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Preparing a Financial Go Bag for Life’s Unexpected Turns
When disaster strikes, being ready isn’t just about having enough water bottles and first-aid kits—it’s about having your financial life in order too. Enter the “financial go bag,” a handy toolkit that ensures you can access critical financial information and resources, even in an emergency.
Whether it’s wildfires, hurricanes, or unexpected evacuations, a financial go bag can be the difference between a smooth recovery and unnecessary chaos. Here’s everything you need to pack, where to store it, and how to ensure you’re ready for the unexpected.
What to Include in Your Financial Go Bag?
1. Essential Documents
Start with originals or copies of critical documents:
- Social Security cards
- Birth certificates
- Passports
- Driver’s license or state ID (a photocopy works too)
Include proof of residency, like a utility bill or lease agreement, which could help if access to your neighborhood is restricted.
2. Account Information
Create a one-pager with details for your financial accounts:
- Bank and brokerage account numbers
- Mortgage or landlord contact information
- Insurance policies (health, auto, homeowners, etc.)
- Policy numbers and customer service contacts
Don’t forget estate planning documents, such as wills, trusts, and medical directives. Keeping this all in one place will save you significant headaches later.
3. Emergency Cash
In the event of a power outage, cash will be king. Pack several hundred dollars—up to $1,000 if possible—in small denominations. Include a checkbook as a backup.
4. Keys and Locks
Store extra keys to your home, car, and any additional properties. For added security, include a padlock if you might need to use temporary storage or shelter facilities.
5. Home Inventory
Document the contents of your home for insurance purposes. If you haven’t done a formal inventory, snapping a few photos or videos can still be immensely helpful.
Paper vs. Digital: What’s Best?
Opinions differ on whether paper or electronic records are better. Paper copies are reliable if you lose access to power or your devices. However, backing up your documents on an external hard drive or cloud service is also wise. If you opt for digital, ensure your devices are easily portable and secured with strong passwords.
How to Store Your Financial Go Bag?
- Waterproof and Fireproof
Your financial go bag should be in a safe or file cabinet that can withstand water and fire damage. If that’s not an option, opt for waterproof pouches or bags to keep documents protected.
- Easy Access
Place the bag somewhere you can grab it quickly—because when it’s time to go, every second counts. Avoid locations that require unlocking multiple barriers.
Why Is It Worth the Effort?
In an emergency, the last thing you want is to fumble around looking for critical documents or information. A financial go bag not only provides peace of mind but also saves precious time when it matters most.
Spend a little time now preparing your financial go bag, and you’ll be ready to tackle any situation with confidence and ease.
Being ready isn’t just about survival—it’s about ensuring your life stays on track no matter what happens. Start building your financial go bag today!
