How much cash do you keep in a safe?

[EmzieAtInfinity]

My safe currently has $1400 in it, and about $6400 in my savings account.

[Gailete]

The only time we have cash in the house is when our renter pays as he usually gives us cash. Otherwise, probably the most we ever have is about $20 in my purse and that is rare and a change jar with less than $20. In my purse I do try to always keep a quarter, a dime, a nickle and a penny for the parking meters in town though -- nothing like a small town where most of our parking meters take pennies.

I can't imagine having the amounts that some of you mention.

[creditcardfree]

No safe. No extra cash. Although I do think we should have some cash on hand for emergencies. At least $200, maybe more. If it was over $1000 or so, I would want a safe.

[snafu]

It seems to be a matter of experience. Several years ago we had an emergency evacuation in our district resulting from a train derailment miles away. The problem was toxic fumes were rapidly wind born towards us. Police demanded we leave with 20 minute notice. The ATMs ran out of money quickly, the lines jammed for CCs so only cash would do for gas, food and accommodations within a day's drive. That's the thing about an emergency...you just don't know where it might come from, but it helps to 'be prepared' like boy scouts pledge.

Fast forward several years and we had a break-in. They couldn't jimmy the locks so they smashed in the entire door frame. They took electronics and turned the MBR into shambles. Luckily I'd been to a police sponsored seminar that told us how to manage home security. I lost about $ 40. and since I couldn't prove it...not covered by insurance.

We have a small safe, bolted from the inside to a wall and a shelf in an unobtrusive cupboard. Initially DH installed it bolted to the floor and the wall in a closet. Bad choice, had to lie on belly with a flashlight to open it's door or find anything within! We keep passports, documents that are difficult to replace and about $ 200. Unexpected flash floods last spring caused us to increase the sum. Finally, we never bring the cars home 'on fumes.' We will make it a point to fill up in spite of being tired and wanting the comfort of home.

[disneysteve]

I don't plan for these unlikely scenarios, just like I don't have a plan for the possibility of me getting run over by a bus on Monday which is far more likely than some catastrophic event that will close all the ATMs and bank branches.

I don't know anyone who has ever been run over by a bus but I know lots of people who have been impacted by events that caused widespread power outages, required evacuation, had cell service knocked out, CC lines down, etc. In those situations, having cash on hand was extremely helpful.

It is a simple enough thing to keep a few hundred dollars in small bills in your home. Honestly, I don't even think you need to bother with a safe. Just have some cash around in case something happens. You don't need to be a survivalist (I'm not) to do this. I don't have a stockpile of food or water or weapons but I do always have cash on hand.

[Gailete]

It is a simple enough thing to keep a few hundred dollars in small bills in your home.

I agree that it SHOULD be a simple thing to do, but for many of us, it isn't possible as most of our money comes in and then goes out. We don't have the funds to take even $100 out of circulation more or less in case of an emergency. We don't live paycheck to paycheck, but being self-employed with extremely erratic payments, I handle the money and never know from one payment to the next how long it will be to the next payment or how long I have to make the money last. I think currently to put money aside it would be rounds of, needing to use it so we aren't tapping our retirement or investment accounts, then replacing it, then using it, then stashing it, etc. I would suppose it is like this for most of the 'poor' on this board.

[cardtrick]

I don't know anyone who has ever been run over by a bus but I know lots of people who have been impacted by events that caused widespread power outages, required evacuation, had cell service knocked out, CC lines down, etc. In those situations, having cash on hand was extremely helpful.

It is a simple enough thing to keep a few hundred dollars in small bills in your home. Honestly, I don't even think you need to bother with a safe. Just have some cash around in case something happens. You don't need to be a survivalist (I'm not) to do this. I don't have a stockpile of food or water or weapons but I do always have cash on hand.

I'm assuming you're talking about Hurricane Sandy? I would probably have some cash on hand, if I lived on the coast or say in California. No hurricanes where I live. No catastrophic event here in at least 100 years.

Besides, we don't need a car and we usually have frozen food and grains - enough to last us 2-3 weeks.

We do have a small amount of precious metals/jewelry that we could possibly trade for food in case something really bad were to happen.

