Financial
FOCUS Prepare Financially For A Disaster
H
earing the first tornado siren of the season or tracking a hurricane’s path as it approaches the coast is a sobering reminder that Texans are vulnerable to natural disasters that leave damage and disruption behind. We’re taught to prepare—buy a weather band radio, create an evacuation plan, locate a safe place to shelter, stock up on essential supplies—but we may not be as ready for the financial stresses a disaster could bring. Prepare now to financially weather a natural disaster. ments, you could need funds to live on and begin to recover. That’s why financial experts suggest that you maintain an emergency fund equal to at least six months of living expenses in an account that is liquid and easily accessible, such as a money market account.
Keep cash on hand.
Maintain a robust emergency fund.
A significant disaster could displace you from your home or business for weeks, even months, and damage or destroy your personal property and vehicles. While you wait for insurance pay-
22 | Intown | July + August 2021
By Evans Attwell Senior Vice President Frost Bank
In the wake of a disaster, large sections of your community could lose power, leaving you in the difficult position of paying cash for virtually every daily essential. Local ATMs may also be inaccessible because of damage or simply out of cash because of heavy use. To prepare yourself for these possibilities, keep enough cash in a safe place in your home to pay for a few days of necessities, such as food and gas.
