According to a recent poll, more than 50% of Americans have at least a little cash stashed away at home. This poll found that the average person has around $1,000 in cash hidden somewhere in their house.
Generally speaking, you’re probably not going to want to keep all the cash you have saved up in your home. But there are definitely a few benefits of keeping cash at home if you decide to do it.
So, what are the advantages of sticking cash reserves somewhere in your home? We’re going to break down three benefits of doing it below and explain how to keep it safe. Learn more below.
1. You’ll Always Have Emergency Funds
If an emergency were to take place tomorrow and you weren’t able to obtain cash fast, what would you do? You likely don’t even want to think about ending up in this scenario.
But there is always a chance that you might get stuck in some kind of situation that would require you to secure emergency funds. Having cash in your home would really come in handy at a time like this.
This is easily one of the most important benefits of keeping cash at home. You might want to track down an ATM in your area now so that you can get some cash to take home.
2. You’ll Survive a Bank Run
Bank runs are rare in this country, but they do happen from time to time. During a bank run, a large number of people will head to a bank to try to take money out, and a bank won’t have enough money on hand to give everyone what they want.
You would be able to survive a bank run without any issues if you were to keep cash in your home. You’d have at least some money to hold you over until you could figure out what to do next.
3. You’ll Worry Less About an Infrastructure Collapse
An infrastructure collapse is even more unlikely than a bank run. But there is really no telling what could occur in this country in the coming years.
You’ll sleep better at night knowing that if an infrastructure collapse did happen and impact the financial sector, you wouldn’t be completely out of luck. You would have cash for the things that you need while the infrastructure is being rebuilt and stabilized.
How to Keep Cash at Home Safe
If you choose to keep cash at home, your No. 1 goal will need to be keeping it safe. You can do this by investing in a high-quality home safe that won’t be easy to break into if it falls into the wrong hands.
You can also do it by hiding your home safe in a place that’s difficult to find and by keeping it locked up at all times. It’ll reduce the risk associated with keeping cash in your home.
Embrace the Benefits of Keeping Cash at Home
Now that you understand the benefits of keeping cash at home, you might want to set out to start doing it. But before you can stick cash into a home safe, you’ll need to find an ATM and take some cash out.
We can help you locate ATMs in your area. Go here to see where ATMs are situated in your city or town.