Be Mindful of Your Money Online

With so much being done online in an age that is dominated by data and the creation, storage, transmission and monetization of data, it is vital to be aware and mindful of your money. We all spend more money online than we do anywhere else and it is thus one of the main places fraud and theft occurs. With more than $170 million scammed out of Australians in 2020, the risks are very real.

Entertainment has gone online, and it is where a majority of people are at their most relaxed about online safety. This lackadaisical attitude over online spending can cost you a lot more than you think, her are a few tips to keep in mind as you spend time online.

In game or app purchases

We all have our favorite games to kill time and hardly recall how many times we spend the odd dollar on in game purchases. The new armor or additional coins to play the next level e all too frequent purchases that never make the final analysis.

Be informed

Numerous gaming sites offer protection for finances. You can learn more about this and if the site or platform you use has this function online. Your money will be safer while playing and this offers a level of protection that you should make use of.

Recurring charges

These are costs that will simply be added and incurred on a continual basis. Keep track of all the debits coming off your account so that you know about any additional charges. Some ‘buy now pay later’ options may seem like a good deal but remember that even if they are not charging interest, they may be charging you hidden fees. What is most important is reading all the small print and T&Cs before committing.

Password safety

If it’s a site that you spend money on ensure that you have a solid password. This is the number one piece of advice for online spending of any sort.

Do not buy it unless you really need it

If you are paying to watch it or to play you need to ask whether it’s part of tour overall entertainment needs or whether its boredom driven, and you need to find a more productive way to spend your time.

Budget

The bottom line is that for you to enjoy yourself online and not have too much stress as to how much you have spent, make a budget and stick to it, only spend what you can afford to online and you will be off to a good start.

Protecting your privacy is key to protecting your money. Remember that putting your personal information into open spaces is always risky but these tips should ensure you are able to better protect yourself. One of the most important things to do if you are ever the victim of an online scam is to report it to the relevant authority. This is not only a measure to get your own money back but contributes to understanding trends in scamming and therefore can help others from being victims.