The views expressed in Economy Matters are not necessarily those of the Federal Reserve Bank of Atlanta or the Federal Reserve System.
Editor's note: Throughout Economy Matters, "Southeast" refers to the six states that, in whole or in part, make up the Sixth Federal Reserve District: Alabama, Florida, Georgia, Louisiana, Mississippi, and Tennessee.
Financial Tips from the Atlanta Fed: Financial and Emergency Preparedness
Planning can help you accomplish your personal financial goals as well as manage unexpected situations. These tips can help you begin planning so you are prepared for financial or other emergency situations.
- Create an emergency fund for unexpected expenses. An emergency fund can be vital not only for dealing with natural disasters but also for dealing with unexpected life situations such as a job loss. The recommended amount for an emergency fund is generally three to six months of living expenses.
- Identify and organize your important financial documents. These documents can be crucial in helping individuals and families move forward following a natural disaster.
- Evaluate your insurance coverage and make a home inventory of your possessions.