Finance

How to Keep Your Money Safe

A substantial amount of money is currently unclaimed by many consumers across the country. You understandably do not want to lose or misplace any of your hard-earned funds, and you may be wondering what steps you can take to prevent the loss of your funds. These steps can help you to protect your assets.

Consolidate Your Accounts

The more bank accounts you have, the more likely you are to forget about some of your accounts over the years. A smart idea is to consolidate all of your assets into a couple of accounts, and use the same bank for all accounts. Close any outstanding accounts.

Make a List of Your Assets

After you have consolidated your accounts, keep a list of your accounts and their balances on a spreadsheet. Save this spreadsheet on your computer. Ensure that your spouse or next of kin is aware of this file in the event you pass away.

Check Account Balances Regularly

Keep your list of accounts updated regularly with the current balance information. When you get into the habit of doing this, you will be less likely to lose track of your assets. Make an effort to update your list every month or quarter for the best results.

Keep Banks Apprised of Your Current Contact Information

You typically can elect to receive paper or electronic bank statements. Regardless of the method that you use, always keep your bank updated with your current contact information. If you move or if you get a new phone number or email address, your bank should be notified immediately.

Check the State Database for Unclaimed Assets Periodically

Even when you take these steps to track your assets closely, you may still lose track of funds from time to time. The state database for unclaimed assets may include paychecks from past employers, refunds that you are not aware of and more. Check this database each year so that you can reclaim funds that you may be entitled to.

The thought of losing track of your money may seem like an impossibility to many people. After all, you may know exactly where all of your funds are, or so you think. The reality is that there are millions of people across the country with unclaimed assets in their name, and they are usually unaware of the fact that they have lost some of their money. By following these helpful tips, you can more easily track your funds and reclaim money if you lose it over the years.

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Eileen O'Shanassy is a freelance writer and blogger based out of Flagstaff, AZ. She writes on a variety of topics and loves to research and write. She enjoys baking, biking, and kayaking. Check out her Twitter @eileenoshanassy.

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