safe

How much money should you keep at home?

Wooden box with bank notes

With the summer vacation season in full swing one of the questions people are interested to know which are the best places to hide cash at home? How much money should you keep at home?

Thieves are familiar with spots like under a mattress, the freezer, or a drawer. What do people do?

Secret hiding places for money at home

1. An empty dental floss, Chap Stick or deodorant container

2. Create a compartment in an interior door.

3. In a food jar.

4. Buried in a washing detergent or cat litter

5. In a child’s stuffed toy

6. Old suitcases

7. Toilet’s water tank

8. In a small container in a larger pot plant

9. Inside shoes or coats

10. In a hole in the ground. Recently a man in Kentucky found civil war era coins in his maize field.

According to Gobankingrate.com most Americans have some distrust of banks, starting with the Great Depression, and most recently due to the failure of Silicon Valley Bank, Signature Bank and First Republic Bank.

In a survey Life And My Finances, found that 91.5% of Americans keep some cash at home.

How much cash should we keep at home?

Bankrate.com recommends keeping some cash at home to deal with emergencies. The amount should be enough for all living expenses for two months.

Hiding cash at home is risky and we should keep an amount that we are willing to lose that will not make a major impact on us.

Remember that the cash you keep at home does not accrue interest and is not insured against theft, fire or water damage.

What is the best place to hide cash at home?

A safe

“This is the most secure option among the listed choices, as it provides protection against theft and potential damage from fire or water,” said Joel Efosa, the CEO of Fire Cash Buyers. “However, it’s essential to ensure the safe is fireproof and waterproof.”

A safe is not only a place to keep your cash. It is the best place for keeping your important documents such as the deed to your house, your passport and marriage certificate.

There are numerous products available suited to home owners with families and commercial or business wall safes.

The safe locksmiths at Caliber Locksmith locksmith services are fully licensed and experienced. We service the greater Washington, DC metro area as well as parts of Virginia and Maryland. We offer onsite and in-home consultations for selecting and securely installing a new fireproof, waterproof safes.

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