Do You Keep Cash on Hand? How Much?

[Gumby]

I am a survivor of the great Northeast blackout of 2003 . I was trapped in my office in Manhattan for a day and a half with a minimal amount of cash and no way to get more. The ATMs didn't work and no place could process a credit card. I could not get home and it was quite miserable. Since that day, I have always kept at least $100 in my desk drawer at w*rk and several hundred dollars at home.

[kramer]

I live in the Philippines. ATMs are not as reliable here and credit/debit cards are not widely accepted. It is a cash economy. Also, I do not know if most hospitals will accept a credit card in an emergency as the *only* payment, they may want some cash up front.

I normally carry around $200 on my person and have an average of about $1000 at home (all in the local currency). If I had a safe, I would keep more cash on hand.

A friend lives nearby and he has an ATM card of mine (but not the PIN). In an emergency, I can call him and he could withdraw cash for me.

[iac1003]

Quote:

Originally Posted by Bestwifeever Right now we have about $200, left from the $500 we took on a trip. Usually $50 to $100. Nearest ATM is 2 blocks from our house. When MIL moved into nursing home her kids found a couple of thousand squirreled away among several hiding places in her house. One of you thrift store shoppers might have found a bundle they overlooked tucked into the back of a picture frame or something.

I found about $20K squirreled away at my mother's house.


Sent from my iPhone using Early Retirement Forum

[KB]

About a decade ago I would get $400 monthly from the ATM for groceries and miscellaneous. I did my shopping at a store that only took cash or ATM. I still get $400, but don't spend cash regularly, so it lasts a few months or more. I not longer shop at the cheap store since they carry very few organics.

I still keep some cash in my safe, about $700 these days. I never use it but feel comfortable having it. Just like the $5000 in my MM paying almost nothing.

[LOL!]

Quote:

Originally Posted by Gumby I am a survivor of the great Northeast blackout of 2003 . I was trapped in my office in Manhattan for a day and a half with a minimal amount of cash and no way to get more.

Since you were trapped in your office, do you keep a few days worth of food and water in your office? At home? That would seem to be more useful than cash to me.

I was affected by hurricane Sandy. Cash did no good because roads were blocked by trees, gas stations were not manned, and no power for quite awhile. What did good was being prepared with food and water, so that one could shelter peacefully in place for a few days. That's pretty typical in a natural disaster.

[Gumby]

I do have a stash of canned goods and water at home. Enough for at least two weeks. I have bottled water at the office, but no food. If disaster strikes while I'm there, the primary purpose of the cash is to get home.

[RockyMtn]

Keep about $100 in my money clip. Mainly for golf gambling and tips for the guys who clean clubs, valet guys, etc. Keep another $1500 in the safe at home for whatever comes up.

[footenote]

Late spring, summer and early fall are the only times of year I worry about having at least $25 / week in the wallet because of my Farmer's Market habit. Only one farmer uses Square.

(I expect as Square, GoPayment, PayPal Here, Spark Pay and other transform-your-smartphone-into-a-POS penetrate, we'll see the use of cash continue to plummet.)

Other than Farmer's Market season, between the two of us we generally have $20 - 40 tops per person on us. And we often do not spend that cash for months at a time.

[Senator]

Quote:

Originally Posted by Mulligan So I assume when you do the cash is moved at night to under your mattress12 inches away from your Glock on the nightstand?

I have a solid fireproof safe. And I actually, I have a Sig... And a S&W or three, and several Dan Wessons, and many others. I didn't have any ARs until a couple of years ago, now I have I think 7, and about 30, 3- round clips.

You can never have too much cash, or guns...

But that is why I recently paid off a mortgage. I now get 5.5% on my former loose cash that is now invested in a 'Mortgage Bond'. it's just a lot harder to get it out now.

[Mulligan]

Quote:

Originally Posted by Senator I have a solid fireproof safe. And I actually, I have a Sig... And a S&W or three, and several Dan Wessons, and many others. I didn't have any ARs until a couple of years ago, now I have I think 7, and about 30, 3- round clips. You can never have too much cash, or guns... But that is why I recently paid off a mortgage. I now get 5.5% on my former loose cash that is now invested in a 'Mortgage Bond'. it's just a lot harder to get it out now.

