She Strengthens

Protecting Your Finances: 7 Essential Lessons Learned the Hard Way

As I sat at my desk, surrounded by the chaos of a shared cubicle, I made the mistake of checking my bank account. What I found was shocking: 10 days’ worth of unauthorized charges at clothing stores in Long Beach, totaling $1500. The catch? I still had my debit card in my possession. Someone had managed to obtain my card number and create a new card.

The Importance of Regular Account Checks

I used to only log into my bank account when there was a specific reason to do so. But that mistake taught me the value of regularly checking my account, even if it’s just to ensure that everything is in order. It’s crucial to stay on top of your finances and catch any suspicious activity before it’s too late.

Keep Track of Your Payments

Assuming that I knew which payments were linked to which cards proved to be a costly mistake. To avoid confusion, I now keep a list of which expenses are tied to which accounts. This simple step can save you from late fees and financial headaches.

The Value of Emergency Cash

As someone who rarely carries cash, I learned the hard way that it’s essential to have some emergency funds stashed away. Whether it’s in your wallet or at home, having a small amount of cash can be a lifesaver when your debit card is compromised. Make sure to keep some cash reserves, and consider stashing it in a hard-to-reach place to avoid temptation.

Credit Cards: A Safer Online Option

When making online purchases or buying gas, consider using a credit card instead of your debit card. While neither option is completely secure, credit cards offer more protection and are easier to dispute fraudulent charges. My bank confirmed that it’s generally safer to use a credit card for online transactions.

Don’t Use Your Checking Account as a Savings Account

When my debit card was stolen, I was lucky to have some savings set aside. However, I learned that it’s crucial to keep your checking and savings accounts separate. Avoid using your checking account as a savings account, and make regular transfers to your savings to build an emergency fund.

The Benefits of Big Banks

While I’ve had my fair share of complaints about my corporate bank, I was grateful for their prompt response and assistance when my debit card was stolen. In times of crisis, having a reliable bank can be a lifesaver.

Multitasking in the Face of Adversity

Finally, I learned that life doesn’t stop when disaster strikes. You need to be able to multitask and prioritize your tasks, even when dealing with a financial emergency. Practice time management skills and be prepared to juggle multiple tasks at once to minimize the impact of unexpected events.