Keeping your money safe and protected should be at the top of your priority list. Unfortunately, millions of people each year, individually or as a business, fall prey to scammers and cyber-attacks and lose their assets and money. Money is something everyone relies on to live and is vital not only to pay your bills and put food on your plate but also to live a more fulfilling and fruitful life. Here are 4 tips to help you get started with protecting your money.
By Team Savant
Image: Ron McClenny
1. Use A Trusted And Registered Bank Account
When you choose a bank or credit union to deposit your money, you must conduct checks beforehand to make sure they are a legit and reputable company. The best way to gain reassurance that your money is safe and protected is to check they are regulated properly by the Financial Conduct Authority (FCA), the Federal Deposit Insurance Corporation (FDIC), or the National Credit Union Association (NCUA), depending on which country you are in, as it may differ.
2. Speak To A Professional Financial Advisor
Financial advisors, such as Perks, provide expert advice that helps you protect your money now and secure it for the future. This can be in a variety of different ways, from choosing the right places to invest it, the accounts to use, advising you on risks and rewards of the volatile markets, and finding the right insurance policies to put into place. They can also show you how to get the most out of your money.
3. Set Up More Than One Account
It is a good idea to spread your money around different accounts. This will help mitigate the risk of losing all your money in one go if something were to go wrong with one of your accounts. This should leave you with ample resources, rather than having to wait for your bank or insurance policy to assist with a remedy, or worse, leave you to borrow money and take out credit, which is extremely risky. Spreading your money out is also an excellent idea as there are a wide variety of accounts that suit different needs, which you could benefit from more than a standard account, in terms of safety, making money on them, and much more. Some accounts offer extra protection, come with insurances, or offer a range of interest rates that would suit you much better.
Spreading your money out can also help you protect yourself from… yourself. It might be a good idea to place some funds as a safety net, away from the account you use to do your daily spending.
4. Be Safe Online
When logging into your accounts to check your balance, pay for a product or service, or transfer money, make sure you are always using a safe and known browser. You should avoid using public computers and WiFi networks, as you don’t know how secure they are and you put yourself at a much higher risk of being hacked.
There are many steps you can take to protect your finances.