Stash of "emergency" cash

[taubel]

Hi - Just wondering if everyone keeps a "stash" of emergency cash in their home. We do have a stash. No idea if it's enough or too much, but it makes me feel better knowing it's right here.

Has anyone ever had to use their emergency cash? Not because you ran out of grocery money, but for a real emergency? 

[mommariffic]

We do not, although this is a good idea...I'm lucky if I have $20 in cash

[philomom]

We keep just a couple of hundred dollars at home. Mostly for the kid's allowances and not to have to stop at the ATM when we are headed out of town.

[Chicky2]

We do, but the amount varies.  Sometimes it's $100, sometimes it's $800.  yes, we do get into it at times.  We have to.  Kids have dental emergencies, dh has car emergencies, etc....Never for groceries or things like that, though.  Just bigger stuff.

[taubel]

Well, we have extra cash for "little" expenses that crop up. But I'm talking about larger chunks of money. Like if there's a terrorist attack or something terrible like that and we have to flee our home in the middle of the night and get far away....

[velochic]

It probably seems weird to a lot of people, but I'll admit it.  Yes, we do.  And for those very reasons.  My father is both former military and was a career civil servant at a naval warfare center.  He always encouraged me to keep cash on-hand for those types of emergencies.  He was involved in a lot of civil preparedness and it did rub off, although it took a few decades.   We don't keep much cash.  Or not as much as you might be talking about.  Only about $2000. I did have to convince dh to do so, even though he's lived through a civil uprising in his home country.  It's not money that would be doing much for us, anyway.  There is a middle ground on when having cash on-hand is beneficial, though.  If there is total breakdown, then cash is nothing but paper.  So, there's no use to have large amounts, IMO.  A stocked pantry, medical supplies, skills, and a strong network of friends is more valuable in emergency situations.  At some point you have to decide to bug out or SIP, and there are few things that would make me leave my home.

[Angelorum]

We have about 100 in small bills.  Not much for a huge, we have to flee now type emergency.  But if there were say, an earthquake with widespread power outages we're not going to be able to whip out the debit card to fill up the gas tank should we need to.

[kitchensqueen]

We don't currently because we don't have a lockbox (really need to get one anyway for important documents and such) and because we don't typically have "extra" money to just leave at home without accruing interest in an account (even if it is only one cent a month!).

But with the baby coming this fall, we probably should get a lockbox and keep cash on hand - you never know when you might need it.

[insidevoice]

We do.  Actually, we both keep a little in our wallets (about $200) that isn't touched.  That started after a nasty run in with a locksmith who demanded payment upfront even though my purse was sitting on the front seat of the car.   

I keep a gas-tank worth in the car glove box.

At home I keep a lockbox with cash and important documents- fireproof and waterproof-  in the kitchen. If we had to leave in a huge emergency, that is something I would grab on the way out the door.  It's not a ton of money, but enough to manage about a week in budget hotels and eating out occasionally, and enough cash for gas to get to my parent's home and back.  DH does not know how much cash I keep in it, but he does know it is some.  I had to flee my first marriage, and to make it safely nearly 1000 miles, I only had about $60 and none of our documents.   I will NEVER be in that position again.  The gas money wasn't enough to make it all the way there, so at one point I had to stop at a local police station to ask for help with gas money. Now, I know my DH would never be a danger to us, but just having been through that was enough to make sure I am prepared. 

Soon, we will be living where earthquake and tsunami are very real dangers.  Because of that, I want to be able to evacuate without hitting the nearest cash machine. 

[Sorilla]

It should be right amount for you to cover three month of necessities...that what financial planners say anyways!

[livacreature]

We don't, but we probably should.  I'm so paranoid about cash, but it would be good to have in case of an emergency.  I feel like we've worked so hard to get our nest egg built, but what would happen if we couldn't access any of it?  Thanks for the reminder.

