How to safeguard your finances against the unexpected

This requires looking at the bigger picture. To protect your and your family’s financial security and way of life, you need to have certain plans in place so that those involved can ride out the tough times and lessen the disruption as much as possible.

Here’s what to do to protect your finances (and your family) when life happens

An emergency fund is vital when the unexpected happens, but there are also other aspects to safeguarding your and your family’s finances during an emergency.

• Have your key documents sorted
  It’s crucial to have all your documentation. Having financial documents and information in place and knowing where it can be accessed will help your family in the event of a death and can help everyone navigate the aftermath of unexpected and unfortunate occurrences.
• Update your Will and estate planning
  Having a specific guideline for your assets, funeral and final wishes is a huge help to your family during times of grief, and putting measures in place to assist them during this time removes the financial and emotional burden that can come with someone’s passing.
• Power of attorney and living Will
  Having a directive of who can make decisions about your care and assets if you’re incapacitated or in your absence will be helpful to those designated to the responsibility.
  
  Need help creating a Will and setting up your estate? Let us help ease your mind.
   

  Learn More

• Keep your documents safe
  Have important documents, such as birth certificates, IDs, passports and driver’s licences, easily accessible and stored safely. These are the types of documents that you’ll need in the event of an emergency, whether it’s to apply for something, provide information or navigate a difficult time.
  
  Also keep digital copies of your most important information and documentation, including your Will, deeds to your house and car and details of your financial documents and policies. Ensure that they are backed up and that you and your family can access them easily.
• Have the right insurance
  Your physical health can have a big impact on your financial health. Be sure to have the appropriate cover so that if an emergency happened, you and your family would be taken care of medically.
  
  Similarly, having the right insurance in place means that if a disaster happened, you’d have a financial windfall to help you recover and restore where you need to.
• Check your debt
  Having a lot of debt will make dealing with and getting over any emergency, illness or unexpected event more difficult. Not only is it extra stress and expense (that you could do without), but if you needed to suddenly borrow money, having debt will influence your ability to access credit and how much that credit will cost you. What to do if you lose important documentation

Having all your information backed up or stored digitally and physically is first prize, but if you lost any of it, here’s what you can do:

• Contact your financial advisor, broker or banker and ask them to provide you with copies of your policies and required information.
• If you’ve lost your credit card or it’s been stolen, you can manage and stop your card on our Banking App.
• You can also access your banking and account documents, as well as tax certificates, insurance and funeral policies on our Banking App.