[disneysteve]

I agree that it SHOULD be a simple thing to do, but for many of us, it isn't possible as most of our money comes in and then goes out. We don't have the funds to take even $100 out of circulation more or less in case of an emergency. We don't live paycheck to paycheck, but being self-employed with extremely erratic payments, I handle the money and never know from one payment to the next how long it will be to the next payment or how long I have to make the money last. I think currently to put money aside it would be rounds of, needing to use it so we aren't tapping our retirement or investment accounts, then replacing it, then using it, then stashing it, etc. I would suppose it is like this for most of the 'poor' on this board.

Fair point. My apologies if my post was insensitive. Maybe having "a few hundred dollars" out of circulation isn't realistic but I would think most everyone except the truly destitute could, over time, set aside something. Even if it is just sticking your spare change in a piggy bank each night. When an emergency happens, at least you'd have something to work with which would be better than nothing.

[Gailete]

Fair point. My apologies if my post was insensitive

No problem. I've never been on a financial forum before with so many 'rich' people. Our lives are so different than most as I can go weeks at a time without leaving the house especially during bad weather, so I never have any reason to empty my wallet every day into my change jar, which ahs around $20. My husband also works at home so the same deal for him. I do try to be sure that we have food and necessities, gas for the generator, and only a problem on the interstate about a mile away could probably trigger an evacuation. I believe in the concept of having some cash around, but until the mortgage is paid off won't probably be realistic for us.

I do appreciate learning on here.

[QuarterMillionMan]

Over $2000 in cash and about 2 ounces in gold.

[~bs]

safes aren't really safe. I would keep emergency cash hidden away, but not in a safe. They're an obvious target for thieves, and it's better to let them waste their time with a "dummy safe".

A few hundred dollars in mixed smaller bills is a good idea for smaller emergencies & natural disasters. Small bills are important, as vendors may not be able to make change for hundred dollar bills. Some would argue that being prepared would mean having large amounts of money for those occurances. In my opinion, cash is nice, but already having stockpiled non-perishables, water, and other supplies is a lot better. In an prolonged emergency, youre better off having $1000 in supplies than having 10 nice crisp franklin bills. But even better to have both, just in case. And definitely beats waiting for the government to come swooping to your rescue, as you may be waiting with your hands out for quite a while.

[~bs]

None. I might have about $100 in my wallet. I don't plan for these unlikely scenarios, just like I don't have a plan for the possibility of me getting run over by a bus on Monday which is far more likely than some catastrophic event that will close all the ATMs and bank branches.

you've never heard of rolling power outages, tornadoes, earthquakes, forest fires,hurricanes, etc.? The chances of these occuring is a lot higher than randomly getting run over by a bus. These types of events can affect entire regions. The chances of the #5 metro bus catastrophically affecting you on your daily commute is much less.

[corn18]

safes aren't really safe. I would keep emergency cash hidden away, but not in a safe. They're an obvious target for thieves, and it's better to let them waste their time with a "dummy safe".

That's a really good idea. Especially since my "safe" only weighs 110 lbs and a beefy thief could carry the whole thing out or spend a little time prying it open because it is a safe.

Tom

[Gailete]

In an prolonged emergency, youre better off having $1000 in supplies than having 10 nice crisp franklin bills.

I very much agree especially since some emergencies only affect one family, such as a lay-off, someone getting violently ill (even the flu can keep someone from going to their bank to get cash), anything that keeps you from your usual routine, and usual access to money.

One more thing, that I don't think anyone has mentioned is not having credit card bills that you are only paying the minimum or just a partial payment, a mortgage due, etc. Anything that you have to pay on a monthly basis that during an emergency would still be expected to be paid. Banks and credit card companies expect their payments even during emergencies and so far I haven't figured out a way to send cash through internet satellite connections!

I look forward to the day that our mortgage is paid in full and our house is truly ours and no one can throw us out for non-payment. Same with trying to never carry credit card balances, keeping a stocked pantry. We get major blizzards here and you can't always depend on getting out to the grocery as per usual and at times before we are even dug out the next storm comes.

While having money tucked away is a nice (okay, great) idea, you can't eat dollar bills. For people like us with little in the way of liquid assets, having a pantry stocked, gas for the generator, and bills paid on time is the best prep we can make for emergencies.

I realize that I am looking at things in a different way that whoever started this thread probably meant for it to go but what is the point of having $2K stashed away when what you really need is food and you can't access it due to whatever your emergency is?

[LivingAlmostLarge]

Um nothing. I think I need to rethink that. I used my last $20 cash today to pay for my kids swimming pass. Lucky I had that much or else i would have asked to come back. I didn't have a check either.

I guess I'll go to the bank and get some $20 and break them down.