how much cash do you keep at home?

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soundwave
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Re: how much cash do you keep at home?

Post by soundwave »

Annually about $1000 of crisp new bills. Replenish each year in Nov/Dec when banks receive a nice supply. I get a variety of crisp 50's, 20's & 10's. Use this throughout the year for birthdays, graduations, weddings, etc.
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Sandtrap
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Re: how much cash do you keep at home?

Post by Sandtrap »

I forgot about "birthday money".
I keep a stack of new 20 and 100 dollar bills.
Fold up in 1/4 size and they go in "red birthday/xmas/gift money" envelopes for kids and grandkids.
Over the years, everyone knows that at the end of a family get together celebration, I'm going to hand out those red envelopes.

Passing on what my dad used to do, what my grandmother used to do, what my aunts/uncles used to do. . . . . .. :D

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Starfish
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Re: how much cash do you keep at home?

Post by Starfish »

smitcat wrote: Mon Mar 30, 2020 7:30 am
Starfish wrote: Sun Mar 29, 2020 9:08 pm
smitcat wrote: Sun Mar 29, 2020 12:17 pm Cash has been very good to have in some occasions in the past for us for a few reasons:
- getting a tree off the home
- to get fuel at stations that have no internet
- to get food at stores that have no internet
Credit cards exists since the 50s. Did they have internet back then? Or do taxis have internet? (now probably they do, but 5 years ago).
I paid several times in my life with credit card with internet or even power so it must work.
"Did they have internet back then? Or do taxis have internet?"
Perhaps you have not experienced an event where the electrical power goes out and the cell towers go with it.
There have been a few of these over the years dependent upon where you might live and what might have occurred at the time
FWIW - we also supplied some cash for neighbors and friends who needed propane and fuel at the time.
I actually stated that I paid several times without power. You don't need internet or power to pay with a credit card!
There are other causes for not being able to pay with a CC:
1. You do not have a proper credit card for this (they become rarer, but usually not an issue);
2. The merchant does not have the imprinting tool (less common nowadays, probably the main issue);
Jack FFR1846 wrote: Mon Mar 30, 2020 8:19 am A friend of my wife's aunt lived in poverty for years after his mom passed. He lived in one floor of a 100 year old 3 decker for decades, going to church provided meals. His brother owned the house and rented him a floor. He died and the while the house was being cleaned out to sell, a jar was found full of money, saved by the mother. $350,000 in money. Had the money been in a bank account, it would have been discovered decades ago and this man could have lived a much better life.


The former owner of the house I live in died living ~85k in a BoA bank account. For a while I kept receiving letters about them. I talked to the real estate agent etc, nobody knows how to get a hold of the heirs. They did not provide a forwarding address, they don't even share a name.. vanished.
Glockenspiel
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Re: how much cash do you keep at home?

Post by Glockenspiel »

Normally probably $50-$300 combined in our wallets. Use credit cards for nearly everything.
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JDCarpenter
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Re: how much cash do you keep at home?

Post by JDCarpenter »

We keep a thousand in mixed denominations in the wine cellar for unlikely events. Otherwise, we rarely use cash when in the USA.
Starfish wrote: Sun Mar 29, 2020 9:08 pm ...
Credit cards exists since the 50s. Did they have internet back then? Or do taxis have internet? (now probably they do, but 5 years ago).
I paid several times in my life with credit card with internet or even power so it must work.
After the recent tornado hit in Nashville, our area lost power for several days. Lowes wasn't accepting credit cards when we managed to detour to it. A couple of restaurants that we went to during the next week and a half before virus lockdown also had reverted to cash only. Sure, we would have survived without cash, but it enabled us to do things in the timeframe that we desired and without excessive driving via detours to find an operational ATM outside of our locale. A very small cost for the unlikely (but realized) benefit.
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smitcat
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Re: how much cash do you keep at home?

Post by smitcat »

