It only takes a quick glance at the news to see just how risky things can be in times like these. From 2008's banking crisis and the problems we're dealing with in its aftermath, to the ongoing Eurozone debt crisis, it often seems that each new day brings another gloomy headline about our finances.

However, one 'upside' of all this is that we may be more aware of our financial health than ever before, which could make it easier for us to both recognise the risks and take steps to protect our money against anything unexpected happening to it.

The Financial Services Compensation Scheme (FSCS) recently advised banking customers to check their money's covered should their banks face difficulties. The scheme covers savers' savings up to the value of £85,000 (per company) in the event that their bank collapses.

However, the FSCS has stressed that this is a limit per authorised institution. In other words, a saver spreading money among various banks that share a banking licence would 'only' have the first £85,000 of it protected.

Mark Neale, Chief Executive of the FSCS, commented: "In these uncertain times consumers should feel reassured that the FSCS will continue to be there for them. All cash up to £85,000 for individual accounts and £170,000 for joint accounts is safe, as long as you do not exceed these limits for institutions authorised by the FSA.

"If you are not sure then check your money is protected."

Of course, the thought of a financial company collapsing isn't the only potential threat to someone's savings - but thinkbanking (www.thinkbanking.co.uk) offer some basic tips below on making sure your money is protected.

Looking after your money

There are various practical steps you could take to ensure your money is safe and reduce the likelihood of you falling into financial problems.

When it comes to the compensation provided by the FSCS, it's important to find out if your banks actually share a banking licence, and think about whether you should move some money to a bank account with a different provider.

With many of us choosing to bank online these days, internet banking security is another big issue. According to figures released in October 2011 by the UK Cards Association, online banking fraud losses came to £16.9 million in total during January-June 2011 - marking a 32% fall on the half-year figure for 2010.

Although that fall is an encouraging sign, it's still important for online banking users to do what they can to protect their online bank account themselves. For instance, ensuring you have a firewall and up-to-date anti-virus software on your computer should cut your risk of being targeted by online criminals - as should making sure you never share your personal information.