While money isn’t everything, your cash flow can determine your security and future happiness, as well as the enjoyment of your own family. As a result, you will want to protect your cash as much as possible. Check out the six ways to secure your finances.
- Check Your Bank Accounts Daily
It is vital to have complete control of your bank balance, which is why you should check every bank balance daily, such as a debit account, savings account, or checking account. Monitoring your finances will ensure you have a thorough understanding of what’s happening with your cash, so you can identify any fraudulent activity as soon as possible before alerting your bank.
- Invest in income Protection
Income protection can be a wise financial investment, as you will receive a replacement income if you are unfortunately unable to work following an illness, accident, or disability. You will also continue to receive the payments until you are fit to work, or until your retirement age if you are unable to return to employment. As a result, you can enjoy peace of mind that your finances are protected. Visit https://low.ie/ to learn more about the best insurance policies to protect your finances.
- Select a Bank with Excellent Customer Service
Selecting a big bank might mean you will not receive the attention or personal service you might need or expect. It might, therefore, be beneficial to select a smaller, more local bank or credit union that has an exceptional reputation for customer service. Their attention to detail and personalized experience can potentially reduce the stress of handling your finances. Do your homework to learn more about a bank’s customer service and how quickly and effectively they both respond to and handle account issues.
- Increase Your Savings
Would you have enough money in the bank to pay for an unexpected bill? If the answer is no, then you need to proactively increase your savings. Aim to follow the general rule of thumb of saving up to three months income in your account, so you would be able to cover any essential outgoings. The extra financial security can work well alongside income protection, so you will have enough money to keep your finances afloat if you lose your job or experience an accident or injury.
- Reduce Your Debts
Don’t allow your debts to impact your financial future. Boost your security by striving to pay off your debts as soon as possible. Aim to pay off your unsecured debts first, so you can avoid paying expensive interest rate charges. Reducing your outgoings can prevent you from spiraling into deeper debt, which could impact your mortgage, rent or loan repayments.
- Mortgage Protection Insurance
Mortgage protection insurance will pay off a mortgage should you die, so your loved ones will not have to make the monthly repayments. You can also apply for a policy to include serious illness cover, so you can receive a cash lump sum, which would be deducted from the remaining life insurance amount.
