You’ve worked hard for your money; now it’s time to protect it. Whether you’re a seasoned investor or just starting to build your financial portfolio, learning to make smart financial decisions that help protect and grow your money is paramount to your financial success. Our team at Legacy Bank helps customers across the state meet their financial goals, with physical locations in Wichita, Colwich, Pratt, and Sedgwick, Kansas, and is detailing how you can better grow your money while keeping it safe. Learn more below!

Open Multiple Accounts

If you’re old enough to open a checking account, you’ve probably heard the age-old saying, “Don’t put all your eggs in one basket.” This is true, especially when it comes to storing your money. Instead of putting your funds into one account, consider spreading it among a few different accounts. Not only will this help protect your money if one account is compromised, but you can also keep your spending organized, build emergency savings, and create the opportunity to earn more interest!

Ensure Your Accounts Are FDIC-Insured

Are you the type to leave money sitting in your Venmo, PayPal, or Cash App account? While it’s easy to maintain a balance in your cash apps, it’s important to understand that these may not be insured, and you could be putting your money at risk. What does that mean exactly? In layman’s terms, if these apps disappear, so does your money! The easiest way to protect your money is to keep your money at an FDIC-insured bank or credit union.

What Is the FDIC?
The Federal Deposit Insurance Corporation is an agency of the federal government created to insure deposit accounts up to $250,000, meaning that even if your financial institution goes under, your money will still be protected.

Check out the FDIC’s BankFind Suite to find out if your financial institution is insured!

Regularly Review Your Statements

With smartphones and mobile banking options, it’s easier now than ever before to stay informed about what’s going on with your accounts. Our team at Legacy Bank recommends regularly reviewing your bank and investment account statements to track your transactions, monitor for any unauthorized activity, and ensure that your accounts reflect accurate balances. Set aside time each month to thoroughly review your statements and check for any discrepancies, unexpected fees, or irregularities. By doing so, you can promptly address any concerns and maintain control over your financial well-being.

Find out how to view your statements online with Legacy Bank’s Mobile App!

Avoid Rush Decisions

It’s easy to make impulsive financial decisions when the market drops or there’s a bank closure, but before you make any large financial decisions like withdrawing money, it’s best to take the time to research, consult with financial advisors, and carefully weigh the risks and benefits of your decision. While jumping on a new investment opportunity or splurging on a pricey, non-essential item may seem like the right decision, develop a well-thought-out strategy that aligns with your financial goals. For long-term financial success, patience is vital; avoid succumbing to market hype or making decisions based on short-term fluctuations.