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2025

Preparing for Financial Emergencies

Are you prepared for an unexpected emergency that may impact you or your loved ones? Check out these tips to help you plan for unexpected disruptions to you or your family’s life.  

Some emergencies or disasters may destroy important documents, prevent you from going to work, paying your bills, accessing your finances, and/or taking care of your family. Some emergencies to prepare for include:

  • Natural disasters
  • Medical emergencies
  • Immigration emergencies
  • Detainment or incarceration
What is a Financial Emergency Plan?

A plan to ensure you know what to do to keep you and your family safe, while meeting your financial obligations in the event of an emergency.     

San Francisco Financial counselors can help you create your financial emergency plan.

Sign up for FREE financial counseling to help you prepare for any emergencies that may impact you, your family, or your finances.  

  • Counselors are also trained to help you with budgeting, credit building, getting banked, managing debts, and more. 

Preparing for Financial Emergencies

If you are not quite ready to work with a financial counselor to help you create your financial emergency plan, the following tips can help you prepare before an emergency strikes.This guide provides general advice; for more detailed information, we’ve provided links in the In-Depth Resources section on preparing for the following:

  • Immigration emergencies
  • Natural disasters
  • Health emergencies
  • General emergencies
    • Pets
    • Savings
    • Document storage
  • Know your rights guides
  • Locating loved ones
  • Current financial emergencies

Keep Your Money Safe

  • Open a safe and affordable bank account through certified Bank On San Francisco.
  • Set up online/mobile banking to access and track your finances virtually. If you expect you may need online access to your bank from abroad, check with your bank to ensure your account is eligible. If necessary, open an account at a bank that meets your needs.
  • Take inventory of all your financial accounts and bills and set up automatic payments, if you are able, to ensure your bills get paid on time. Some financial emergencies may result in a loss of income and impact available funds for auto-payments. If possible, consider setting up a back up account with any additional available funds.
  • Identify a trusted family member and/or friend to access and/or manage your finances in your absence. You can assign a trusted person to legally access some or all of your bank and credit card accounts, as well as payment accounts like mortgages or taxes. There are different levels of access to consider:
AUTHORIZED USER: a user authorized to make charges on your existing credit card account (they will receive their own credit card), which will count towards your credit limit. As the primary account holder, you are legally responsible for the charges your authorized user makes.  

Example: Making your child an authorized user on your credit card account would allow your child access to a credit card in the event of emergencies, but you would still be responsible for paying off any expenses that they incur on your account.  

 

JOINT USER: a user with whom you open up a credit card account with together. Each account holder is equally responsible for the full amount of the balance, and the credit card issuer can pursue payments from both you and your joint user.  

Example: You and your partner may find it helpful to be joint users on an account that you both use to pay shared household expenses. Both of you would be responsible for paying off the balance of that joint credit card account. 

 

AUTHORIZED SIGNER: when you authorize a trusted person to perform certain transactions, like writing checks or making deposits. The person does not own the account or have the same legal and financial responsibilities as the account holder.  

Example: It may be helpful to designate a trusted family member as an authorized signer if you know that you will be out of the country and need someone to continue paying your bills. This enables the authorized signer to write checks and make deposits into the account, but they do not own the assets in the account and their authority would end in the event the account holder passes away. 

  • Certain authorized users may also be able to play a role in negotiating with lenders or financial institutions on your behalf, if needed. For example, they could seek payment plans and request lower fees or forbearance on your behalf. Contact your bank, credit union, credit card, or payment servicer to learn which options are available and would best meet your needs. 
     

  • Consider giving a person you trust a financial or limited power of attorney, allowing them to manage the specific financial matters and accounts on your behalf. Learn more here. 
     

  • Designate financial beneficiaries – person(s) who will inherit your funds, assets, or other benefits – on all of your accounts. Assigning beneficiaries makes sure your assets are allocated according to your wishes and can help your loved ones avoid long and complicated legal battles.  

Protect Your Assets and Belongings

  • Make a list of your assets and belongings (property, vehicle(s), business, etc.). 

    • Designate co-owners or authorized users, as noted in the above section. 

    • Ensure you have copies of important documents (i.e. titles, leases, etc.) securely saved online. Learn more about options for safe document management here.
       

  • Get homeowners insurance or renters insurance to protect your belongings and property, if your budget allows. 
     

  • Emergencies can disrupt your income and separate you from your property and possessions. Work together with a trusted person to create a plan to manage your accounts, expenses, or property. 

    • Make a plan for how you’d like each of your accounts and assets to be managed and identify someone trustworthy to keep your assets safe/continue payments in your absence. 
       

  • Set up and maintain an emergency fund to save for unexpected large and small expenses.
      

  • Consider shopping around for affordable loans if you don't have savings to fund expenses such as medical or legal fees, repairs, etc.

    • Explore loan options: Find tips on identifying affordable loans and a tool to compare loans here: https://www.sfgov.org/ofe/loancomparison.

    • Consider a family/friend loan: Borrowing money from family or friends can help you avoid strict lending requirements and/or high interest payments, though this is not an option for everyone. Ensure both parties have clear expectations going into the lending situation. For more suggestions, see this resource from the CFPB.

      • Note: Financial counselors recommend formalizing a family/friend loan by drafting and signing an agreement that outlines repayment terms.

Protect Your Credit History 

If you suspect your financial or sensitive personal information has been compromised, or if you simply aren’t planning to open any new lines of credit for a while, you can prevent fraudulent credit activity by temporarily freezing your credit with the three credit bureaus: 

In-Depth Resources

Immigration Emergencies

  • Step-by-Step Family Preparedness Plan - Immigrant Legal Resource Center (ILRC)’s resource covers alternative caregiving responsibilities for children, relatives, or pets.
  • Deportation Financial Planning Manual - Appleseed Network’s comprehensive guide covers managing bank accounts, credit & debit cards, short-term loans, bills, short-term service contracts, car loans, and car leases.
  • SF Immigrant Forum - Find free to low-cost immigration legal help, healthcare and public benefits information, know your rights, and more.

Natural Disasters

Health Emergencies

General Emergencies

Preparing for Emergencies with Pets

Emergency Savings

Document Storage

  • Storing Important Documents - This guide from SafeHome.org includes a list of documents to keep and tips on safe ways to store documents in case of emergency.
     

Know Your Rights Guides

Locating Your Loved Ones

Current Financial Emergency



DISCLAIMER: The resources in this guide are intended to connect community members with relevant information. The City is not responsible for any third-party content and does not endorse these organizations or the accuracy of the advice these organizations may provide.