It’s always good to plan for disaster. There are certain disasters, though, that defy planning. No matter how much work you put into your own financial planning, you’ll still be taken off-guard by these four financial emergencies.

Major Natural Disaster

Major natural disasters are also hard to prepare for because they cut off the various safety nets that many depend on. A savings account, for example, might not be useful if you don’t have internet access and your local bank has been flooded or destroyed. Likewise, important documents that could be useful in reestablishing ownership of property or even accessing emergency funds can be lost and it may take months to recover.

You can prepare for this by keeping 72 hours worth of supplies in your home in the event that you can’t purchase fresh food or water. Additionally, if your home were to be lost, you might lose important documentation. Obtain copies ahead of time and ask a family member to keep the copies in a secure filing cabinet or safe.

Going to Jail

Simply put, no one prepares to go to jail because no one ever thinks that they will be arrested. If they did, after all, they probably wouldn’t go through with the actions that led to their arrest. If you or a loved one are arrested, you can try this site or a site like this in order to make bail. Getting a bail posted quickly means you will get out of jail as quickly as possible.

Remember, the financial impact of going to jail doesn’t just have to do with making bail—you will also face law fees and penalties that come with a potential conviction. After posting bail, your very next step should be to reach out to a lawyer to discuss your options based on your unique situation.

Long-Term Debilitating Illness

Many people prepare themselves for what might happen if someone in the family gets sick. What’s much harder to prepare for, though, is an illness that not only takes one person out of work but requires the attention of another family member to provide care. This financial emergency can constitute a worst-case scenario because it not only stops a major source of income from coming in, but it can also cut off most options for financial recovery.

Some families may having a special savings account set aside for emergencies like this, but the likely case is that it wasn’t meant for covering long-term costs. Each case is unique, but there are organizations made to support struggling families with lost income and growing medical costs. Reach out in person or online to see if you qualify for financial aid.

Sudden Death of a Loved One

Most people do what they can to prepare for death. They ensure that they have their estates in order, take out life insurance, and have money put away for their family. When a death comes suddenly, though, that kind of planning may not have been put into place. Addressing one’s mortality is tough, but doing so in a way that accounts for the remote possibility of a truly shocking and sudden death is even tougher.

 

While you cannot prepare for these emergencies, you can react. Make sure that you have a general disaster plan and try to stay aware of as many options for financial preparedness as possible. There might not be much you can do to avoid some circumstances, but that doesn’t mean that you cannot get back on your feet.

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