Surround Yourself with Wealth – Cash at Home

Posted On 24 September 2022

Last updated on April 6th, 2024

Keeping cash at home should be an aspect of your emergency funds. I am a firm believer in having back-up plans. Sometimes, I have a back-up plan for the back-up! As Murphy says, “If something can go wrong, it will.” (… and it usually happens at the worst time!)

We are not able to avoid emergencies in our lives. With measures in place, we are able to tackle these problems head-on. Even if we are not able to solve the problem, we can make it more manageable.

In addition to solving problems or emergencies, when we have cash available to us it really helps boost our attitude and confidence. Having cash at home is a great compliment to our financial plan.

Surround Yourself with Abundance

Every solid financial plan includes having an Emergency Fund. The emergency fund can be the minimum balance in a checking account, so you don’t have to pay a monthly fee.

Keeping cash is not the only form of wealth. I recommend using the 1-Up System to maintain a full pantry in our homes. It makes life less stressful and allows us to save money by buying food in bulk or on sale. By using the 1-Up System, we can also avoid the stress (or aftermath) of Panic Shopping if there is a storm or something that temporarily disrupts the food distribution system.

When we get in the habit of Carrying Cash, we enable ourselves to solve minor issues. We also learn the self-disciple of not spending money when we have it in our pocket.

Another Line of Defense

An emergency fund in the bank is great. What happens if the banks are closed due to a pandemic or something. Keeping cash to cover one month of expenses at home ensures that you can still buy food, gas for the car, or emergency supplies.

What if your bank account was frozen (even by accident!)? I would like to still be able to pay my mortgage or rent. Maybe this is a pessimistic view. Shit happens and it is my responsibility to make sure that I do not get screwed in the process!

Rocked Like a Hurricane

In August of ’89 I moved to St. Croix with my family. I was just starting my junior year in high school. Little did we know that Hurricane Hugo would destroy the island only a few weeks later. The damage was so extensive that the power company was not able to restore our electricity for two and a half months!

The aftermath of the hurricane definitely had an impact on me. My stepdad had bought cases of food storage a year or so before we moved to St. Croix. He then packed this food storage into the shipping container with all our stuff when we moved to St. Croix. My Mom and I thought he was crazy! That food storage turned out to be a blessing when there was not much food available on the island.

My stepdad hooked up a generator to the house so we could have some temporary power. Luckily, we had a gas stove and could still cook without electricity.

Without power, even ATMs don’t work! It does not matter if you have millions in the bank if you are not able to access your account! Cash was how things were purchased while the island was being rebuilt. Keeping cash at home ensures that you can purchase things when there is an emergency.

Can Be Accumulated Over Time

As with everything else with your financial plan, you can accumulate your cash at home over time. It really doesn’t matter if you are able to just withdraw this amount from the bank, or if you build it up over time. Remember, this is about you and your own money. (Although, if you are married your money is a joint venture!)

Here are some ideas for building up your cash. It can be skipping a meal at a restaurant (or bringing lunch to work with you) and putting that amount into your home cash. I have found that the cash paid back from returning bottle deposits can be an easy way to add to a cash pile.

Keep It Secret (& Hidden)

The most important rule with keeping cash at home is to not talk about it. I know, I know – I’m talking about it here! This is not something that I openly talk about. My kids don’t even know if I have cash at home.

Rule number two with holding cash at home is to keep it in a safe and secure place. Since there are so many great ideas available online, you can look up some kick ass hiding ideas yourself.

The reason for keeping cash at home is so that you have it easily available if you need it. Keep it where you can get to it, but others would not easily find it.

Enjoy Your Extra Level of Security

Keeping a month’s worth of expenses in cash at home gives you an extra layer of security. This is an aspect of your carrying cash. You don’t need to carry a lot of cash with you.

This cash at home can come in really handy if you are not able to get to your money that is in the bank. Like a spare tire for a car, this cash may never be needed. When it is needed, though, it can be a real lifesaver!

The best time to dig a well is before you are thirsty. You will do yourself a favor by putting financial safety measures in place before you need them. I hope that you are able to apply this to your life so that you can live your life with a high level of confidence.