Expect the Unexpected
Didn’t see that coming!
Unexpected situations often leave us scrambling for documents and information. The best way to prepare yourself to handle unforeseen situations is to prepare in advance, when things are calm and you have time to think.
Emergency? What emergency?
Emergency situations come in many different forms but usually fall into three general categories:
a) Financial
If a financial emergency strikes, you’ll be glad you took the time to put an emergency financial plan in place. Your emergency financial plan should include the following considerations:
Three to six months’ total living expenses set aside in a place that is readily accessible such as a savings account. Be sure to account for all expenses like mortgages, loan repayments, rent, hydro, food, etc.
Keep this money separate from your other money. This will help you avoid the temptation of dipping into it for other expenses.
b) Medical
In the case of a medical emergency, other people may need to access your personal information in order to deal with the situation. To accommodate this, take the time to complete the emergency checklist and make sure trusted individuals such as family, friends and neighbours know where to find it. One list should be completed for each family member:
Physician names, addresses and phone numbers
Blood type
Allergies
Medication, including dosage
Brief family medical history
Insurance ID numbers, contact information and coverage terms
c) Personal
If something were to delay you in your daily routine, such as a late-running meeting or traffic, who would pick up your child from daycare? Is there a neighbour’s house where an older child could go until you arrive home? How would your family get in touch with your children’s teachers, if they had to do so?
Be prepared for personal emergencies by having the following list readily available, with copies at the homes of trusted friends and family members: