Well it has been an interesting road to April! Living green and trying to keep the budget on track is not that simple. And keeping all your eggs in one basket is not a good idea.
We made an on-line purchase with our debit /visa card(which is attached to our only bank account). And within minutes someone had cleared our account.
It took 14 days for our bank to re-fund our money. What a nightmare. An emergency cash fund can come in handy when this happens.
Here is what we did to keep our eggs safe for our future:
Open an account just for On-Line Bill Pay: mortgage/bills/deposits. A second account(not attacted) for groceries, gas, entertainment. And a third account for on-line purchases that are tied to pay pal only. Pay pal is safe: you receive an email for all transactions before it can be approved!
Here is the tip: Only have checks for the first account. Only have a debit card for the second account for (groceries, gas and entertainment).
Here is the key to success: Put the amount of money in each that matches your budget. Have an emergency fund on hand that equals the second account balance so you can be prepared. Do not use the debit/visa card for any on-line purchases. When you want to buy something on line, transfer the funds from your second account to your third account for only the amount that you need to purchase the item. Pay pal purchases are not tied to your bank so thieves can not access your money from your bank.
Yes, I know we cannot stop thieves from trying to get into our account completely, but, I learned how important it is to diversify your checking accounts. And bonus you can manage your budget a bit better.
I am looking forward to a more green spring ahead!
Grow your budget wisely each month with a little bit of knowledge from a friend.
Tanja D'lyn :)