Credit Union of Colorado Offers Advice During National Preparedness Month

September marks National Preparedness month. Disasters and emergencies can strike in a variety of ways, from in-home emergencies like leaking pipes, appliance outages and downed trees to wide-spread disasters caused by fire and flooding. Whatever the form, disasters can negatively impact finances. 

According to a financial resilience survey by the Federal Emergency Management Agency (FEMA), 91% of those who experienced a disaster reported a financial impact. FEMA data shows Colorado is one of the top 10 states that may experience a natural disaster with the Marshall fire predicted to be one of the 10 most expensive fires in US history according to the National Fire Protection Association. 

“Credit Union of Colorado is here to help our members when they are dealing with the financial hardship that often result from unforeseen disasters and emergencies,” says Chad Wilcox, senior vice president of lending at Credit Union of Colorado. “Our team strives to know our members’ unique situations so we can take a personalized approach to help with their financial needs.”

While no one likes to think about disaster striking, there are ways to prepare and help ensure financial resilience when faced with a disaster or emergency. It is important to compile all vital financial documents and contacts such as bank account information, financial records and insurance information. When life changes occur, review and update these records such as estate plans, financial accounts, W-9 tax withholdings, life insurance beneficiary designations, and workplace health coverage. Lastly, store original financial paperwork in a safe place such as a safe deposit box and make sure to have both hard and digital copies on hand.

In addition to having financial documents in order, building an emergency fund that contains enough money to cover a minimum of between three to six months’ worth of living expenses can help cover bills and unexpected expenses. The first step in establishing an emergency fund is to set a realistic savings goal. If saving enough money to cover six months of expenses seems overwhelming, break down your goal and work on saving enough to cover one month of expenses at a time.

Once the goal is set and savings starts, it’s important to save the money in a dedicated account that earns interest. Setting up automatic deposits from payroll checks or transfers from your checking account automates the process so it is easier to save and you’re less likely to spend the money on frivolous purchases.

For more information about financial preparedness, download FEMA’s Free Emergency Financial First Aid Kit or visit cuofco.org to explore the library of articles and resources designed to help you reach your financial goals as well the available banking and savings options.

Credit Union of Colorado in your community:

Founded in 1934, Credit Union of Colorado is one of the largest credit unions in the state and is deeply connected to the communities where its members live and work. The credit union’s “here to help” culture is demonstrated by its strong support of local communities through financial donations, promotional sponsorships and employee volunteerism. Credit Union of Colorado offers the latest in banking with 18 full-service locations throughout the state featuring lobby service centers, safe deposit boxes, drive-up tellers and surcharge-free, drive-up ATMs. The credit union also provides its members with the convenience of digital banking with remote check deposit and access to Zelle®, a fast, safe and easy way to send money right from your mobile banking app or online banking account.

With more than 85 years of experience, Credit Union of Colorado is a stable, member-owned financial institution with more than $2 billion in assets serving more than 140,000 members. The Credit Union of Colorado Foundation supports education and emergency human services programs through college scholarships and grants to nonprofit organizations.