Cash on Hand
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Thread: Cash on Hand

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    Registered User patticakes's Avatar
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    Default Cash on Hand

    Lately there has been talk about keeping cash in hand versus in banks. Personally I think that is extreme but I have been known to be off base and try to stay aware of that. It makes sense to live off of cash but at what point is too much to keep on hand safely. I can't imagine having my entire life savings in my mattress but with the rapid changes in the world economy self preservation is numero uno.

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    Registered User kittykatstrong's Avatar
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    Having enough for an emergency thats one thing, but I would never want my life savings to be in my house.

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    We never carry cash...I don't believe it's safe. That's just me, though.

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    Registered User lmbaker520's Avatar
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    I believe in keeping an emergency stash hidden in your house but I would never have my savings in the house. I just wouldn't feel comfortable with it being there in case someone broke in.

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    Registered User Debbie-cat's Avatar
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    I believe it is very important to have cash on hand. The way the economy is going and banks closing, it doesn't seem safe to have cash in the banks anymore. If for whatever reason credit cards or atm cards stop working, alot of people will be in trouble! Just my feeling though.




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    Registered User DJ1972's Avatar
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    DH has always kept a cash stash at home for emergencies. It's usually around $500-$1000. His parents always did this, so he does it too. I would never keep more than that in cash, it would make me too nervous lol.

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    Registered User dcompton's Avatar
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    I don't like having much cash around - not just because of theft, but other things can happen as well - fire, tornado (in our part of the country). I can even imagine myself forgetting where I hid it.

    I don't worry about money in the bank, so long as it is within FDIC limits - and believe, it is. WELL under the limits. If the government so completely collapses that FDIC can no be longer honored, we will have a lot more problems than that to worry about.

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    Registered User fixer's Avatar
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    Quote Originally Posted by DJ1972 View Post
    DH has always kept a cash stash at home for emergencies. It's usually around $500-$1000. His parents always did this, so he does it too. I would never keep more than that in cash, it would make me too nervous lol.
    I agree. We keep some cash for emergencies but I could never keep all of it at home. This being said, I have talked to a lot of people lately who say they have stopped trusting banks and keep it at home. I think it is too risky.

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    Registered User The Muse's Avatar
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    I keep a few hundred on hand, but prefer to keep the rest in FDIC insured accounts.

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    Registered User mombottoo's Avatar
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    Quote Originally Posted by The Muse View Post
    I keep a few hundred on hand, but prefer to keep the rest in FDIC insured accounts.
    I'm with The Muse on this one. As for those that keep all of their money at home because they don't trust banks anymore they are really losing out on compounding interest. Like one poster said, if the FDIC fails, then we have more than our money to worry about.

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    I don't keep any cash at home except what is in the piggy bank, which is only change and gets taken to the bank when it's full. As long as you bank in a solid bank and it is FDIC insured you shouldn't feel the need to worry, and you are missing out on the interest you could be earning. I would think the chance of a burglary or natural disaster is much higher than a bank failing.

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    Registered User Dancing Lotus's Avatar
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    I have all my money at home , with that said I believe it amounts to $12.33
    Okay not really. I have a cash stash but I don't think I would want to have all my money at home too many things could happen to it and then what.

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    Registered User Grayce's Avatar
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    We pay all our bills online. For everyday things like gas, groceries, toiletries, entertainment etc. we use cash. I have a set amount that I take out each week for each category. Right now it is $250 a week that I take out. Sometimes we have money left from week to week, but I would seldom have more than $300 in the house at a time. All my other money can stay in the bank and earn interest.

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    Registered User Bournecrazy's Avatar
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    i dont keep much cash on me i keep it in the bank, most of which in hight savings accounts like ING so as soon as i here tht my bank is going under i will transfer everything out but until it happens its staying where it is.
    However whilst i am at work i see many many people coming up to pay for items brining out big wads of cash out sometimess in hundreds of pounds from their pocket just to pay for something and im wondering how they can do that, i wouldntfeel safe doing that. Who knows who is watching them and could easily get robbed. i didnt feel safe having 450.00 on me leaving the bank so i can deposit into my savings account (the branch is only 4 doors down from the bank) but still rushed to get off the street.

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    Registered User patticakes's Avatar
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    Thanks everyone for all the input -- I completely agree with the FDIC insured accounts, getting interest and having a set amount on hand for odds'n'ends.

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