The Federal Deposit Insurance Corporation (FDIC) is a government agency that provides insurance on deposits made at banks and savings institutions. This insurance protects consumers in case their bank fails or goes bankrupt, up to a certain limit.

Saving money under the mattress, on the other hand, is not a safe or secure way to protect your savings. Not only is cash vulnerable to theft, fire, and other accidents, but it also loses value over time due to inflation.

Therefore, it is generally recommended that individuals keep their savings in a bank or credit union that is FDIC-insured, rather than hiding it at home. This ensures that their money is protected and they can earn interest on their savings over time.

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My mission is to help as many women as possible achieve their definition of financial freedom. As a single mom, I know what it’s like to feel out of control and on a financial rollercoaster when it comes to money, and I want to help others break free from that cycle. With my knowledge and experience, I am determined to help women all over the world become financially independent.

Website: shesthebudgetguru.com

 

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