Emergency Cash?

b4freedom · #1 (**permalink**) 08-30-2006, 07:04 PM

How much emergency cash do you keep in your house? With Katrina in mind, my wife and I are putting together an emergency kit. We're thinking $500 cash could probably carry us until we could access more. Any suggestions?

amberbamber · #2 (**permalink**) 08-30-2006, 07:41 PM

We have around $150...anymore than that and I think we'd be wasting it here or more apt to spending it.

disneysteve · #3 (**permalink**) 08-30-2006, 08:13 PM

I think $500 is a reasonable amount. That is enough to get out of town, pay for a hotel, buy some food, etc. And it should be in small bills, not 5 $100 bills.

I don't see the need for more than that because if there was some type of disaster where I was still able to stay in my home, I wouldn't need much money. And if I had to evacuate the area, I'd probably end up somewhere where my credit card or ATM card would work.

WellManicuredMan · #4 (**permalink**) 08-31-2006, 12:14 AM

Quote:

Originally Posted by disneysteve

I don't see the need for more than that because if there was some type of disaster where I was still able to stay in my home, I wouldn't need much money. And if I had to evacuate the area, I'd probably end up somewhere where my credit card or ATM card would work.

I agree. I don't really see the point of having an emergency stash of cash at home. I can always use an ATM or credit card. I keep less than $100 in my wallet and none at home.

Bluezy · #5 (**permalink**) 08-31-2006, 01:34 AM

Not much in cash, but at least $1,000.00 in traveler's checks for the hurricane season.

jhon25 · #6 (**permalink**) 08-31-2006, 03:46 AM

$500 to $1000 is good amount for emergecy ... else there ATM machines for your emergency cash. Most of time we don't need actully cash. anyway we can have emgency cash up to $1000.

LuxLiving · #7 (**permalink**) 08-31-2006, 04:53 AM

ATM's - okay except during a blackout!

How much do we keep? Enough.

disneysteve · #8 (**permalink**) 08-31-2006, 06:19 AM

Quote:

Originally Posted by WellManicuredMan

I agree. I don't really see the point of having an emergency stash of cash at home. I can always use an ATM or credit card. I keep less than $100 in my wallet and none at home.

Your ATM and credit cards are worthless if banks are closed, phone lines are down, power is out, etc. Lots of people discovered that after 9/11, Katrina, major blackouts, etc. Cash is the only thing you can spend in those situations.

Ima saver · #9 (**permalink**) 08-31-2006, 06:53 AM

Since I do the envelope method I have lots and lots of cash at home. I don't have an atm card nor do I know how to use it!! I don't keep extra money in my checking account except the money to pay my property tax and car insurance!

lillyb · #10 (**permalink**) 08-31-2006, 07:50 AM

We've got about a $1,000 in cash in the home if needed (like Ima, from the envelopes), and then keep about $1,000 in checking. In this situation I would withdraw the cash from the bank before evacuating because of the previous stated reasons.

poundwise · #11 (**permalink**) 08-31-2006, 07:57 AM

This is not meant to be against anyone's plans or thoughts, but frankly, the whole emergency need for cash is overblown IMO. That is, I cannot recall a single time in my life when I absolutely had to have emergency money and I couldn't get to my funds.

I know it happened in New Orleans, etc., however, exactly what did people buy in New Orleans after Katrina? Were stores open? If you had $1000 you would be sitting in the Superdome with $1000. So what? If you were then bused to Houston, you could use the money, but also, the ATMs in Houston worked just fine.

I can see keeping a reasonable amount of cash on hand. Also, when I travel, I take part of the traveling money in cash. This is just in case. I've seen occassions non-disaster-related where an ATM network was down or some store or gas station was having technical difficulties with their credit card machine(s), etc.

Again, don't take my comments the wrong way. If you want to keep $150, $500, or $1000 for piece of mind or whatever reason, then that is your business and your right. And, if I lived in south Florida or along the Gulf Coast, then I'm sure I'd do differently, however, for most people, it seems like an over-reaction and a tactic largely based in fear rather than reason.

LuxLiving · #12 (**permalink**) 09-01-2006, 08:11 AM

Just want to remind the newbies to keep in mind that there is a difference in apples and oranges here.

Emergency CASH - for bugging out
different than the
Emergency FUND - for layoffs, illness, major repairs

P.S. Folks, I'm not sure how wise it is for us to say "I have x amount of $$$$$$$$$$$$ laying around the house" on a public forum like this. Please be careful.

Hate for anyone to get knocked in the head over a few bucks.

Ima saver · #13 (**permalink**) 09-01-2006, 08:55 AM

Ok, I have about 27 cents around my house!!

[Automated by GetSmile]

scrava · #14 (**permalink**) 09-03-2006, 05:31 PM

I def. think you should keep at least 500.
More if you have a family. Imagine having an *emergency*... no time to get
to the bank & even if you did get there, no one working. Cash will def. be needed.

Bookie · #15 (**permalink**) 09-03-2006, 06:30 PM

Quote:

Originally Posted by Ima saver

Ok, I have about 27 cents around my house!!

[Automated by GetSmile]

And Lucy in the yard (with diamonds).