5 Tips to Keep Your Money Safe in 2023

New year, new chance to be smarter with money.

As we wind down the clock on 2022, you may be looking forward to all the great stuff you have planned for 2023. While it may not be particularly exciting, the end of the old year is also a good time to make a financial plan for the new year. How much money do you expect to bring in next year? How much do you anticipate spending or saving? And most crucial of all: How will you keep the hard-earned money in your savings or checking account safe?

There are a lot of opportunities to lose money to scammers, phishers, and even your own bank (as scary as that sounds). These tips can help you keep a handle on your finances in 2023 -- and beyond.

1. Ensure your bank is FDIC-insured

This first one is a big one. The Federal Deposit Insurance Corporation is an independent agency of the federal government, and it was created in the wake of bank failures during the Great Depression. Its role is to insure deposit accounts for up to $250,000 in the event that a bank goes under, taking your money with it. It isn't a super common occurrence, but it does happen.

Online-only banks are the banking wave of the future, and if you're considering opening a new account with one (such as a high-yield savings account), do your due diligence. Pop over to the FDIC's BankFind tool to make sure the bank you're considering is insured. If you're considering joining a new credit union, the NCUA (National Credit Union Administration) offers the same service for these institutions.

2. Don't click suspicious links

This bit of advice is actually applicable to many aspects of modern life, but it's especially important for keeping your money safe. I get a lot of junk emails and text messages every day, and I bet you do, too. Sometimes these messages contain links, and if the message appears to be from your bank or your credit card company, you might be inclined to click and give whatever information is being requested. DON'T. It could be a scammer trying to get your bank account or credit card information, or other personal data.

It's a good rule of thumb to verify any messages you may get from someone purporting to be from a financial institution you deal with. Call your bank's verified customer service line, or go to the actual website on your own, without clicking that link.

3. Review your accounts and statements frequently

A major way to keep your money safe is to be aware of what's going on with your accounts. With the rise of smartphones and mobile banking/credit card apps, this has gotten easier than ever. It's a good idea to check your account balance and status a few times a week, and review your bank statements as they're issued (generally monthly) to watch trends in your spending and saving. I also recommend enabling text or email alerts for your accounts, so you'll know immediately if something is wrong (such as an account overdraft) or right (hooray, your direct deposit paycheck has arrived).

4. Keep your financial info to yourself

Your banking and other financial information should ideally be kept private (unless of course you have a joint account or credit card with a partner or spouse). This goes back to tip No. 2, but doesn't just extend to scammers. Avoid using public wifi to check your bank or credit card accounts, and be sure to check your mailbox regularly for mail relating to your accounts, such as a new credit card or debit card to replace one that's expiring soon. If you're going to be away on vacation, request a mail hold from the post office, or ask a trusted neighbor to collect your mail for you until you get back.

5. Think before you act

In all things, but especially relating to your money, take the time to breathe and think before making a move (like clicking that link, or jumping on a new investment opportunity without knowing all the details). Being deliberate in this way can save you money from yourself, as well. Want to make a big purchase for a non-essential item (say, a new TV)? Instead of rushing to plunk down your credit card, try sleeping on it. You might decide that you don't really need that item, or you might elect to shop around and see if you can find a better price for it.

You work hard for your money, so why not apply these tips to keep it safe in the new year?