Saving money as part of your emergency disaster plan

Retirement, college funds, vacations, large purchases and rainy days are all reasons most people save money. However, many fail to save cash in the event of a disaster. It is common for vendors to only accept cash after a disaster as their electronic equipment may not work properly.

Experts recommend that you save emergency funds in your bank account in the event you cannot work after a disaster so you can continue to pay your bills using checks. However, you should also keep enough cash to pay for gas, food and water (in the event you run out), a telephone card and any additional supplies you may need. The amount you should save depends on the size of your household, medical needs and the needs of pets you may own.

When saving money for an emergency disaster kit, you can place a large amount in it right away or add small amounts to it every month so it grows. However, make the cash you save in your kit off-limits because you will depend upon this money if you experience a disaster. Consider placing the cash in a small, fireproof safe next to or inside your prepared emergency disaster kit.

[photo: Ina-New York-New York]