Clear jar with a piece of tape on it saying, "Emergency"

Emergency Savings

By Operation HOPE Jena Roscoe, Senior Vice President, Government Relations, Public Policy

NOW is always the time to strengthen your financial preparedness for disasters and emergencies.

Americans at all income levels have experienced the challenges of rebuilding lives after a disaster or other emergency. In these stressful circumstances, having access to personal financial, insurance, medical, and other records, is crucial for starting the process of recovery quickly and efficiently. It is also important to have access to money to purchase necessary supplies, fuel, and/or food.

NOW is the time to collect and secure critical records that will give you peace of mind in the event of an emergency. Explore financial institutions with emergency savings accounts products and services for you and your family members to save money to be used in any crisis.

Ready.gov encourages Americans keep a small amount of cash at home in a safe place. It is important to have small bills on hand because ATM’s and credit cards may not work during a disaster.

To help Americans take the important steps in financial preparedness for disasters, FEMA and Operation HOPE partnered to provide a flexible tool with helpful tips and suggestions regarding how to safeguard important information in case of an emergency. Designed to help individuals and families get on the road to recovery without unnecessary delays, the Emergency Financial First Aid Kit (EFFAK) is available for free from U.S. DHS FEMA. Call 800-480-2520 and ask for EFFAK Document #532. It is also available as a free download online at www.ready.gov/financial-preparedness and www.operationhope.org/hope-coalition-america.

To test your emergency preparedness level, consider taking this 10-question Are You Ready? Disaster Financial Recovery Score Survey: http://dfrscore.org.


Are you trying to save money? Let Military Saves help you reach your savings and debt reduction goals. It all starts when you make a commitment to yourself to save. We'll keep you motivated with information, advice, tips, and reminders to help you reach your savings goal. Think of us as your own personal support system.

TAKE THE PLEDGE


@JenaOpHOPE discusses the importance of building an emergency savings fund >> http://bit.ly/2sT5vZ1 @MilitarySaves

Tweet this now

Tip of the Day

  • Written by Guest Blogger | March 13, 2014

    Start an emergency fund by saving $10/week or $40/month to save $500 by the end of the year http://ow.ly/rswS2

Saver Stories View all »

Building a Six-Figure Savings While Enjoying Life

Written by Jackie Toops | November 13, 2020

Does the idea of saving up hundreds of thousands of dollars seem impossible? How about doing it while still living an enjoyable lifestyle?

For military spouse Martina and her husband, an E-5 in the Navy, accumulating a six-figure savings has become a reality. One might think that in order to save this much, it would take a great deal of sacrificing and forgoing a certain quality of life, but Martina and her husband would disagree. “Over the past few years (about five), we've managed to save almost $120,000 while mostly living on one income. We've learned so much about easy ways to save money and live a good life,” shares Martina.

Read more...

When You Start Small, Saving is Easy

Written by Lila Quintiliani | August 12, 2019

When Attiyya first got married, she and her Marine husband had just graduated from college and were focused on paying off student loan debt. They had both attended private schools and had sizeable loans. Then three months after the wedding, the couple found out they were pregnant with their first child.

The first year of their marriage, says Attiyya, was a balancing act between paying down debt and saving for the future.

Read more...

How Smart Financial Decisions Can Create Opportunities 

Written by | November 22, 2019

Written by Stephen Ross, America Saves Program Coordinator | November 22, 2019

Of the many stories Military Saves shares, most describe how someone was in dire straits financially and worked their way out of it with the help of Military Saves. This time we want to highlight a different kind of story. This is a story about how responsible financial decisions can build on one another to create opportunities you thought only the super-rich enjoy.

Read more...