Health & Fitness
Make a Master List of Your Accounts and Passwords
Creating a master list is the first step toward protecting your account information. The next step is deciding where to keep it.
If yours is a typical household, one person actively manages the bills, checkbook and investments accounts while other family members have a more passive role. If so, you’ll want to make sure that your spouse or other trusted family member can access accounts and keep your household’s finances afloat in the event of a serious illness, injury or death.
Start by creating a master list of your accounts that includes any relevant contact, email and website addresses, usernames, passwords and security questions and answers.
Next, given the confidentiality of this information, protect it by safely storing it. Ideally, you want to make sure that the only person who can access this information is the one who you choose. So, consider the pros and cons of the following three locations—or come up with a secure storage idea of your own.
Find out what's happening in Rockvillefor free with the latest updates from Patch.
- Safe-deposit box. On the upside, to access the information requires that a person has a key. Just make sure he or she knows where the key and box are located. On the downside, it means that you may have to pay to store the list if your bank charges a fee for a safe-deposit box. It also means that every time you update the list you need to physically go to the bank.
- Home safe. The biggest pro to this option is that it’s easy to retrieve the information and to place an updated copy of the list in the box. The biggest con is that your information is less secure than a safe-deposit box if you experience a break-in. Regardless of whether you elect to store your list in a safe-deposit box or home safe, be sure to shred the old list for security purposes.
- Home computer. Like a home safe, this option also offers convenience but may give an unwanted home intruder access if your computer is stolen. What’s more, if you have only one copy, remembering the information you need to access your accounts could be a challenge. If you choose this option, be sure to store the information in a password-protected and encrypted file if possible.
For additional help managing your finances or creating a financial strategy, consult your financial advisor.
