How to Protect Your Money?
What is protecting your money? You work hard to make it, let’s find the best ways to protect your money in relation to security.
This post is about how to protect your money.
Let’s dive into the top 5 ways on how to protect your money.
1. Don’t Use Debit Cards
Debit cards are directly linked to bank accounts. So if your debit card (info) gets stolen, they could easily get access to your bank account. Therefore, taking whatever amount was in there. The same goes for checks! Careful where you leave your checkbook lying around.
2. Don’t Log into Unsecured Wi-Fi
Avoid using public wi-fi, because public networks usually lack encryption. Any of the data transmitted between your device while using unsecured wifi means it can be intercepted by others. Generally, it’s advised not to make transactions that reveal sensitive information. This could be login credentials, credit card numbers, addresses, etc.
3. Keep Low Amounts of Money in Checking Accounts
Keep only the amount you need to pay your bills, and maybe slightly more for contingency. This is linked to tip #1 with avoiding using debit cards. Once a thief gets a hold of your banking information, they can easily access your account and take what’s in there. If you don’t have much, there’s not much they can take. This is where I’d recommend keeping some in a savings account at the same bank, so you can easily transfer between accounts when you need the extra cash.
4. Monitor Activity Regularly
This is super important! Regularly monitoring activity can be a fun exercise. This is just logging into your various credit card and bank accounts to make sure there’s no suspicious activity going on without your knowledge. So if there’s any transaction(s) you don’t recognize, you can nip it in the bud early on!
5. Freeze Your Credit
Notice suspicious activity or unauthorized transactions? Credit card companies have made it really easy to place a freeze on your credit to avoid further fraudulent charges.
To reiterate, the top 5 ways on how to protect your money are:
- Don’t use Debit Cards
- Don’t log into unsecured Wi-Fi
- Keep low amounts of money in checking accounts
- Monitor activity regularly
- Freeze your credit