Starfish wrote: Mon Mar 30, 2020 11:01 am
smitcat wrote: Mon Mar 30, 2020 7:30 am
Starfish wrote: Sun Mar 29, 2020 9:08 pm
smitcat wrote: Sun Mar 29, 2020 12:17 pm Cash has been very good to have in some occasions in the past for us for a few reasons:
- getting a tree off the home
- to get fuel at stations that have no internet
- to get food at stores that have no internet
Credit cards exists since the 50s. Did they have internet back then? Or do taxis have internet? (now probably they do, but 5 years ago).
I paid several times in my life with credit card with internet or even power so it must work.
"Did they have internet back then? Or do taxis have internet?"
Perhaps you have not experienced an event where the electrical power goes out and the cell towers go with it.
There have been a few of these over the years dependent upon where you might live and what might have occurred at the time
FWIW - we also supplied some cash for neighbors and friends who needed propane and fuel at the time.
I actually stated that I paid several times without power. You don't need internet or power to pay with a credit card!
There are other causes for not being able to pay with a CC:
1. You do not have a proper credit card for this (they become rarer, but usually not an issue);
2. The merchant does not have the imprinting tool (less common nowadays, probably the main issue);
Jack FFR1846 wrote: Mon Mar 30, 2020 8:19 am A friend of my wife's aunt lived in poverty for years after his mom passed. He lived in one floor of a 100 year old 3 decker for decades, going to church provided meals. His brother owned the house and rented him a floor. He died and the while the house was being cleaned out to sell, a jar was found full of money, saved by the mother. $350,000 in money. Had the money been in a bank account, it would have been discovered decades ago and this man could have lived a much better life.


The former owner of the house I live in died living ~85k in a BoA bank account. For a while I kept receiving letters about them. I talked to the real estate agent etc, nobody knows how to get a hold of the heirs. They did not provide a forwarding address, they don't even share a name.. vanished.
"I actually stated that I paid several times without power. You don't need internet or power to pay with a credit card!
There are other causes for not being able to pay with a CC:
1. You do not have a proper credit card for this (they become rarer, but usually not an issue);
2. The merchant does not have the imprinting tool (less common nowadays, probably the main issue);"

I am not saying that you have not had an experience where you could pay.
In our case there was no way to pay with a credit card - it is a fact that we could not pay for various things at the time for several days.
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Go Blue 99
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Re: how much cash do you keep at home?

Post by Go Blue 99 »

We typically have between $500-$1k in the safe.
H-Town
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Re: how much cash do you keep at home?

Post by H-Town »

Why is it that the first thing you do when disaster happens is to go out and buy stuff? This is the time that you need to stay home until it's safe to be out. Do you spend cash when you're home?

You should have disaster planning and have things purchased ahead of time.
smitcat
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Re: how much cash do you keep at home?

Post by smitcat »

H-Town wrote: Mon Mar 30, 2020 11:53 am Why is it that the first thing you do when disaster happens is to go out and buy stuff? This is the time that you need to stay home until it's safe to be out. Do you spend cash when you're home?

You should have disaster planning and have things purchased ahead of time.
"Why is it that the first thing you do when disaster happens is to go out and buy stuff?"
A few thoughts come to mind:
- a repair may be needed on your home
- the Disaster may affect a resource for longer than expected
- your planning may not be deep enough to cover the needs
- you may be attempting to help others
balbrec2
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Re: how much cash do you keep at home?

Post by balbrec2 »

camillus wrote: Sat Mar 28, 2020 2:47 pm Curious. How much cash do you keep at home? I was listening to a normally entertaining podcast and I was shocked that the host was seriously suggesting burying cash in the backyard to hedge against mass bank failures. (Some of you may remember Washington Mutual from 2009.)

I think most people here will agree that is way overboard. Still, I'm wondering if you are increasing your at home physical cash reserves. Thanks!
$500 in the safe besides day to day pocket cash, because you never know.
I do use the CC for nearly everything I can. I like my points.
framus
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Re: how much cash do you keep at home?

Post by framus »

smitcat wrote: Mon Mar 30, 2020 11:56 am
H-Town wrote: Mon Mar 30, 2020 11:53 am Why is it that the first thing you do when disaster happens is to go out and buy stuff? This is the time that you need to stay home until it's safe to be out. Do you spend cash when you're home?

You should have disaster planning and have things purchased ahead of time.
"Why is it that the first thing you do when disaster happens is to go out and buy stuff?"
A few thoughts come to mind:
- a repair may be needed on your home
- the Disaster may affect a resource for longer than expected
- your planning may not be deep enough to cover the needs
- you may be attempting to help others
Woulda, Shoulda, Coulda?

Some of us may not be so prescient to have planned for this disaster.
We are ashamed of our inadequacies. :oops:

Where we live one can hire personal shoppers to get groceries and medications.
They only take cash. Of course we could go to the ATM but why risk that?
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Artful Dodger
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Re: how much cash do you keep at home?

Post by Artful Dodger »

Some foreign cash from recent trips, mostly Euros and Mexican pesos - maybe $200 total.

