Data breaches are becoming more common, and protecting yourself and your personal information from data breaches is important.

Here are some steps you can take to significantly reduce your risk of falling victim to a data breach:

1. Use strong and unique passwords: Avoid using the same password for multiple accounts.
2. Enable two-factor authentication (2FA): This helps add an additional layer of security.
3. Be cautious of phishing attempts: be wary of unsolicited emails, texts, or calls asking for personal information. Never click on links or download attachments from unknown resources. Carolina Federal Credit Union will never call you and request personal information such as your full Social Security Number, Driver’s License Number, etc.
4. Monitor your credit and accounts: Regularly check your credit union and bank statements, credit reports, and online accounts.

If you suspect your personal information has already been stolen, take a breath and follow these steps:

1. Freeze your credit report at no cost: freezing your credit report is generally a good idea. It helps prevent potential identity thieves from opening new accounts in your name. The three major credit bureaus are listed below. You’ll need to provide personal information to verify your identity. Keep in mind that if you plan to apply for a new credit card or loan, you’ll need to lift the freeze temporarily.
   • Experian: https://www.experian.com/
   • Equifax: https://www.equifax.com/
   • TransUnion: https://www.transunion.com/
2. Alert your financial institution: let Carolina Federal Credit Union know your account may have been compromised. This way, we’ll know to keep an eye out for signs of fraud and place a password on your account.
3. Change your passwords: A data breach generally means passwords of all kinds may have been compromised. It’s best to change as many as possible after a breach to keep your information and money safe. Start by changing passwords you are sure were a part of the breach.
4. File an identity theft report: If you believe your identity has been stolen, file an identity theft report with the Federal Trade Commission (FTC) as soon as possible. 

Life is full of surprises, and some of them can be expensive. Whether it’s a medical emergency, job loss, car repairs, or any other unforeseen event, having a financial safety net can provide a sense of security and stability. Let’s take a look at why it’s so important to save for rainy days.

Stay out of debt

When life throws an expensive surprise your way, and you don’t have money to pay for it, you may fall into debt just to get by. On the flip side, if you had a well-padded emergency fund (rainy day fund), you’d have the cash you need to fall back on in case of an emergency. 

Flexibility and freedom

Saving for a rainy day brings an element of flexibility and freedom to your life. It enables you to pursue new opportunities, take risks, and make major life changes without the constant fear of financial instability. Whether it’s starting a business, furthering your education, or taking a sabbatical, savings provides the support you need to confidently explore these possibilities. 

Peace of mind

Financial stress can take a toll on your physical and mental well-being. Constantly worrying about money can lead to anxiety, depression, strained relationships, and more. Knowing you have an emergency fund prepared and ready for a rainy day can offer a sense of security and peace of mind. 

Be prepared for sudden unemployment

When you live paycheck to paycheck, your job is your financial lifeline. But no job is guaranteed to last forever. Your workplace may decide to downsize or close its doors.. Or, you may find yourself unable to work due to personal circumstances. Having an emergency fund when you’re gainfully employed can help you stay afloat should you suddenly find your lifeline is reduced or cut out. 

Achieve long-term financial goals

Saving for a rainy day is not just about preparing for emergencies; it’s also a stepping stone toward achieving long-term financial goals. Whether it’s buying a house, starting a family or planning for retirement, having savings will help you stay on track.

When the sun is shining, it’s hard to believe the rain will come, but no one’s life is all sunshine, all the time. Saving for a rainy day is a crucial part of financial wellness. Start saving today for a more secure and financially fit life.