Financial Advice for Flood Victims
The floods in Alberta took more than an emotional toll on victims, it took a financial one as well. While turning to credit during times of crisis can seem like a saving grace, it’s important to keep your financials in check during these tough times as well. Here are some easy tips to stay on track while you repair and rebuild:
- Don’t exhaust your credit – although it seems like a great altnerative, you don’t want to further your debt during this time.
- Create a post-flood budget – be realistic about the income you’re making, savings you have and try to focus on the essentials while you sort out how much repairs will cost.
- Get estimates from contractors – now is the time to be a smart shopper. Compare notes with neighbours and find the best rate you can.
- Stay on top of your bills – although keeping up with debt repayments and bills may not seem like a priority right now, damaging your credit score at this time could have long-term affects.
- Contact your insurance company – while not everything (or anything) may be covered, keep records of conversations with contractors, insurance, etc. You still need to report this and anything you can do to cover your bases will help you at the time of claim.
- Start an emergency fund – going forward, you’ll definitely appreciate the need for an emergency fund. Put a little money aside each month or week so that you can combat things like this in the future head on.
Do you have questions about your specific situation, in terms of your finances? I’m always here to help you in any way I can. Please feel free to contact me, or find me on Twitter: @JeremyNagel.