When calamity strikes, preparedness goes beyond stocking up on water and emergency kits—it also involves organizing your financial affairs. Introducing the “financial go bag,” a practical collection designed to ensure you can readily access essential financial information and resources during an emergency.
Be it wildfires, hurricanes, or unexpected evacuations, having a financial go bag can be crucial for a seamless recovery versus chaotic uncertainty. Below is a comprehensive list of what to include, where to keep it, and how to be primed for the unexpected.
What to Pack in Your Financial Go Bag?
1. Important Documents
Begin by gathering originals or copies of essential documents:
- Social Security cards
- Birth certificates
- Passports
- Driver’s license or state identification (photocopies are acceptable)
Include proof of residency, such as a utility bill or lease agreement, which may assist if you need to access your neighborhood under restricted circumstances.
2. Account Details
Prepare a one-page summary containing information on your financial accounts:
- Bank and brokerage account numbers
- Mortgage or landlord contact details
- Insurance policies (including health, auto, homeowners, etc.)
- Policy numbers and customer service contact information
Don’t forget to include estate planning documents such as wills, trusts, and medical directives. Keeping everything organized in one place will prevent significant issues down the line.
3. Emergency Cash
During power outages, cash becomes essential. Consider packing several hundred dollars—up to $1,000 if feasible—in small bills. Additionally, include a checkbook for backup.
4. Keys and Locks
Include spare keys for your home, vehicle, and other properties. For enhanced security, add a padlock in case you need to utilize temporary storage or shelter arrangements.
5. Home Inventory
Create a record of your home’s possessions for insurance claims. If a formal inventory hasn’t been conducted, taking a few photos or videos can also prove significantly helpful.
Paper vs. Digital: Which Is Better?
There are differing views on whether printed or digital records are preferable. Physical copies are dependable if you lose power or access to your devices. Nonetheless, it’s prudent to back up documents on an external hard drive or through cloud storage. If you choose a digital approach, ensure that your devices are portable and protected with strong passwords.
How to Organize Your Financial Go Bag?
- Waterproof and Fireproof
Your financial go bag should be stored in a safe or filing cabinet that’s resistant to water and fire. If that isn’t possible, use waterproof pouches or bags to safeguard your documents.
- Quick Access
Keep the bag in a location that allows for quick retrieval—because in an emergency, every second is vital. Avoid positions that require overcoming multiple barriers.
Why Is This Preparation Important?
In a crisis, the last thing you want is to scramble for critical documents or information. A financial go bag not only offers peace of mind but also conserves valuable time when it is most needed.
Dedicate some time now to prepare your financial go bag, and you’ll approach any situation with readiness and assurance.
Being prepared is about more than survival—it’s about maintaining control over your life no matter what challenges arise. Begin assembling your financial go bag today!
Image Source: William Potter / Shutterstock
