How to disaster-proof your finances
If a disaster strikes your important documents are probably the last thing you’re thinking about, but they can be some of the most difficult things to replace. How can you protect these items from being destroyed, if the worst happens to your home?
We’ve put together some tips and tricks to protect your important documents from disaster. If something happens, having these documents backed up and in an easily-accessible place might just make it that little bit easier to get back on your feet.
What documents should I consider safeguarding?
The Australian Securities and Investment Commission recommends taking measure to ensure the following documents are kept in a safe place:
- Birth certificate
- Marriage certificate
- Will and powers of attorney
- House deeds
- Insurance policies
- Bank account details
- Passports
- Copies of your driver's licence, Medicare card, bank and credit cards
- Superannuation papers
- Investment documents
- Details of funeral investments or arrangements
- A selection of photos, especially of valuable items like jewellery, furniture or paintings
What can I do to make sure these documents are safe?
The good news is there is a variety of measures you can take, to ensure these documents are protected in the event of a disaster, including:
- Keep an electronic copy offsite – Consider backing up your important documents on an external hard drive. These are much more portable, and an easy way to carry around scanned or electronic copies of important documents and personal items. Consider storing this hard drive at a secure place, like the home of a close friend or relative.
- Back it up in the cloud – Cloud computing is becoming increasingly popular and allows you to access important documents anywhere you have an internet connection. That being said, “clouds” are not impervious to data breaches, so it’s important to think carefully before storing personal documents. This is a much better method for items like photos.
- Physical methods of storage – In the right circumstances, more-traditional, physical methods of storage can provide an effective way to store your documents. Placing important documents in a fire-resistant, waterproof safe or in a safe deposit box with your bank can be a useful way to protect your important documents from a range of types of damage.
Source: Australian Securities and Investment Commission
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