Page 58 - BusinessWest February 17, 2025

Financial Preparation Saves Time, Money, Heartache Wildfires in California. Hurricanes
in Florida. While natural disasters
like these are less common here in Western Mass., blizzards, tornadoes, fires, and more still pose threats. The experts at Freedom Credit Union shared some advice to help residents prepare in advance to save time, money, and heartache if disaster strikes.
“Disaster, whether personal or wide- spread, can strike anytime,” Freedom Credit Union President Glenn Welch said. “The more you can prepare now, the better off you’ll be later. Just as you stock up on salt, shovels, and other supplies before a blizzard, you should anticipate your financial needs in an emergency, so you have what you need on hand.”
“Disaster, whether personal or widespread, can strike anytime. The more you can prepare now, the better off you’ll be later. Just as you stock up on salt, shovels, and other supplies before a blizzard, you should anticipate your financial needs in an emergency, so you have what you
GLENN WELCH
need on hand.”
Compiling important documents and storing them in a safety deposit box at your financial institution — or another safe place that is waterproof and fireproof — is the first step. This includes:
• Savings and checking-account numbers; • Tax statements;
• Insurance policies;
• Debit- and credit-card information;
• Pay stubs; and
• Legal documents, including birth, mar- riage and adoption certificates, deeds and titles, Social Security cards, military service records, wills, and other estate-planning documents.
Include a list of important contacts and phone numbers, such as your mortgage representative, landlord, healthcare provid- ers, insurance agent, lawyer, and others you
might need to reach in an emergency if you didn’t have access to your mobile phone.
“It’s also wise to have cash set aside
in case you don’t have access to banks or ATMs,” Welch advised. “Think about what you might need to ensure you can access food and other necessities easily in a time of crisis.”
He added that photos and videos of valu- ables can also help make insurance claims proceed more quickly after a disaster. “Record a video of your home and its con- tents, and take pictures of items of special value. Store all the documents, contacts, cash, and images you gather in a single, safe place where you can easily access them if needed. Be sure to add a reminder on your calendar to review all the materials once a year and make any necessary updates.” BW
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