A couple times a year I have to load up on cash for my gambling trips. I do not like the feeling of having so much cash at home. But the feeling has been mitigated substantially since I purchased my "personal home protection device" along with several loaded clips.


Sent from my iPad using Tapatalk

[travelover]

I have a missile launcher, 50 vicious dobermans with AIDs and a moat filled with alligators. Oh, and a collection of deposit bottles. Do I win?

[calmloki]

Quote:

Originally Posted by footenote ... transform-your-smartphone-into-a-POS ...

Nah. I have a cellphone that is already a POS And if our doors aren't open for the breeze at night then at least they are unlocked. C'mon in.

[Midpack]

Far too much, but with bank checking/saving interest rates at almost nil, I don't see a need to worry about cash on hand...no one would ever find my hiding place.

[robnplunder]

Quote:

Originally Posted by Senator Yep, in a business account, that's what they do. At least the type I have.

Our former BoA biz account never charged for cash deposits no matter what amount.

Rand mode on. My doctor is charging 3% for bills (for me, mostly deductibles) paid with credit card. Now I need to carry cash for regular check ups. He is also chraging 25 cents per paper record requests. The nerve of my doctor (who is easily making 6 figure income) nickle & dime'ng for every penny is making me consider changing my doctor. It's not the money that is pissing me off. The thought of a wealthy doctor milking pennies out of patients is making me sick. Rant mode off.

[Meadbh]

Quote:

Originally Posted by robnplunder Our former BoA biz account never charged for cash deposits no matter what amount. Rand mode on. My doctor is charging 3% for bills (for me, mostly deductibles) paid with credit card. Now I need to carry cash for regular check ups. He is also chraging 25 cents per paper record requests. The nerve of my doctor (who is easily making 6 figure income) nickle & dime'ng for every penny is making me consider changing my doctor. It's not the money that is pissing me off. The thought of a wealthy doctor milking pennies out of patients is making me sick. Rant mode off.

Before you judge the "wealthy doctor" please know that he is a small businessman with significant overhead (probably 30-40% of total income). He needs to manage his income and expenses just as carefully as you do.

[mpeirce]

> no one would ever find my hiding place

I wonder if cash hiding places are like password used to be - everyone thinks they have a great spot, but everyone uses the same ones.

And no, I'm not asking where you keep your stash along with the GPS coordinates of your house and when you might be away for a few hours

[WhoDaresWins]

Quote:

Originally Posted by mpeirce > no one would ever find my hiding place I wonder if cash hiding places are like password used to be - everyone thinks they have a great spot, but everyone uses the same ones. And no, I'm not asking where you keep your stash along with the GPS coordinates of your house and when you might be away for a few hours

Well, I will spill the beans on where I keep my cash: An antique Limoges soup tureen in the hutch in my dining room. I have read that thieves head straight for the master bedroom as this is where most folks keep their small valuables.

[REWahoo]

Quote:

Originally Posted by WhoDaresWins Well, I will spill the beans on where I keep my cash: An antique Limoges soup tureen...

Isn't that where everybody keeps it?

After my FIL passed away, my BIL and I went on a 'treasure hunt' to locate where he'd stashed away some cash. He'd told my BIL he'd buried some money in the barn. We found it about a foot below the surface in what was definitely an antique (but not Limoges) soup tureen. $15K in $10's, $20's and $50's - some of the bills dated back to the 1950's.

[brewer12345]

Dad was a cash-basis small businessman for many years. He knows to the dollar how much a coffee can and a shoebox will hold if you fill it with 20s, 50s, or hundreds. As the executor of my parents' estate, I very much dread the necessary treasure hunt when the time comes.

[robnplunder]

Quote:

Originally Posted by Meadbh Before you judge the "wealthy doctor" please know that he is a small businessman with significant overhead (probably 30-40% of total income). He needs to manage his income and expenses just as carefully as you do.

Sorry, Meadbh. I know my doctor very well as he has been boasting about his wealth. And 25 cents don't add up to price of a cup of coffee at the end of the month. He's just being miserly.