Your money is one of your most precious assets. Without it, you can’t buy food or keep a roof over your head. Therefore, you need to do whatever it takes to keep your money safe from those who want to take it from you. Here are five ways that you can keep your money safe.
1) Only Keep A Certain Amount On You At All Times
If you are going out at night, you should only keep $50 or so on you at any given time. This will make it easier to give up your cash if you are held up at gunpoint or you have your wallet stolen at the bar.
2) Don’t Give Out Bank Or Credit Card Information Over The Phone
Never give out your bank or credit card information over the phone. You can be sure that anyone asking for such information over the phone is a thief or a scam artist. If you asked for this information by phone, call your bank first to verify that it is a legitimate phone call.
3) Cancel Your Credit Or Debit Cards If You Lose Them
As soon as you notice that your credit or debit cards are missing, you should cancel them. While most banks won’t make you pay for unauthorized payments, you don’t want to take that chance. Additionally, you could be the victim of identity theft if your cards are stolen.
4) Put Your Money In Safe And Conservative Accounts
Putting your money in an online checking account at a credit union or bank could be a great way to protect your money.. However, make sure that you weigh the pros and cons of credit unions before making a decision. Other ways to protect your money include investing in conservative bond funds that will grow at a steady pace each year.
5) Freeze Your Credit Report If You Are The Victim Of Identity Theft
If you notice any new accounts are listed on your credit report, freeze your report as soon as possible. This will stop thieves from opening any more fraudulent accounts in your name and preserve your good credit.
It can be hard to keep your money safe when there are so many ways for thieves to get you. However, taking these steps will help reduce or eliminate the possibility of your money being stolen or being lost due to a downturn in the stock market.
Kari Luckett and Jayla Barnsen write about financial topics for CompareWallet.com. Karen is the content strategist for CompareCard.com.