The Protect principle means taking precautions about your financial situation. It stresses the importance of accumulating savings in case of an emergency, and buying insurance. Be vigilant about identity theft, and keep aware of your credit record and the credit score.
Actions You Can Take
- Keep your financial records in order.
- Watch out for fraud and scams, and protect your identity.
- Choose insurance to meet your needs, including health care insurance.
Hints and Tips
- A good system for keeping personal money records will include copies of important documents like your will, property ownership documents, information about savings and insurance, and other document. It should include overview of what happens to property after a major life event occurs.
- Assume that any offer that “sounds too good to be true” – especially one from a stranger or an unfamiliar company --- is probably a fraud.
- Look at your bank statements and bills as soon as they arrive and report any discrepancy or anything suspicious, such as an unauthorized withdrawal or charge.
- Be wary of request to “update” or “confirm” personal information, especially your Social Security number, bank account numbers, credit card numbers, personal identification numbers, your date of birth or your mother’s maiden name in response to an unsolicited call, letter or email.
The Protect principle means taking precautions about your financial situation. It stresses the importance of accumulating savings in case of an emergency, and buying insurance. Be vigilant about identity theft, and keep aware of your credit record and the credit score.
Actions You Can Take
- Keep your financial records in order.
- Watch out for fraud and scams, and protect your identity.
- Choose insurance to meet your needs, including health care insurance.
Hints and Tips
- A good system for keeping personal money records will include copies of important documents like your will, property ownership documents, information about savings and insurance, and other document. It should include overview of what happens to property after a major life event occurs.
- Assume that any offer that “sounds too good to be true” – especially one from a stranger or an unfamiliar company --- is probably a fraud.
- Look at your bank statements and bills as soon as they arrive and report any discrepancy or anything suspicious, such as an unauthorized withdrawal or charge.
- Be wary of request to “update” or “confirm” personal information, especially your Social Security number, bank account numbers, credit card numbers, personal identification numbers, your date of birth or your mother’s maiden name in response to an unsolicited call, letter or email.
Spotlight Resources
- Protect Your Finances During the Coronavirus Pandemic
- Financial Preparedness Tips
- Deter, Detect and Defend Against Identity Theft
- Get Help Finding and Using Health Insurance
Read more Federal information, guides and helpful tools about the MyMoney Five Protect principle.
