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(This is part of Take Charge of Your Money, a partnership between INQUIRER.net and Citibank to help readers handle their personal finances well.)

Q: The recent storms badly affected our personal finances. Our business (we have a store) suffered, and our savings will most likely be wiped out due to the huge cost of repairs we need to undertake in our home and office. I expect the cost to be staggering, and I dread computing the total. How can we pick up our lives after this calamity? We may have to start from zero. – Dondon

A: It is indeed difficult to face the aftermath of the devastation brought on by the recent typhoons Ondoy and Pepeng which hit the country, particularly Luzon. Many families saw their homes flooded, a lot of them even for the first time, and unfortunately, some really lost their homes. Businesses were not spared as companies also had to address the water damage which affected their assets, from buildings and equipment to inventory.

You are not alone in facing this predicament. In fact, we feel that many can empathize with you--they too dread counting the cost of repairs and replacement of valued assets.

But just as it is not yet the end of the world, it is not yet time for you to lose hope. You can get your life back together again after this calamity. Here are some things you can do:

1. Assess the damage caused by the typhoon to your home and business. It may be a painful task, but you need to know how much it would cost to put everything back in order. This will concretize your goal. Talk to a contractor and ask for a quotation. Strike a deal to package the whole cost (example: add cost of repair of roof, cabinets and doors that may have been warped, and peripheral wall if this was breached to come up with total cost) and ask for a discount. In your store, make an inventory count and find out the value of the goods that were damaged. At home, see if you will need to replace your mattresses and appliances and factor this amount in too.

2. Stagger the cost of paying your total amount in number 1. For appliances and home furniture, check whether your credit card company has promotional tie-ups with appliance merchants which can extend you friendly terms such as zero percent interest for 6 months. As for your bill from the contractor, try to bargain for better terms so you can spread out your payables in the coming months.

3. Liquidate whatever assets you can. Your water-damaged inventory, for instance, may still be sold at a discount if damage is not too extensive. Look around your house and office and see what assets are not used often and which can be sold (examples: a nice chandelier you have not been using in over a year, an extra desktop computer that is hardly used, and even a stamp collection you may have outgrown). Whatever cash may be raised from the sale of such assets may be used to help defray your total cost as determined in number 1 above.

4. Liquidate investments. If you have invested part of your money in money market accounts, stocks, bonds or mutual funds or unit investment trust funds, you may consider getting out of those investments to fund your total cost in number one. This would be better rather than getting a loan that would incur interest at a higher rate than the gain you would have received from your investments over the same period as the term of the loan.

5. Consider applying for a loan. Should you not have investments or an emergency fund, you may want to consider applying for a loan to finance your total cost of repairs. Shop around for the best deal among banks and financial institutions. Read the fine print to make sure you understand every term and condition as set forth in the contract.

6. Think of ways to increase your income. With the Christmas holidays coming up, there are a lot of opportunities available for entrepreneurs like you. Even a small seasonal business such as making and selling gift baskets or baking holiday cakes may help you raise much-needed cash to finance your total repair cost in number one above.

7. If you have an existing loan, talk to your creditor and ask that your loan be restructured. Ask for a longer payment term and a lower amount payable each month just so you can deal with the added financial obligations brought on by the recent calamity.

8. Consider the option of having to move residence or office to a place that is not flood-prone. For some people, this may be the best thing to do to ensure that your home and office will not have to face such devastation again. But before doing so, assess if the cost of moving and buying or renting a new place will be worth it -- meaning it should help you pick up the pieces and be on your feet faster rather than bury you further in debt.

9. Save for an emergency fund. We have said this before, time and again, in this space: Build up an emergency fund which should equal at least six months' worth of expenses, even more if possible. With this, you will be better prepared to face another unexpected blow in the future.

10. Live simply. Keep your costs down both at home and at the office until you get back up on your feet. Involve the whole family in this effort, and explain this to your staff as well. Some companies may freeze hiring at this time and try to look for suppliers that would give the same merchandise at a lower cost yet not sacrificing quality. It may be wise to do the same.

Unexpected events may happen in our lives that would leave us devastated. In time, though, and with the right mindset and appropriate action, we can bounce back from such unsettling events.

(INQUIRER.net and Citibank invite readers to ask questions regarding financial matters. Send your questions to personal_finance@inquirer.net or comment through our personal finance blog called MoneySmarts.)

*Disclaimer: Readers are solely responsible for their own investment decisions and should thus conduct their own research and due diligence and obtain professional advice. INQUIRER.net will not be liable for any loss or damage caused by a reader's reliance on information obtained from our web site. INQUIRER.net receives no compensation of any kind from companies or industries or funds that are mentioned here.

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