Rebuilding Your Finances After A Natural Disaster
When disaster strikes, individuals usually deal with more than just physical damage — they also face an emotional toll and financial strain. The road to recovery can feel overwhelming. Here’s a guide that can help you begin the rebuilding process and regain your confidence.
Start With A Clear Financial Overview
- Document damage and loss. Take photos, save receipts, and note what’s repairable versus what needs replacing. This can help with your insurance and aid claims.
- Work on immediate needs. This includes essentials like food, medicine, and alternate housing.
- Create a basic budget for the next 60-120 days. This can help you stay focused, since your utility bills, insurance, and loan payments won’t stop.
Tap Into Available Aid And Insurance
- File Insurance and FEMA claims. FEMA grants can provide important relief, but they’re often just a small supplement.
- Look into Small Business Administration (SBA) disaster loans. Contrary to what you may think, the SBA does provide disaster loan help to homeowners, renters and nonprofits, as well as businesses.
- Apply for emergency funds early. Even partial payouts help. If you're approved, track usage carefully to avoid running out.
- Be sure what you submit is thorough and complete. Even minor paperwork issues can delay support, so follow up with your insurance, FEMA or the SBA if needed.
Tips For Rebuilding
- Review your insurance coverage. It can be easy to want to quickly rebuild, but be sure you talk to your insurer before you start, and coordinate your rebuilding through them.
- Prioritize rebuilding savings. You’ll likely dip into your savings funds during the recovery phase. So, work to replenish those gradually and rebuild your financial safety net once the debris is cleared.
- Ask about credit relief. Some financial institutions may offer support in the form of eased terms on credit cards and auto loans, deferred payments, waived fees, or personalized recovery guidance.
Lean On Trusted Help.
If you’re a CEFCU member, stop in, contact us at cefcu.com/contact, or call us at 1.800.542.3328 for ways your Credit Union can help you recover financially. Or, check out our nonprofit partner, GreenPath. They can provide additional information for help in rebuilding after disaster, plus, they also provide free financial counseling to help you navigate debt, modify your budget, and regain stability.
