Finance

How to prepare for the next emergency

Emergencies like power outages or bad weather can happen at any time and can be costly. Unplanned hotel stays, lost documents and damaged property are just some of the costly outcomes. But there are ways to prepare, including putting away cash and keeping essential documents in a safe place, as well as knowing how to protect your credit even when you have to miss a payment. Preparing for your next emergency today may be one of the smartest money moves you’ll make early in 2023, and you can make it doable by taking small steps each week.

When a blackout knocked out power in a multistate region in 2003, Gabriella Barthlov, a financial coach in the Detroit area, was prepared. She had enough money on hand to buy food for herself and her two young children, as well as put gas in the car in case they had to leave the house.

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