Financial Crisis Preparedness
This playbook outlines the steps for organizing and managing financial documents and resources to ensure ready access to funds in the event of an emergency. It highlights the importance of planning ahead for potential crises.
Step 1: Document Inventory
Create a comprehensive inventory of all your important financial documents, including account information, passwords, and other critical data.
Step 2: Emergency Fund
Establish an emergency fund with sufficient resources to cover at least three to six months of living expenses.
Step 3: Access Arrangements
Ensure that all your financial resources are easily accessible in times of crisis. Consider digital forms of money and liquid assets.
Step 4: Secure Storage
Securely store your financial documents either in a safe deposit box, a fireproof home safe, or encrypted digital storage.
Step 5: Key Contacts
Compile a list of key financial contacts including financial advisors, accountants, and attorneys, and ensure it is up to date.
Step 6: Review Insurance
Review your insurance coverage to make sure it's adequate and covers the most likely types of emergencies you could face.
Step 7: Plan Regularly
Update your financial preparedness plan regularly, considering any changes in your financial situation or potential new risks.
General Notes
Legal Advice
Consider consulting with a legal professional to ensure that all of your financial documentation and access rights are in accordance with local laws.
Digital Security
Use strong, unique passwords for all digital accounts and enable two-factor authentication where possible for added security.