Change in jars, that I collect, then take to the bank once they fill up - maybe $50 - $75

Cash I carry - $100 - $200

We used to have some 1 oz gold maple leafs - I cashed in about a year ago. I suppose in case of armegeddon, those might have been useful. I don't understand the concern regarding bank failure. If you're worried your one bank may go under, I suppose that's possible, but you are insured for $250k in deposits, right? If I need some cash, and my bank is closed, maybe even insolvent, I have several credit card options to get cash from many ATMs. If you are talking about some type of systemic bank failure, I'm not sure holding paper money is the solution.
nascar090210
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Re: how much cash do you keep at home?

Post by nascar090210 »

6 months of living expenses
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camillus
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Re: how much cash do you keep at home?

Post by camillus »

Here's what I ended up doing for full disclosure:

We normally keep $1500 or so in the house. I made daily trips to the ATM for a few days and bumped that up to $2500 or so. I think that's a reasonable, not-crazy number. We'll have a decent chunk to get out of a bind or help someone in some unforeseen situation, but we wouldn't be that upset about it if we got robbed or the house burnt down.

The interesting thing is that I never carry cash on my person. Perhaps this is just one little thing I fixated on to help me feel more prepared. Oh well, it's not too expensive and I can unwind it whenever I want :?
ChangedInvestor2019
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Re: how much cash do you keep at home?

Post by ChangedInvestor2019 »

A bit more than $1000. Considering to increase the amount..
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Re: how much cash do you keep at home?

Post by abuss368 »

Sandtrap wrote: Mon Mar 30, 2020 8:37 am I forgot about "birthday money".
I keep a stack of new 20 and 100 dollar bills.
Fold up in 1/4 size and they go in "red birthday/xmas/gift money" envelopes for kids and grandkids.
Over the years, everyone knows that at the end of a family get together celebration, I'm going to hand out those red envelopes.

Passing on what my dad used to do, what my grandmother used to do, what my aunts/uncles used to do. . . . . .. :D

j :happy
That is a nice tradition.
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Re: how much cash do you keep at home?

Post by abuss368 »

We have almost no cash at home. The ATM is a few streets over.

We pretty much use the credit card for everything.
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catdude
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Re: how much cash do you keep at home?

Post by catdude »

I generally have $400 - $500 at home. Really came in handy about a year ago when I paid some dudes 400 bucks to clear off my roof after a major snowstorm. If I had begged them to take a check, they probably would've accepted it, but they eagerly accepted my offer of cash. Cash is king....
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like2read
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Re: how much cash do you keep at home?

Post by like2read »

One of our largest Achilles heels is our power grid. Thought experiment - the power goes out regionally or maybe over a larger area. For weeks perhaps. Perhaps longer. The lack of power takes out internet access, phone lines, power to credit card machines. What part of your assets will you be able to access? Credit card? ATM? Bank account? Online accounts? Gas pumps?

Face it, most of your liquid assets are digits in some database somewhere.
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Meaty
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Re: how much cash do you keep at home?

Post by Meaty »

like2read wrote: Tue Mar 31, 2020 7:52 pm One of our largest Achilles heels is our power grid. Thought experiment - the power goes out regionally or maybe over a larger area. For weeks perhaps. Perhaps longer. The lack of power takes out internet access, phone lines, power to credit card machines. What part of your assets will you be able to access? Credit card? ATM? Bank account? Online accounts? Gas pumps?

Face it, most of your liquid assets are digits in some database somewhere.
If that happens, millions will perish due to inability to get/refrigerate food, medicine, etc. millions more would loot, riot, and cause immense property damage and further loss of life. Frankly, inability to access digits will be the least of everyone’s problem
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Small Savanna
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Re: how much cash do you keep at home?

Post by Small Savanna »

Just checked - I have $75 in my wallet. We also have a bowl full of change; there might $20 or $30 in it. Somewhere I've got an Eisenhower dollar that my grandfather gave me.
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Re: how much cash do you keep at home?

Post by smitcat »

Meaty wrote: Tue Mar 31, 2020 8:59 pm
like2read wrote: Tue Mar 31, 2020 7:52 pm One of our largest Achilles heels is our power grid. Thought experiment - the power goes out regionally or maybe over a larger area. For weeks perhaps. Perhaps longer. The lack of power takes out internet access, phone lines, power to credit card machines. What part of your assets will you be able to access? Credit card? ATM? Bank account? Online accounts? Gas pumps?

Face it, most of your liquid assets are digits in some database somewhere.
If that happens, millions will perish due to inability to get/refrigerate food, medicine, etc. millions more would loot, riot, and cause immense property damage and further loss of life. Frankly, inability to access digits will be the least of everyone’s problem
The longest power outage here was about 10 days for may folks - lesser for some along the fringe areas. There was some looting and there was some property damage and other accelerated crime. There was no lack of food nor was there lack of medicine or riots - it was certainly much more difficult to operate at the time. Some cash and some amount of planning ahead of time certainly made a very large difference for those that did.
novemberrain
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Re: how much cash do you keep at home?

