Thursday, August 27, 2015
Autopilot: A hard price to pay
A few weeks ago, the hard drive in my 14-month-old computer bit the dust. The real sting came when I realized I never backed up any of it.
I’m literally paying the price. Tech specialists are attempting to recover 14 months’ worth of my family’s photos, videos and documents, and it will be several more weeks before I learn whether Operation Recovery is a success.
By not backing up my data, I had unintentionally put my computer on autopilot. It can be just as easy to treat our finances with the same sort of complacency, which also comes with a price.
“Just as a computer failure can cause headaches, so too can identity theft, card fraud and financial instability,” says Todd Link, senior vice president, risk management and remote delivery at Dupaco Community Credit Union. “Proactive effort on the front side can alleviate a lot of frustration at some point in the future.”
Here are five ways Dupaco can help you remain in the driver’s seat of your finances:
“The dangers of putting your personal finances on autopilot are numerous,” Link says, “and include spending beyond one’s means, allowing emotions to dictate spending behavior, failing to have emergency reserve savings, overdrawing accounts, making late payments and ultimately hurting your credit score, which may lead to higher interest rates at a later time.”
By Emily Kittle