Serves: 5

First: Complete the Expense Tracker Worksheet
Second: Complete the Income/Expense Statement
Third: Complete the Family Balance Sheet
Fourth: Review your family's Debt Formulas
Fifth: Start a Savings Plan!!!

DIRECTIONS:

Complete the Financial Worksheets in the order listed above. By completing the worksheets in this order, you will see what areas your family should be working on first.

Refer to the picture to review the pie chart and see if you are allocating your funds as recommended by top financial advisors.

To watch the video explaining more about Financial Preparedness, please do the following:
1.) Click on the Play Video button and a new window will open directing you to save the video to your computer
2.) After the new window opens, save the video file to your computer
3.) Locate the file on your computer and click on it to watch the video

Your INCOME/EXPENSE STATEMENT (IES) will become your budget creator.


OTHER FINANCIAL PREPAREDNESS TIPS

* Keep a small amount of cash (or traveler's checks) at home where you can get to it quickly
* Keep some funds in a financial institution outside your local area, since disasters may affect your local financial institution. Payroll Direct Deposit is a quick and easy way to do this
* Keep credit cards paid off. You may need to use one to draw on if you have a major emergency



AFTER AN EMERGENCY

* Notify your insurance company of any losses and get advice about making emergency repairs
* Ask your insurance company if they will pay for living expenses such as food, hotel and laundry if you are unable to live in your home
* Create a preliminary list of damaged property and list the degree of damage to each item. Photograph the damage if possible
* Collect all available receipts, cancelled checks, credit card statements and invoices to prove the value of lost items (these should already be in your Household Inventory Binder!)
* Notify creditors about lost bills or difficulties in paying bills. Negotiate a payment agreement if necessary
* Notify utility companies to stop billing you if your property has been damaged so severely that you can not live in it
* Notify your employer(s) of your situation



PLEASE NOTE: This is general advice. You should always consult with your own financial advisor before making any major financial decisions. Prospering Families is not responsible for any losses, damages or claims that may result from your financial decisions.

More Recipes from the Preparedness for Life Series Volume 1 Cookbook:
V1:Chapter 3: A Financial Needs Assessment
V1:Chapter 3: An Introduction to Financial Preparedness
V1:Chapter 3: Expense Tracker Worksheet
V1:Chapter 3: Family Balance Sheet
V1:Chapter 3: Income/Expense Statement (Budget Creator)
V1:Chapter 3: Your Household Contents Inventory Record