Post by novemberrain »

About $4000,
since I go through most of that in cash spending every month.
I pay my babysitters and housekeepers in cash. That itself is around $2500 per month. Then I pay for gas in cash. The rest of the money is for a buffer in case I don't get time to go to bank to replenish my cash.
whomever
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Re: how much cash do you keep at home?

Post by whomever »

"You don't need internet or power to pay with a credit card!"

I have shopped at the supermarket during power outages, and that supermarket was only taking cash.
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JoMoney
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Re: how much cash do you keep at home?

Post by JoMoney »

I have no concern about a permanent "mass bank failure". I do have concerns about temporary loss of power and networks for electronic banking and credit systems. I keep a few hundred dollars in cash, some of which is in an envelope with my household emergency kit, some in my wallet, and some of it's the bucket of coins I dump my pocket change into.
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hudson
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Cash or Trading Stuff

Post by hudson »

A few times in life, one can get in a jam. At these times, it's really good to have something of value like a handful of bills or a Rolex watch. (which I will never own...but are well known worldwide)
Last edited by hudson on Thu Apr 02, 2020 8:31 am, edited 1 time in total.
Yooper
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Re: how much cash do you keep at home?

Post by Yooper »

hudson wrote: Thu Apr 02, 2020 8:18 am A few times in life, one can get in a jam. At these times it's really good to have something of value like a handful of bills or a Rolex watch. (which I will never own...but are well known worldwide)
I fall into this camp. At a formative point in my life I worked overseas in a rather "unstable" country. It was recommended to have a healthy stash of cash (USD - not the local currency) to ensure you could cross the border if push came to shove. After experiencing a two week gas outage while there, I also started filling up my vehicle once I got to half a tank. Decades later I still fill up at half a tank and always have (a suitable amount) of cash at home. Within reason, I go by the adage, "Better to have something and not need it, than to need it and not have it."
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JoMoney
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Re: how much cash do you keep at home?

Post by JoMoney »

^ Never had that kind of experience, but I always try to keep at least half a tank as well. There are numerous reasons,
I've been told you should always keep it above 1/4 tank to ensure fuel pump is completely submerged - being exposed to air causes it to deteriorate quicker. Also, when your tank is low, there's a higher concentration of old sediment in the mix.
The only positives I've heard for letting your tank run low is slightly better fuel efficiency while carrying less weight from a full tank, and some people get a kick out of living on the edge driving with the low-fuel light on.
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Nicolas
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Re: how much cash do you keep at home?

Post by Nicolas »

Zip — well just a few tens and twenties in my wallet.
Last edited by Nicolas on Thu Apr 02, 2020 9:11 pm, edited 1 time in total.
Jack FFR1846
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Re: how much cash do you keep at home?

Post by Jack FFR1846 »

like2read wrote: Tue Mar 31, 2020 7:52 pm One of our largest Achilles heels is our power grid. Thought experiment - the power goes out regionally or maybe over a larger area. For weeks perhaps. Perhaps longer. The lack of power takes out internet access, phone lines, power to credit card machines. What part of your assets will you be able to access? Credit card? ATM? Bank account? Online accounts? Gas pumps?

Face it, most of your liquid assets are digits in some database somewhere.
A couple years ago, we had a late, heavy snow, ice, rain storm. Power was out all over the region, including our house which has never lost power in over 25 years for more than an hour. I plowed the snow to the point I could cut the trees that fell across the driveway, cleared them and headed to Lowes. No power in the area but they were up on generators. Bought myself a generator with my credit card, went home and ran the house for 3 days. Just selected circuits. 2 refrigerators, sump pump, upstairs and basement lights, Fios box, furnace and water heater and some outlets for charging phones, flashlights and laptops. We had everything we needed including heat. We didn't bother with hooking up the microwave. I was able to get gas with my credit card but I think there were areas coming back on power and I happened to go to one when I was looking to get generator gas.

It was only 3 days but I didn't use a single dollar in cash. I worked from home (internet stayed up). Cell phone worked.
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Cubicle
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Re: how much cash do you keep at home?

Post by Cubicle »

Now I can just make a giant map of every poster in this thread... Should be easy pickings!
________________________________________

Usually between $1,000 to $5,000. It only gets that high because I'm too lazy to the bank to deposit it all. The $1,000 minimum is because I don't deposit $1/5/10 bills.
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