Make Yourself Financially Secure with These 10 Products

To be financially savvy it takes more than an emergency fund and strong cash flow. It’s about creating a solid financial foundation that will keep your family secure and comfortable. No matter what life brings your way. Are you prepared for a worst-case scenario type of situation? If not, it’s worth checking these 10 products to make yourself financially secure as possible.

1. Checking Account

This might seem obvious, but it’s a necessity to have a place where you can manage and monitor your money from. You need to have a checking account so that you can easily make withdrawals and make deposits. It’s one of the easiest ways to process money. And, you’ll have the choice of using a bank card or writing checks to withdraw funds and pay for things.

Many banks and institutions still offer free checking accounts, though some of them have started to decrease their offerings. But you should easily be able to acquire one if you don’t already have one. Prepaid debit cards are another option, but they also come with heavy fees. If possible, avoid this option and choose a free checking account instead.

2. Debit Card

As well as having a checking card, sign up for a debit card that is attached to your account. To be able to use it at all ATMs and retailers, make sure your debit card has a Visa or MasterCard logo. A debit card is useful for purchases you can’t make using cash or a check, like online purchases, for example.

Some might argue that credit cards are more beneficial in terms of cash back and rewards. But debit cards offer less risk of debt and temptation. While many people have the intention of paying their credit card off in full at the end of the month, more often than not there isn’t enough money left over. Overspending is something that can land many people in the red. So, to avoid this happening choose a debit card instead. Some banks even offer a debit cards reward program. By using this you won’t lose out on anything perk of a credit card.

3. High-Yield Savings Account

Now that you’ve got the basics set up, you’re going to need a place to put your savings. Hopefully, you’ve already got an emergency fund, but if not it’s recommended that you should have between 3 – 6 months’ worth of expenses saved up. This is your own kind of insurance, or shall we call it peace of mind? It’s the money jar you dip into when the car breaks down or if you or your partner loses their job.

To keep this large sum safe, it’ll help to have a savings account. And, it’ll be even better if it’s one that can make you money. If you place your emergency fund in a high-yield savings account it could generate around 1% interest per year. Savings rates for these types of accounts are currently quite low, but over time your money will grow.