Do you keep any cash savings in your home vs. a bank account?

posted 2 years ago in Home
Post # 2
Member
97 posts
Worker bee

My main savings in is an account but i have a small stash of cash in my home. 

Post # 3
Member
1884 posts
Buzzing bee
  • Wedding: November 2014

I don’t keep anything substantial lying around. I have an envelope with a couple of 20s and some other smaller bills “just in case”, but it’s not much. 

Post # 4
Member
57 posts
Worker bee

Agree with Penguininajumper, FI and I have a couple hundred dollars in a safe as our “rainy day” fund, but most of our savings are through the bank. 

I also collect spare change that I might get through day in a jar and when I get enough, I go and cahs that, in turn that gets added to the “rainy day” fund. Haha. 

Post # 5
Member
42538 posts
Honey Beekeeper
  • Wedding: November 1999

BakerBee16:  Maybe in your Grandpa’s day they needed some cash if they had an urgent need for money. These days you can go to an ATM and get cash 24 hrs per day, so no reason to attract thieves. Besides, all your money should be working for you and earning interest, no matter how low it is right now.

The loan officer just needs to ensure that you are using your own money or money that was gifted to you, not loaned.

 

Post # 7
Hostess
15072 posts
Honey Beekeeper
  • Wedding: June 2011

BakerBee16:  I’ve never heard of a home company taking cash for down-payments or fees. One, there is the liability factor of keeping said cash safe. Two, no real proof of payment like a cashed check. And three, the irs forms for that amount of cash are ridiculous. 

Put the money in the bank. It’s the safest place for it. If you really need a joint account, go in and open one. It only takes about ten minutes. If you call the bank in advance they can have the paperwork ready for you making the process even faster. 

Post # 9
Member
2 posts
Wannabee

I keep it all in my bank account, because if I kept some at home, I’d hide it in a really good place, but I might forget where it is later on!

Post # 11
Member
1373 posts
Bumble bee
  • Wedding: June 2015

BakerBee16:  no bank will ever tell you they approve of money under your mattress. That’s just not a bank like thing to say!!

And I just wanted to say that I’m jealous of your 38,000 home. Like, more than you would believe. I hate the jealousy monster but we’re saving and starting to consider houses and we are looking at an absolute minimum of $300,000. And that’s for something small and very reasonable. Decent, recent or extremely renovated houses go for 400,000-500,000.

We’re hoping to put down at least what you’re paying total. So my green monster is raging! Score for you though! I wanna live wherever you do 😉

Post # 12
Member
1373 posts
Bumble bee
  • Wedding: June 2015

I forgot to answer your question! We have less than $100 in a cup from tips (I dont always get tips at work because I’m a supervisor but once in a while I’m the only supervisor on shift and I get them then) and can have a little but of cash around for rent etc so we dont take it all out of one cheque but the money we intend to save for a house stays in the bank. We figure that it will make it less complicated when the time comes to buy. 

Post # 14
Member
10495 posts
Sugar Beekeeper
  • Wedding: January 2011

We keep a bit of cash on hand.  I always like to have at least $20 in my wallet.  We keep some money quickly grabbable at home, along with some in a safe.

There have been times systems go down, power goes out, etc. and cash is still accepted.  I think it’s a good idea to keep some on hand.  When we were teens, our parents had a stash would could grab if something happened so we could pay for pizza, or lost our wallet and took a cab home or something like that.  That’s less of an issue now, but then it was more difficult to pay by anything but cheque/cash.

There is also the possibility of all acounts being frozen by a bank, but I think having a secondary bank/CC is a better solution.

I do not keep cash in the house for planned purchases, with a few exceptions, like buying an item directly from someone, but that isn’t large amounts.

Post # 15
Member
10495 posts
Sugar Beekeeper
  • Wedding: January 2011

BakerBee16:  I wish!  Just our deposit was more than what your total closing costs will be.  Our downpayment was more than double the cost of your house!

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