Even if you know the importance of having a savings account at a financial institution, you might feel comfortable keeping some cash in the house. This way, you always have access to funds in an emergency. Understand, however, there's a right and wrong way to stash cash in the house. Here's a few clever and crafty ideas for keeping your money hidden safely.
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1. Don't Keep Too Much Cash in the House
I may be stating the obvious, but it's worth a mention. While it's smart to have some cash around for an emergency, don't completely neglect your savings account. At the end of the day, cash is safer in a bank account. Bank accounts are FDIC-insured up to $250,000. Unfortunately, you can't replace lost or stolen cash.
2. Keep inside a Fireproof Safe
A fireproof safe might be one of the best places for your cash. If someone breaks into your house, chances are they'll be unsuccessful trying to break the code to a safe. Make sure you choose a heavy safe, one that would be difficult for a thief to carry from the property.
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3. Store Cash in Empty Cardboard Boxes
If someone breaks into your house, you want your cash in the least obvious places. Thieves may look in shoe boxes, under the mattress and in the freezer for valuables. But they may not check your pantries. If you have empty oatmeal or cereal boxes, these make good hiding places for your emergency stash.
4. Cut a Hole in a Tennis Ball
This is a clever trick and most thieves won't think twice about examining a tennis balls for valuables. Using a knife, slit a hole in a tennis ball. Fold your cash and stuff the money inside the hole, and then hide the tennis ball.
5. Hide Cash in Clothes Stored underneath Your Bed
If you have a plastic bin under your bed for out of season clothes, put your extra cash inside these garments. But don't put cash inside the pockets. Instead, place your cash inside a sock, and then place the sock flat inside a pant leg. Don't hide cash in nicer, designer garments, as these might be a target for thieves. If you're going to hide cash, use older, less attractive garments.
6. Hide Money in Towels or Wash Cloths
In most cases, a thief isn't going to rummage through your linen closet. Fold an envelope of cash with a towel, and then place this folded towel at the bottom of the pile inside your linen closet. If you have baskets in your linen closet for storage, you can also tape a money envelope to the bottom of one basket.
6. Place Cash at the Bottom of a Dirty Clothes Hamper
Most thieve won't care about your dirty laundry, making this the perfect place to hide your money stash. Stuff your cash inside a sock, and then place the sock at the bottom of your dirty clothes basket.
The best place for your money is with a bank, but with so many hiding places in your home, you can stash cash and keep it safe from potential intruders. The key is knowing the best places to put your money, and of course, remembering you're hiding places. What are other tricks for keeping cash in the house?
Comments
Misty: Denise is right. You are only insured up to a certain amount. Smart lady ;)
Alyx: I have an emergency fund at home, I think everyone should. What happens if an emergency happens on Sunday when banks are closed and you need more than your atm withdrawal limit? I use a few different locations since I live in an area where break ins are high. That way if they find one stash they're likely to stop looking for cash stacks. But keeping it out of the main rooms is key, I think. I've had my house broken into a few times and they never seem to steal or check the bathrooms, storage closets, the basement laundry area or high up shelves and cabinets that you'd need a stool to get.
Misty: I worked in banking for many years and you would be surprised how many people withdraw all their money after payday. Some people would rather keep their own money at home. Also the freezer is a great place to hide money.
Denise: Interesting Alyx...
Denise: @Cindy- banks do fail - FDIC - also, if you are storing money at home, chances are you are jnvolved in some questionable activities, or you cannot get approved to open a bank account. FDIC insures your cash up to 250 thousand dollars...
Cindy: Dont be to sure about banks! They fail also
faeaki: I would say the bank as you get the interest however a float at home for emergencies works for me and has got me out of trouble loads of times you just never know debate can happen !
Denise: Just put it in the bank!
Eclipse6101: This is a joke right?
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