[velochic]

Originally Posted by Angelorum 

We have about 100 in small bills.  Not much for a huge, we have to flee now type emergency.  But if there were say, an earthquake with widespread power outages we're not going to be able to whip out the debit card to fill up the gas tank should we need to.

If the power is out, the gas pumps will not be working to even pump the gas.  The pumps require electricity, so you can't fill up a tank from the pump if there is a power outage unless you can get far enough away that the power is not out... at which point, you can use your debit/credit card again, probably.  Something to think about.   
 

Originally Posted by Sorilla 

It should be right amount for you to cover three month of necessities...that what financial planners say anyways!

Actually what we're talking about is cash on-hand... literally bills and coins in your home.  Not an emergency savings fund, which is something you keep (usually) in a bank.  And for an emergency fund, I personally think you need 6 - 8 months, not 3.    There is no way I would ever keep 3 months' worth of cash in actually paper money.
 

[ArtsyMomma]

I found a nice fireproof safe/lock box at Lowes for between $20-40 a year ago, they still have them too. I keep all of our important papers in it. I love it. I keep the two keys on separate rings, in case I lose one. I like that you must use a key to lock the box, so you can' t lock your keys in the box. Ours is rated for documents, but not other items. I still keep home movies in there too though.
 

Originally Posted by kitchensqueen 

We don't currently because we don't have a lockbox (really need to get one anyway for important documents and such) and because we don't typically have "extra" money to just leave at home without accruing interest in an account (even if it is only one cent a month!).

But with the baby coming this fall, we probably should get a lockbox and keep cash on hand - you never know when you might need it.

[kristandthekids]

Originally Posted by taubel 

Well, we have extra cash for "little" expenses that crop up. But I'm talking about larger chunks of money. Like if there's a terrorist attack or something terrible like that and we have to flee our home in the middle of the night and get far away....

lol I was totally thinking along the lines of I have emergency cash for stuff like the keys are in the car and the locksmith doesn't take card or the tow truck driver is demanding a $50 bribe to take the car off the hook even though we were parked legally.

I have emergency canned foods and things in case of natural disaster or some such. But no additional cash.

[zebra15]

Totally off topic but after watching 'Storage Wars' I now know that I don't need a key to open those safes. I just need a wedge and a hammer.

Oh the things I can learn when I can't sleep

Originally Posted by ArtsyMomma 

I found a nice fireproof safe/lock box at Lowes for between $20-40 a year ago, they still have them too. I keep all of our important papers in it. I love it. I keep the two keys on separate rings, in case I lose one. I like that you must use a key to lock the box, so you can' t lock your keys in the box. Ours is rated for documents, but not other items. I still keep home movies in there too though.
 

[4myfinn]

Yes, we do.  DH does search and rescue work in the military.  We live in a tsunami zone (well, our house is out of the danger zone, but half of our town would be under water if one hit) and they recently had a emergency preparedness speaker come and talk to his whole station about what to have on hand in an emergency.  We put a few hundred dollars in a safe, accessible place and bought a bunch of canned stuff and water.  DH also spent a few weeks creating what he calls a "go" bag.  It's basically a backpack equipped with basic survival gear.  We keep it in the car so if we ever have to make a speedy exodus it's already with us.  

If a major disaster were to strike (like in Japan) there would be no access to ATM's and credit cards.  Having cash on hand is a good idea.  I think it's super important to have- if you can afford it.  

 

[ArtsyMomma]

Originally Posted by zebra15 

Totally off topic but after watching 'Storage Wars' I now know that I don't need a key to open those safes. I just need a wedge and a hammer.

Oh the things I can learn when I can't sleep

I watched my dad open an old safe with a stethescope after he watched a youtube video a few months ago. I wouldn't expect a fireproof box to be 'safe'. I am sure someone with a few minutes could get it open no problem. The lock does keep the kids out though!

[mylilmonkeys]

I dropped our firesafe down the basement stairs once, and it popped right open.