The period after a hurricane can be extremely difficult as individuals look for ways to rebuild what is lost.
Some persons put funds aside for unforeseen disasters such as this, thereby making their period of restoration more financially bearable. Others may now find themselves in 'a bit of a rut', whereby getting money for repair to damaged property may prove difficult.
Either way, now is the time to carefully organise your spending habits, curbing them to facilitate your being able to manage more immediate expenses.
Prioritising is
highly important
For those who are financially prepared for natural disasters, spend your savings wisely. By savings, we do not mean money invested towards saving for your retirement or child's education, but actual money put aside for unforeseen disasters or emergencies.
Remember, the hurricane season is June to November, which means we are not entirely in the clear and as such cannot afford to drain such a fund.
If you can source an affordable loan to take you through, where the interest you pay works out less than what you would have to give up dipping into your investment funds, explore that option.
So assess the situation, tally the monetary value of the damage received and prioritise. Identify what repairs are most important and have to be dealt with first, versus those you can save towards repairing at a later date.
If you do not have an emergency fund set aside, now is a good time to start if you are in the position to do so. There is nothing better than being financially prepared.
Insured damage
For all the damage that is insured, get all your relevant information and documents ready for your insurance agency's perusal, if you are making a claim.
Be sure to ask your insurance agent what documents and items are required of you to make a complete application for a claim.
Any funds collected from your insurance will make it financially easier for you to cope at this time, as you start clean-up and emergency repairs.
For those who do not have their prized possessions insured (like motor vehicles, houses and other items where that is an option), now is a good time to do so.
Be aware
At times like these when we as a nation should pull together and assist each other wherever possible, it is unfortunate that there are individuals who may use these periods to engage in fraudulent actions.
For example, be careful of the contractors you source, do your required research as you would not want to be placed in a position where you may have to redo what was recently repaired.
This level of caution should also be applied to salespersons. Still shop around for the best price for needed supplies. People may take advantage of the fact that you are in need of these items and increase the price to an unreasonable level.
Now is definitely the time to monitor the way you spend, and on what you spend.
To further discuss investing and the many options we have available, contact DB&G at info@mydbg.com or toll free at 1-888-CALL DBG.
