Want to know how to keep your cash safe indoors? Most people these days keep a large amount of their finances in their bank accounts, as it ensures a certain level of security. However, it’s still wise to keep a significant amount of cash on hand for various reasons. One is unanticipated expenses. For example, a medical emergency might occur, or you might need to take your car for repairs immediately, with no time to go to a bank or ATM. Keeping a certain amount of money at home will provide you with an emergency fund that’s easy to access.
However, you shouldn’t simply store your money anywhere in your home. It’s important to find a secure spot to keep it in so that you avoid losing it in the event of break-ins or natural disasters.
That being said, here are some essential tips and tricks for keeping your cash safe indoors.
Don’t Assume The Mattress Is A Safe Spot
It’s critical to store your money in areas that are not in plain sight or that are hard to reach. There are a lot of spaces you can consider, such as your attic or deep in the back of your closet. However, the mattress should never be your choice of hiding place.
While your cash may be out of sight at the bottom of a mattress, it’s still not a secure enough place to keep something sensitive in, such as documents or money. This is a common hiding spot that most people use, and burglars are likely well aware of this fact. It’s one of the first places they might check, along with jewelry boxes, handbags, wallets, refrigerators, and toilet tanks.
It would be a much better idea to use a safe. A lot of homeowners prefer to have a safe for money. It’s also used to store other possessions that need to be safeguarded, such as important documents or jewelry. If you decide to get one, you should ensure that it’s fireproof; many people have lost cash to fires that occurred in their homes, so it’s important to prevent that possibility.
Don’t Let Anyone Know About It
The less people know that you’re keeping cash in your home, the less the chances of it being stolen. Even if you believe that the people you tell would never attempt to take your money, there’s a chance they might mention it to another person who would be less hesitant to steal from you. It’s better to be safe than sorry, so you should try to keep the knowledge of your stash limited to a few people.
This is no less important if you have children or extended family members living with you. Refrain from letting them know about it, and make sure your cash isn’t kept in a common area that people in the household have access to. Remember, no one would feel tempted to steal something they don’t know exists.
Keep Your Cash Safe by Keeping It Separate From Your Other Valuables
Aside from cash, you may also be storing expensive jewelry, family heirlooms, or confidential papers at home. If so, you should make sure to keep your money separate from these valuables. This is to help mitigate the damage or loss that might occur in case of a theft. The last thing you’d want is for those belongings and your money to be stolen at once because they’re kept in the same place.
Be Aware Of The Risk Of Inflation
Another risk associated with keeping your money at home is a lack of return on investment. Since it doesn’t earn interest, you may end up becoming vulnerable to inflation risk, and the value of your money may actually decrease.
To mitigate the effects of inflation, you can minimize the amount of cash you keep at home. Calculate the minimum amount you may need for your emergency stash and try not to go beyond it. The less cash you have in your home, the lower your inflation risk.
Hide Your Cash In Several Places
Natural disasters such as earthquakes, hurricanes, and catastrophic flooding are difficult to avoid. Since there’s no way to completely eliminate this risk, the best you can do is to reduce the possible damage that may occur. One way to do this is by hiding your cash in various secure locations throughout your home. This trick will help safeguard your money from total loss if your house sustains damage from a natural disaster.
Keeping money at home is important if you want to be prepared for emergency expenses, but it has to be done the right way, with extra precautions taken to prevent loss or damage. You should always be ready for the possibility of theft or natural disasters. That being said, the tips and tricks above can help you keep your cash safe indoors.