I hear a lot of people say that you should keep your money in an account so that it collects interest when you are not using it, so that you make money off of the money that you have in the savings account, but do any of you think it is wise to keep a little stash of actual cash somewhere. I do not have much now, but I always feel a little more comfortable knowing that I have cash tucked away in the event I need it. Sometimes online banking goes down, ATMS go down, and there are possibilities of cyber terrorism and stuff like that, and I want to know I have some emergency cash available when I need it. What about you all?
I have cash at home which is worth at least two weeks of expenses and it's on my safe. It's also for emergency situations when getting money from an ATM may not be possible or may get in the way of getting immediate help as in medical emergencies. Other than that, I have gold jewelries that I can sell/pawn and some coins stashed somewhere in a can container which we use to make noise with during New Year celebrations. I can understand not being able to get money from the ATM nor use my credit card to buy something because we've been through strong typhoons that disconnected electricity and water supply for a week. That would have been hell if I didn't have cash stashed in my house as the ATMs were offline and so were the credit cards!
I always keep a stash of cash in my wallet or my most personal drawer. It's a bother to not have liquid money on my person at moments when I need it the most so I always keep enough on me to cover any emergencies.
I am avoiding keeping the real cash at home. It seems like the real cash has it's set of the issues. And not all the time it is worth keeping at home. You can see that keeping such stash of cash at home is only going to affect you. I think digital cash like debit and credit can be good. Even net banking and paypal can be good. It keeps an eye on how much you are spending or have spent.
I would not recommend one to keep a large stash of cash at home but I am not into banking unless there is some payment being processed through the same. I prefer to keep my cash in a mobile phone account where I can easily access it by sending the desired amount to another person to get hard cash in case of an emergency or from a mobile money dealership if its during the day.
