Emergencies bring many forms of expenses, may it be for health or for home. However, not many of us are aware that there are ways to decrease our expenditures in times of crisis. Being in a calamity requires not just a peace of mind, but also financial smarts. Only then could we be able to avoid spending big amounts of money to cope with tragedy. With these in mind, we enumerated a couple of ways to manage your finances in times of emergency, most important, how to prepare for one financially. Take note that proper planning is key to doing the following pointers. Always be ready for anything.
1. Save up for future use.
There are certain moments in which you may need an extra cash just to be able to pay for emergency utilities and rations. It would be wise to remember to at least have your own emergency fund so you may be able to have just enough amounts of cash to help you during calamities. Keep your cash in a safe, yet easy to access container, one which only you are aware of so that you may readily acquire cash when everything goes to panic due to calamities. Also, never rely too much on ATM’s, as usually they tend to go offline after a storm passes, giving you more to be concerned about in terms of where to withdraw that much needed cash. Consider opening up an emergency savings account or designate a credit card exclusively for emergency use.
2. Protect your home with precautionary measures.
It is always wise to at least try and make your home storm/calamity/damage proof. They say that prevention is better than cure, which is why, if you’re able to, install a few fire alarms at home. A simple smoke can set the alarm off, making sure you’d have enough time to at least extinguish the small fire before it becomes a huge inferno. There are also some of us who live in earthquake prone areas, an indication that one should arrange their furniture in a way that it wouldn’t fall over any of our loved ones. Spending a bit right now would save you from the larger amount of expenditures caused by tragedy due to lack of precautionary measures.
3. Make an inventory of your possessions.
Most insurance claims require you to present a list of your beloved furniture, accessories, etc. Sometimes, a simple list may not even be enough, as you may need to present images of your belongings; this is due to the fact that most insurance companies are strict when it comes to claims. Make a video of your possessions if you can. Creating an inventory now may assure you that you would have your insurance claims in no time.
4. When it comes to insurance, choose wisely.
Like any form of membership, it is appropriate to study the policies of an insurance firm. Understand the dos and don’ts, find out which is covered and which isn’t, know which calamities or emergencies are included in their claims. Take note of this important step to avoid misunderstanding and losing more than what you had bargained for.
5. Know the extent of the damage.
Remember the very first step? Save up for future emergencies. This is where your well-kept cash may come in handy. So you had done everything in your power to at least tone down the damages to your home and belongings due to calamities. However, you would also need to consider estimating their prices to keep track of total loss. This is very much connected with steps 1, 3, and 4, as they all involve proper management of your resources in times of emergency.
When it comes to calamity, you can never be too sure, so you must always be prepared. Property damage is a heavy burden to carry, but much heavier is it to carry injuries and their related expenses. As an employee, you would also be absent from work due to the injuries, hence your need to recover while missing many paid days of work. Worry no more, as here at Cebuana Lhuillier Pawnshop, we offer the EmployeeCARE, a Group Personal Accident Insurance specially designed for employees. It covers Accidental Death, Disablement & Dismemberment (ADD&D), Accidental Medical Cash Aid, Burial Benefit (Accident/Sickness), Unprovoked Murder & Assault (UMA), Motorcycling and Personal Liability. Mainly offered to companies with a minimum number of employees, interested parties may feel free to inquire further via our Cebuana Lhuillier Insurance Solutions Sales Team at 895-1093 – we assure a fast, easy and secure transaction.