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Thread: Cash on Hand

  1. #16

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    I don't carry much cash, or none. Don't have any stashed at home. It's to easy to think "I just need a little for..." and then suddenly it's all gone. That's one reason I have a certificate of deposit at the bank. It's locked up, making it more of a bother than just going to the bank is bothersome sometimes.

  2. #17
    Registered User Nishu's Avatar
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    I don't think it's practical to maintain your savings in cash. You'll lose money continuously not just because of lost interests but also because of inflation. I'm starting to wonder if that's by design.

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    For emergency purposes only we have always kept a few hundred in the house and it has always been useful in last minute things we needed to do.

    Our real EF is in a MMA. All the rest is in checking accts., IRA's and mutual funds. Things are changing so fast day to day we just feel better having the house cash just in case.

    With banks only paying 1-2% we're not really missing that much for peace of mind.

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  5. #19
    Registered User Greebo's Avatar
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    Quote Originally Posted by Nishu View Post
    I don't think it's practical to maintain your savings in cash. You'll lose money continuously not just because of lost interests but also because of inflation. I'm starting to wonder if that's by design.
    Could be - considering that because of how our monetary system is set up, there is almost no chance of there ever being deflation to make our cash worth more.

  6. #20
    Registered User justpeachy92's Avatar
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    My grandfather was one of those that didn't trust banks after the depression. I remember as a child I always thought he was poor, but now I can see that he was just frugal and how I wish he was alive now to share his words of wisdom with me. He did when I was a teenager, and I remember when we cleaned out his house we found several hundreds of thousands. As an adult I cannot imagine I could sleep easily with that much cash around the house.
    I do agree in keeping a couple hundred for emergency use in cash. After the hurricanes in Florida in 2004 the banks where I lived were closed for several days, there were no ATMs (no electric) to get cash from, and the few gas stations and stores that were open were only accepting cash for payment.

  7. #21
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    We keep a few hundred at home. But most of our transactions are done via bill -pay on our bank account, or by credit card. (Relax. We pay it completely each month). There's not a lot of need for having cash. But at the same time, we realize that the unthinkable can happen, and we want the security of having some cash on hand.
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  8. #22
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    We have no real cash at home. Everything is in FDIC-insured banks and credit unions. I don't worry one bit that my banks are going to go under.

  9. #23
    Registered User MomToTwoBoys's Avatar
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    I knew a couple who had their entire life savings in their house. The cops raided the house out of suspicion of possession for marijuana and they seized all of the money, implying it was drug money.

    I wouldn't want my life savings in my house, even with an alarm system. There's always that chance of burglars breaking in and taking it. Unless you hide it behind a shower wall or something that's also layered with tile, I wouldn't do it.

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    Registered User mmy2grls's Avatar
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    I would worry about someone thinking you had all that money at home and robbing you or something. What if your house had a fire or something?

  11. #25
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    I have money stashed away in our safe. We keep some cash in there along with important papers. I think it is important to have some cash available incase something does happen but not all of it.

  12. #26
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    I prefer to keep all of my money in the bank. My money falls well well below what is insured. We keep very little cash on hand.

  13. #27
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    Yes I believe it's important to keep cash on hand .

    FDIC insured... hmm.. U.S. goverment corporation. Nope that doesn't impress or instill any trust whatsover in me these days....

    However ,at this point I still use the bank for bill paying and the majority our savings, such as that is ;-) Doesn't mean I feels secure about it, just means I can't come up with a better solution I guess.

    In the instance of a bank holiday ( not out the realm of possibilites I don't think) it would be a good idea to have cash on hand till you were able to tap into bank funds again. Just sayin..... Not trying to start a debate lol

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