Women’s Financial Emergency Kit: Your Power Plan in these Uncertain Times

With recent global conflicts, it is not just personal security that needs attention; equally, your finances. Personal financial readiness is very important. Unfortunately, many women who seem to play multiple roles tend to neglect this area. A financial emergency kit is not a luxury but a necessity.

This guide is to build a women’s financial emergency kit to prepare her for everything including medical emergencies, war fears, economic crisis, and everything in between.

Review & Strengthen Your Health Insurance:  

Checking and updating your health insurance coverage is essential with every emergency kit. Usually, conflicts tend to strain national healthcare systems, restrict movement, and spike medical costs.

Checklist: 

1. Hospital network: Check your policy for coverage with cashless access to esteemed hospitals within the area. 
2. Room rent limits: Check if the policy allows private semi-private room windows without extra cost, many plans cap room rent for e.g. INR 5000/day. 
3. Pre- authorization process: Have knowledge on claim approval channels, especially when time sensitive. 
4. Add-on covers: In case you are underinsured, consider top-ups or critical illness riders.

Pro Tip: Store both hard and soft copies of insurance cards, policy documents, TPA numbers, emergency contacts, and other relevant info.

Don’t Sell Investments In A Panic- Market Volatility Is Temporary

During war-like scenarios, everything seems to get shaky, stock markets tend to move up and down in the short term. But remember, in most cases volatility is temporary. Don’t engage in a panic sell. These types of edges will not be around perpetually. Simply remain invested and carry on with your investments.

Action Item:

1. Stay Put: If you have invested through SIPs or mutual funds for long-term goals (retirement, child’s education), don’t stop or withdraw unless it is completely necessary.
2. Rebalance, don’t retreat: If your asset allocation is distorted due to the uncontrollable swings in the market, do rebalancing rather than exiting.

Emergency Fund ≠ investments: A separate emergency fund is always advisable, do not touch your investments.

TIP: For women, financial independence literally translates into remaining calm in-shaky-parts-of-the-world. Markets do take a hit. History shows, however, markets come back, frequently much stronger after crises.

Create and Protect Your Emergency Savings:  

Your emergency savings serve as the foundation of financial freedom. Aim to save enough to cover 6–9 months of necessary costs: housing, food, utilities, loan payments, and healthcare expenses. 

Where to keep your savings: 

1. Savings account with high interest rates 
2. Liquid Mutual funds that you can withdraw instantly

Tip: This safety net is a must if you’re a woman living alone or the main provider for your family. 

Keep Your Important Papers Organized : On Paper and Online

When urgent situations arise, finding documents can save you time, money, and headaches. Set up a special folder for: 

1. Health insurance paperwork 
2. Bank account numbers and branch codes 
3. PAN, Aadhaar, passport 
4. Your will or who gets your money if something happens to you 
5. Backups of your online banking logins 
6. Important phone numbers and passwords (kept safe with a password tool) 
7. Save copies online (Google Drive DigiLocker) with strong privacy settings. 
8. Also save everything on a USB stick, kept in a safe place. 

Make Sure Nominees and Joint Access Are Set Up:

 A big problem in women’s money planning is not having access to family finances- in joint families or marriages. During tough times, this can leave women vulnerable.Make sure: 

1. You’re listed as a joint holder or nominee on family bank accounts and insurance policies. 
2. You can get into passwords, OTP devices, or or secondary authentication methods
3. You know the location of key documents, gold lockers, loan accounts, etc

Empower yourself now to avoid scrambling during a crisis.

Cutting Down on Subscriptions and Other Unnecessary Expenses 

For Effective Cost Control During Downturns, Evaluate your Outgoings and Suspend:

To save money, cancel:

• OTT Services Subscriptions You Only Use Occasionally
• Shopping Impulses Caused By Apps
• Streaming Services (cloud storage services, fitness apps) that Renew Automatically

Those funds may be redirected into your SIPs or your emergency funds.

Stock Sparingly

Increased supply tensions may induce supply chain blockages. Reserve a few weeks worth of essentials, but do NOT go overboard:

• A three-month supply of important medication
• Feminine hygiene products
• Babycare items if relevant
• Dry foods, potable water, and power banks
• Small cash in varied denominations for use in emergencies

Remember not to buy perishables or luxury goods. Stockpiling: Surplus NOT Limitless.

Having Remotely Monetizable Skills In your Skill Set is an Asset

Job protection is important, but with continued uncertainty also comes job disruption. Identify:

• Freelancing, tutoring, and consulting gigs
• Baking, design, creative writing, and countless other hobbies

During times of uncertainty, the skills you possess serve as the lantern leading you out of the dark.

Financial Well-being And Mental Health Are Intertwined

Stay grounded. Fear, anxiety, and burning out during draw-downs can have you making poorer financial decisions, such as:

• Limit unverified news and scrolling for things like “doom news”
• Restrict spending limit set subsidizing family members or dependents
• Don’t feel cash strapped, speak to a financial coach whenever you feel overwhelmed.

Self care should not be regarded as a frivolous expense, but rather a vital component of smart spending under good.

Final Thoughts: Be Proactive, Not Reactive 

Your financial security depends on you, regardless of your marital status, job, or position. An Indo-Pak conflict might or might not get worse, but you must have your emergency kit ready. Women excel at planning. Use this skill to get ready, shield yourself, and overcome any uncertainties. A woman with a solid money plan isn’t weak, she’s growing stronger every day. 

If you are invested and don’t want to do anything or are not sure, then the best thing is to NOT DO ANYTHING

Still need help? Check out the Lxme app and join the free community. Ask any question and get it answered by experts. 

Further read:

• Understanding the Difference Between Mediclaim and Health Insurance

• Behavioral Finance: Meaning, Types, and Its Importance

• 5 Common Financial Problems and How to Overcome Them?