Are You Keeping More Cash At Home?

I just came across an interesting article on MSNBC.com. Apparently with the recent bank failures quite a few people are keeping more cash at home instead of keeping it in the bank. Can’t say I blame them and to be honest, we are keeping a few more dollars in the house as well. It just makes me feel safer to know I have the cash at home to buy what I need for a week or two. I know the money in the bank is save and insured, but I do wonder what happens if quite a few more banks fail, close down and everyone makes a run to cash in their deposits. It could create a serious mess, and slow down our ability to get the money we need out at least for a little while.

As an interesting side not, sales of personal safes / fire safes have gone way up since folks use them to keep their hard earned cash save. The MSN article mentions that this is a way of protecting money that hasn’t been used since the days of the Wild West.

How about you? Are those bank failures, closings and sales making you a bit nervous? Are they causing you to keep more cash around at home?

NEW Dollar Bill
Creative Commons License photo credit: reubenaingber

Source: http://www.msnbc.msn.com/id/27119294/

Tags:

7 Responses to “Are You Keeping More Cash At Home?”

  1. Kim Says:

    When you can’t afford a safe: My grandmother took a clean dry mayonnaise jar, spray painted the inside of the jar creamy white, inside the jar she kept her “mad” money. This jar she kept in the dark back corner of her refrigerator, where no one ever saw it. The one thing she said was a must to go with this, was always have a real jar on mayo where everyone can see it! Depending on the color of paint, this could be a jelly jar, mustard jar, etc. I had a house fire in 2001, started in the kitchen, entire house was a total loss… but inside my melted frig, my mayo safe with my unburned money. :-)

  2. sandra Says:

    the mayo jar is a good idea! I have hidden cash in the freezer before, I do have one of those fireproof safes also. Its funny this was posted, just yesterday me and my mom were talking about this very subject. I guess alot of people are feeling the same way.

  3. Gwen Says:

    We have a small fire-proof safe and my husband’s gunsafe here at home to stash back some cash. We do worry about bank failures but most of our personal savings is tucked into our safe deposit box. It’s there if I need to get into it for an emergency, but inconvenient enough that we don’t get into it on a whim.

  4. Sarah Says:

    Other than my spare change jar (which can get up to $50 in change) which I keep for emergencies, I don’t really keep any money outside the bank. With the FDIC insurance, I don’t doubt that my few pennies will be safe and as I’m nowhere near breaking $100K much less the new $250K limits on any account I don’t see any real need to keep any cash lurking in the house. Additionally, I’d be more worried about people breaking in and stealing any large sums I’d keep under my mattress than my bank going under and leaving me flat.

  5. Momma Bug Says:

    Dear HH,
    I look forward to enjoying more of your blog!
    I just wanted to shoot you a link to this blog: http://www.free4him.org/dougblog/
    This is a personal friend of my husband’s, a man of integrity with an excellent understanding of our country’s financial system.
    He has just written a book called Fools Gold which is available for free upload, and if you are interested in understanding the implications of this “feeling” you have, I encourage you to check out his blog (which has some other valuable links on it) and find out what else you can do to prepare.

    -Analene

  6. Mrs. M Says:

    With the economy and the bank situation the way it is, it is definitely smart to keep some hard cash at home. If the banks do “crash” ATM’s could have limited withdrawals put upon them.

    I bought a fire-proof safe and have it stashed in a place that takes a bit of effort to get to, thereby keeping me or my husband from just dipping in to it. Besides, I hate spending money, so it would have to be an extreme emergency to dip in to our “Crash” fund.

  7. Sandy Says:

    I’ll admit it: I am a squirrel. If there is extra cash laying around and unclaimed, I bury it someplace in my house. I’ve been known to keep the change from breaking a $20 bill in a secret, dark, and unknown place. These days I think it’s important to have at least $300 of cash on hand that you can grab quickly in case of an emergency. This year my goal is to put away $500 in an emergency on-hand cash fund.

Leave a Reply