How much cash do you have hidden to use in an emergency?
Thursday, November 11th, 2010
at
10:20 pm
Questioner asked:
I bet that sometime in the next few years there will be a local, regional or national emergency that will make it difficult or almost impossible to pay for things for a few days using a Credit or Debit Card.
I bet that sometime in the next few years there will be a local, regional or national emergency that will make it difficult or almost impossible to pay for things for a few days using a Credit or Debit Card.
Who knows what will happen. Maybe a banking failure, an Internet crash, weather disaster or a terrorist attack that is so bad the banking system fails. In this case having some cash around would be very nice.
How much cash do you have to deal with such an emergncy?
Filed under: Online Banking
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You cant live your life in fear. Its always good to leave a little cash (maybe 500$)around for emergencies, or things you cant use a card for. But the odds of something happening like you mentioned are very remote. And if you live your life in fear always thinking about that, you are letting the terrorists win.
I always have cash on hand due to having a business and me wanting to be prepared for ANY emergency.
We keep about $10,000 on hand. Hiding, and growing because I add to it. The key to having money lying around and having it grow is to simply keep adding to it and NOT take from it.
i keep around €100 stashed, but I suppose its more for a rainy day than an emergency, as €100 isn’t oing to get you very far in an emergency! Plus its topped up every couple of months because it has been dipped into!
On the other side I think, god forbid, there were a disaster of the magnitude you descibe, cash would be the least of our worries. Better to keep a stock of water, or tinned food probably? As for stashing a lot, well, I enjoy the interest my bank pays me, and all it takes is for one savvy thief to take away all your hard earned ‘emergency’ cash.
It is recommended that you have a sum equal to about 6mos. of your annual salary on hand in cash for emergency times. It sounds like a lot, but just think when that emergency comes and you are standing w/ only $500… do you really thing a gigantic event like you suggest will be sorted out in a day?