Money Monday: Steps to take before winter weather that can prevent financial headaches

As winter weather moves into Oklahoma, financial analyst Paul Hood shares practical advice on how small steps now can prevent major financial headaches later.

Plan Ahead to Avoid Unnecessary Expenses

Hood stresses the importance of preparing before winter storms hit.

"Most of what I talk about in this subject isn’t rocket science, but it’s the concept of win the small battles so you don’t have to fight the big battles," Hood said.

He advises stocking up on groceries to avoid dangerous driving conditions.

"Go get some food, go get some groceries, get some sandwich stuff so you don’t have to get out and drive, have a wreck, and then your insurance rates go up," he said.

To prevent food spoilage during potential power outages, Hood suggests having a backup plan.

"Go get some ice to put in some coolers so that if the power goes out, you put your food in there so your whole refrigerator doesn’t go down," Hood said.

For those with large freezers full of meat or other perishable items, investing in a generator could save money in the long run.

Small Actions Can Prevent Costly Repairs

Hood encourages homeowners to take simple steps to protect their property.

"You get home from work and you’re tired, and you sit down and you go, ‘Oh, I bet the hose is still hooked to the outside faucet.’ Well, get up and go unhook it because that little effort could save you a lot of money," Hood said.

Leaving hoses connected in freezing temperatures can lead to busted pipes and water damage, which can be expensive to repair.

Understand Your Insurance Coverage

Winter weather can lead to insurance claims, but Hood warns that filing a claim isn’t always the best option.

"One of the problems in today’s world is insurance. You could have an accident or you don’t get up off the couch and it floods things. And not only do your rates go up, but they could potentially cancel you," Hood said.

Instead of relying on insurance for small incidents, he advises taking proactive measures, such as dripping faucets and opening cabinets, to prevent frozen pipes.

"That little act of ‘I don’t want to get up and do it’ could cost you a lot, potentially having to go find new insurance," Hood said.

As winter storms approach, taking small precautions now can help homeowners avoid financial headaches later.