are impacted by natural disasters. Do this BEFORE a disaster.

Keep A Stash in Cash in the House
Some of my friends think I’m a dinosaur because it seems like I am one of the few people in the thirties still keeping cash on their person and in their homes. Let’s be clear: Keeping cash on in my home is not my banking strategy. I keep cash in my home in case of an emergency: natural or man-made, including home repairs, having to leave a spouse or partner on notice, or an emergency loan to a loved one. Squirrel away a little every pay period and keep it in a hard-to-access place, if you tend to spend if you know money is around.

Create a Financial First-Aid Kit
In addition to keeping a couple hundred (or thousand) dollars on you, make sure you have your (and your loved ones’) passport, ID, birth certificate and social security card within arms-reach. You don’t have to carry these items with you for a temporary relocation, but in the event of a permanent exit, know where these documents are.

If you need deeper work around healing your relationship with money or overcoming your blocks and fears, maybe it’s time for some money therapy.   

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