Protecting Your Money

People say that "money is the root of all evil," but most people in fact love money, and think that not having enough money is the real evil. It is not easy to earn money; therefore, it should be kept in a safe place.

A bank account is one way of keeping your money safe. Many people hide their money at home, but they run the risk of losing it in a fire. The safest place to keep money is in a bank, either in a checking account or in a savings account. You can use the money in a checking account at any time, but there is often a service charge. There are often restrictions on taking out money from savings accounts. However, you can collect interest while you are not using it.

Opening a bank account is not difficult. It is easy to learn how to make a deposit and balance your monthly bank statement. It is embarrassing if a check is refused and it is against the law in some places. Be sure to choose a bank that has low service charge and a good interest rate.

Not only is a checking account safe, but your canceled check is proof that you paid your bill. In most cases, the bank sends you these canceled checks every month with your statement. Also, since it is unsafe to mail cash, checks make bill paying safer and more convenient than paying in person or buying a money order.

Another way to protect your money is by buying traveler's checks. You can buy them at most banks. You don't even have to have an account at the bank where you buy them except for a small fee. If these are lost, the traveler's check company will pay back your money.