Australians caught up in the devastation of Cyclone Debbie may face extreme stress long after the massive mop-up operation as they address major financial decisions around their flood-ravaged homes and businesses.

Livelihood disruptions in the wake of a natural disaster can be eased with some key steps aimed at reducing victims’ financial uncertainty. Personal finance expert Olivia Maragna, co-founder of Aspire Retire Financial Services, offers six tips to help residents recover and move on.

Take time out

Don’t make important financial decisions in the wake of a disaster as these can sometimes be made irrationally. A little bit of time will give you clarity. Take time to think through your situation, absorb what has happened, and seek advice.

Assess your finances

The first step on the road to recovering financially is to formulate a plan to manage your income, expenses and any loans you may have. If you’re in need of cash, determine whether you’re eligible for disaster relief funds from federal, state, or local governments. Ensure you make every effort to keep up with bills and if you are struggling, contact suppliers to explain the situation and consider a payment plan.

Contact your insurer

Assess your losses and contact your insurer to lodge your claim quickly. Don’t panic if you don’t have your policy numbers or documents as your insurers will have these records. Claims are frequently settled in the order in which they are received so be as helpful as you can with any documentation they require. If you do not have a list of all household items, check your photos taken in your home that may help to support your claim. If you require more information, contact the ICA disaster hotline on 1800 734 621.

Consider your work

Ensure you keep your employer informed of your situation if you need some extra time off. If you’ve been injured and can’t work, check your personal insurance.

Replace documents

Assess the loss of important documents such as your driver’s licence, passport, concession cards, bank statements, investment documentation and recent bills. Make a list of such documents as best you can and make the phone calls necessary to obtain copies.

Emergency fund

Once you have recovered from the disaster, take some steps to ensure you have a buffer or emergency fund equal to three to eight months of your living expenses. Keep these funds secure and easily accessible in a high interest account or offset account.