Each September is designated National Preparedness Month, when consumers are reminded to do what they can to be ready for emergencies.
While the primary goal is to be sure people have a plan for their families when the unexpected happens, we urge everyone to consider the financial aspects of preparedness. In the past, we suggested consumers to create a preparedness kit to avoid unexpected emergency expenses.
Having items on hand spares you from having to spend savings when a situation arises. And depending on the emergency, there may be no power for credit/debit card transactions. That means you should have enough cash accessible to get through a crisis.
Save money by being prepared
Here are some key items that can save you a lot of money in the event of an emergency:
- Food & Supplies
Have emergency supplies of food on hand that won’t spoil. At least 3 days’ worth of food for the whole family. If you can’t prepare your own food and have to dine out, you’ll spend 5 times as much on food. Spend $100 on these supplies now and save $400 when a disaster comes. - First Aid Kit
This isn’t just about saving money—if an emergency comes, it will be hard to find a first aid kit at all, much less save money on one. Spend $40 now because your family’s health is priceless. - Bedding
Have sleeping bags, blankets, etc. so you can “shelter in place” in case of emergency. If you have none of these things and have to rent a hotel room, you’ll spend hundreds more. Spending $40 on these supplies now saves you $375 on lodging expenses. - Clothing
A spare set of clothing doesn’t cost much—a $5 pair of shoes and $10 for shirt, pants & undergarments are all you need. Keep these packed and ready to go in an emergency and avoid being without in a crisis. - Pet Supplies
Don’t forget the family pets! Keep pet food with your other supplies—if you have to board your pet through a crisis, it will cost an extra $25 per day. - Safety Preparedness Kit
Items like flashlights, rain gear, batteries, water filters sanitation supplies… these will be nearly impossible to buy during an emergency, and if you have extra on hand, you might even be able to barter with them. If you’re unprepared, you’ll end up driving somewhere to find lodging, and every mile you travel costs you more in gas, food, etc. If being prepared means you can stay in your own home, then you’ll save nearly $1000 over a 3-day emergency.
If credit card debt is preventing you from creating an emergency savings fund or gathering the supplies you need, call us today for free, confidential counseling to address your financial situation.
Costs included here are based on national averages.