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New Financial Preparedness Checklist to Help You Plan for the Unexpected (Photo) - 09/13/23

OnPoint Community Credit Union’s seven-step checklist highlights the importance of financial readiness amid uncertain times 

 

PORTLAND, Ore., September 13, 2023 – September marks National Preparedness Month, the perfect time to review how financially prepared you are for the unexpected.  

To help you assess your readiness, OnPoint Community Credit Union has released a seven-step financial preparedness checklist. 

In the Portland metro area, the risk of a natural disaster to people and property is “relatively high.” That’s according to the Federal Emergency Management Agency’s Risk Index. The greatest threats include earthquakes, extreme heat, flooding and wildfires. 

“Financial preparedness is crucial for navigating life’s uncertainties. The last few years have shown us how unexpected events can impact budgets and long-term financial goals,” said Rob Stuart, President and Chief Executive Officer, OnPoint Community Credit Union. “Practicing these steps today will help you get through the challenges that may come tomorrow.” 

OnPoint’s checklist includes: 

Boost your financial knowledge. Financial education pays off in times of crisis, but a seven-question financial literacy survey showed that most Oregonians were unable to answer more than three questions correctly. 

Expand your financial knowledge by speaking with the team at your local credit union or bank. The staff can provide guidance, tools and resources to help with your journey toward financial preparedness, including: 

  • Creating and maintaining a budget by tracking income and expenses
  • Establishing a savings plan 
  • Exploring investment options to grow money over time

Build an emergency fund. Nearly 25% of consumers lack an emergency fund. An emergency fund can act as a safety net in case of unexpected expenses, job loss, or emergencies, helping you avoid falling into debt. Establish a separate savings account and set aside three to six months’ worth of living expenses. Saving just $10 a week can prepare you for life’s emergencies. 

Review insurance coverage. Review your health, life, home, renters and auto insurance policies to gain a clear understanding of what is covered. For instance, policies may exclude flooding or earthquakes. Consider additional coverage if necessary. If you’ve recently remodeled, be sure to update your policy to reflect the new value of your home. 

Take a home inventory. Keeping an inventory of your home helps you file insurance claims more efficiently in the event of a fire, flood, or theft. Go room by room, document each item and list details like purchase date and price. Take photos or videos and attach receipts, especially for valuable items. Consider using an inventory app to create and store the list digitally.  

Protect important records. Keep copies of essential documents, such as identification, insurance policies, wills, and financial records, in a secure location like a safety deposit box or fireproof safe. Quick access to these records allows you to handle financial matters during a crisis more efficiently.  

Assemble an emergency kit. An emergency kit—or “go-bag”—helps keep essentials together in case you must evacuate quickly. But the cost of supplies can add up. Prioritize the more critical items, such as non-perishable food, water, first-aid items, flashlights and batteries. Purchase items from discount retailers or repurpose items you already have, like an old backpack.  

You can also buy items in bulk to reduce the cost per unit, or gradually purchase items when they are on sale. Check out a comprehensive list of supplies at https://www.ready.gov/kit  

Solidify an estate plan. An estate plan ensures that decisions about assets, finances and healthcare are made according to your preferences. To create an estate plan, you should: 

  • Take an inventory of your assets. Include items such as your home and other real estate, vehicles, valuable collectibles, checking and savings accounts, life insurance policies and retirement plans. 
  • Put in place a last will and testament. Having a last will and testament ensures your beneficiaries receive the assets you want to leave them. You can name an executor who is responsible for paying your debts and distributing the remainder of your estate according to your wishes. 
  • Establish your directives. Set up a living will to help medical providers know if and when you want treatment. Consider putting your assets in a trust and designating a trustee, or a power of attorney who can manage your finances. 
  • Keep them up to date. Estate plans should be updated every three to five years, or after a significant life event. 

Financial preparedness is an ongoing process, but taking proactive steps can better equip you to navigate unexpected challenges that may come. Learn more about how to prepare by visiting one of OnPoint’s 56 branch locations to speak with a team member today.  

ABOUT ONPOINT COMMUNITY CREDIT UNION 

OnPoint Community Credit Union is the largest credit union in Oregon, serving over 522,000 members and with assets of $8.7 billion. Founded in 1932, OnPoint Community Credit Union’s membership is available to anyone who lives or works in one of 28 Oregon counties (Benton, Clackamas, Clatsop, Columbia, Coos, Crook, Curry, Deschutes, Douglas, Gilliam, Hood River, Jackson, Jefferson, Josephine, Klamath, Lane, Lincoln, Linn, Marion, Morrow, Multnomah, Polk, Sherman, Tillamook, Wasco, Washington, Wheeler and Yamhill) and two Washington counties (Skamania and Clark) and their immediate family members. OnPoint Community Credit Union is federally insured by the National Credit Union Administration (NCUA). More information is available at www.onpointcu.com or 503-228-7077 or 800-527-3932. 

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