Tuesday, November 10, 2020

How to Protect Your Money at Home and Away

 

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 It takes a lot of hard work to make money. When you finally have it, you must ensure you protect it in all ways possible. After all, money is supposed to help you live the life you envision, not go to waste, or frustrate you. Protecting your cash here implies two things:

·         Keeping it from fraudsters

·         Avoiding situations that cause you to spend unnecessarily

 This said, it's crucial to check where your money goes. Here are steps to take to ensure your money stays safe, both at home and away.

Check Your Accounts Daily

This may sound extreme, but it’s not. Fraud is a reality, and it happens every passing day. Statistics have it that about 45,000 cases of identity theft occurred every day in 2017. You want to take every precaution possible to ensure your debit cards and personal cash are safe.

 Monitoring your accounts gives you a clear picture of your cash flow. You’ll be able to take measures as soon as you notice something fishy. Remember, once your cash is wiped out, it's highly likely that it's gone forever.

Take Protective Measures

You should be highly cautious when using your credit and debit cards, especially at the point of sale. There are different laws concerning debit and credit cards, especially concerning the consumer. If you ever lose your credit card number:

·         The federal law protects you from any unauthorized charges on the card

·         You’re responsible for no more than $50 of the authorized charges. However, this only applies if you reported the lost card to the card issuer. Some credit card providers won’t charge you anything.

 For debit card fraud:

·         Ensure you report the loss of the debit card within two business days. This will absolve you of any liability above $50 of unauthorized transactions.

·         Reporting the loss within 60 days after receiving your statement might see you lose as much as $500

·         The potential danger is unlimited if you don’t report the unauthorized use of your debit card within 60 days of receiving your statement

Do Home Repairs in Good Time

What have home repairs got to do with protecting your money? You ask. The point is that if you leave your home to deteriorate, you’ll spend a lot of money replacing and repairing components.

 For example, if you have a leaking pipe and leave it unrepaired, you might soon be dealing with a flooding problem. The flooded area could be near electrical lines. You can only imagine the resulting damage.

This also goes for electrical cables damaged by rodents. Leaving them unrepaired will lead to a hazardous outcome for your home. The repairs will be costly, yet you could have dealt with them without spending a fortune.

Final Thoughts

After working so hard for your money, you want to ensure that it also goes into good use. Therefore, you have to do all it takes to prevent it from fraudsters and avoidable expenses. Analyze your finances and identify the areas you're likely to lose your money. Please take the necessary measures to protect yourself from losing it.

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