Life can be unpredictable—medical expenses, job loss, or natural disasters can happen when we least expect them. At Peake Federal Credit Union, we believe peace of mind starts with preparation. That’s why we encourage all our members to build a financial emergency kit. It’s a smart step that can reduce stress and help you respond quickly in times of need.
Here are four essential components to help you create your own kit:
Start an Emergency Savings Account
Building a financial cushion is the foundation of emergency preparedness. Aim to save three to six months’ worth of basic living expenses—including rent or mortgage, utilities, groceries, insurance, and transportation.
We recommend setting up a dedicated savings account that is separate from your everyday spending account. This makes it easier to track and helps reduce the temptation to dip into it. You can even automate your savings to grow it over time, effortlessly.
Keep a Secure List of Critical Contacts and Account Information
In an emergency, knowing whom to call and where your key financial accounts are located can save you precious time and stress. Create a document (physical or digital) that includes:
- Financial institution contacts
- Credit card and loan account numbers
- Insurance policy numbers
- Employer contact (HR or benefits office)
- Utility and service providers
Be sure to store this information securely—consider a password-protected digital document or a locked, fireproof box.
Know Your Credit Limits and Interest Rates
In some emergencies, you may need to rely on available credit for temporary relief. Knowing your credit card limits and interest rates ahead of time helps you make informed decisions and avoid high-cost debt.
Review your statements or log in to your online banking account to take note of:
- Current balances
- Available credit
- Annual Percentage Rates (APRs)
If you’re unsure how your credit options stack up, one of our loan officers can help you understand your credit landscape and explore alternatives.
Keep Copies of Important Documents in One Secure Spot
Gather copies of essential documents and store them in a secure, centralized location. These should include:
- Driver’s license and Social Security card
- Health insurance and medical records
- Deed or lease agreements
- Tax returns
- Wills, powers of attorney, and other legal documents
Having this paperwork organized and accessible can be crucial if you need to evacuate, file insurance claims, or verify your identity in an emergency.
We're Here to Help
Peake Federal Credit Union is committed to supporting your financial well-being—especially in uncertain times. If you need help opening an emergency savings account, understanding your credit, or organizing your financial records, don’t hesitate to contact Member Services at 410-828-4730, 800-234-4730 or memberservices@peakefederal.com.
Let’s build a more secure financial future—together.
