Cash is one of the most important things you can have on hand as a member of the modern society. There are many places to buy things with payment processing services like PayPal, Credit/ Debit cards are now standard, or even Bitcoin!
However, if you do not have access to a computer or bank account to send funds, then it is critical that you have a safe place to store your cash. There are many ways to protect your cash, and quite the variety out there.
This article will go into detail on some ways to keep your money safe, and how to use them if needed. Whether you are an individual who stores their savings under their bed or in an off-the-shelf safety deposit box, this article will help!
There are many ways your money can be at risk in today’s society.
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Do not keep all your cash in one place
It is best to have a minimum of two sources of cash. The first should be your savings account- the more you put into the less you take out, the stronger your savings system will be.
The second should be your safe place. You can have a large amount of cash, or you can have a safe place to keep some of your money. The best way to have a safe place for your money is to have two bank accounts: one for regular spending and investments, and another only for emergencies.
Have one account you can access in an emergency and that has no connections to your social media accounts or public appearances. Make it separate so any intrusion on security cannot happen.
In addition, it is recommended to keep at least three credit cards in your possession per household due to card fraud.
Make copies of your cash
You should make a habit of having a stack of twenty dollar bills and a stack of one hundred dollar bills next to you while you watch TV or sleep. This is the way to make two copies of your cash in case something happens to one pile.
You can also give one copy to your bank as insurance should something happen to your other pile. When you need money, just go into the other pile and get what you want!
In case of an emergency, if you need to set up a bed night-time store, you can do that without too much trouble. Just place two bags on each surface and cover with a blanket!
You can also keep a small safety deposit box at your bank.
Keep records of where your cash is located
You should keep records of where you have your cash. These records could be a few pictures of your bank account, or documents that show you have the funds to purchase items. It would be safe to have in case of an emergency.
You should also make notes about whom you let borrow your money. When it comes time to repay the loans, there’s a record of how much you owed and how much you paid. There’s a chance that someone on your debt collection agency can find this record, and use that info to send you more money.
Being able to show people who borrow money from you that you have enough money to pay them, shows them that you are responsible for your finances. People on your debt collection agency might ask if you want them to make changes to explain this policy, so give them the ability to do so.
Have a plan for what to do if there is a fire
Having a plan for how to respond to an emergency caused by a fire is important. While not recommended, you can have food and water supplies, and possibly other supplies like first aid kits.
Luckily, both home insurance companies and fireproofing companies know these details so your home will be safe. Fireproofing is highly cost effective as opposed to buying one from the store, which is what insurance companies recommend.
Having a plan also prevents wasted money in the event of an emergency. If you have someone in your household who is capable of handling the situation, let them do that instead of hiring a professional.
Know the location of your emergency fund
If you have an emergency savings account at home, you should make sure to know the location of your next payment.
That is because if you have a credit card, your credit card company may send you notifications about annualCreditCardPlans.com and/or quarterlyCreditCardPlans.com updates.
If your savings account is at a bank or financial institution, then making a trip to the bank is an easy way to locate your fund.
If your savings account is at an online-only bank or credit union, making a trip there is even easier. You can easily find this site if its location has access codes set up.
Do not keep large amounts of cash in wallets
It is best to keep only a small amount of cash in your home, or in your home base. In the case of an emergency, you can quickly spend some cash to replace what you would have bought with your savings.
In the case of a long-term investment, you can save money by keeping capital in stocks or bonds. The more money you have, the more conservatively you should be in how you invest it.
Most countries have regulations that prevent very rich people from having too much money. So while it is okay to have a large amount of capital invested in stocks and bonds, it is not okay to have a very high stock/bond ratio if you do.
Store some in sealed containers around your home
This is one of the biggest mistakes most cash users make is keeping money in bank accounts. You can do it all day long!
By stored around your home in sealed containers, you are also providing yourself with another place to store your emergency funds. You can keep several small coins or bills at a time, so this is an effective way to store money.
In addition to the safety benefits, this also allows you to easily split your savings between the two locations without having to go through a complicated account setup process.
Another way to save money is by doing things like car-proofing your house, or planning how you will get rid of any incoming calls or messages.
Consider getting a safety deposit box
A safety deposit box is a special location where you can store important documents or items that could not be exposed to anyone but you. Safety deposit boxes can be located at your local bank, in a bank-owned property such as a shopping mall or school, or at a bank specializing in home and luxury goods sales.
The benefits of having a safety deposit box include: being able to easily re-draw the combination, having peace of mind that anything you leave behind will be safe, and being able to easily move into a new place.
Unfortunately, this step may not be cheap. A reliable and affordable way to keep cash safe is by creating a custom safety deposit box at your house. You can get one for very little money – just don’t sell it before you use it!
Consider getting a custom safety deposit box rented via services such as Lendingnology or through your local banks to keep your cash safe [email protected].