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Is it smart to keep money in a safe at home?

by:Proway     2023-07-04


Keeping money at home has been a practice since the beginning of civilization. The idea behind keeping cash at home is that it is readily available whenever required. People choose to keep cash at home for various reasons: some keep it as an emergency fund, while others keep it as a means to save without having to deal with banks' bureaucracy. However, the question remains, is it smart to keep money in a safe at home?

Subheading 1: Reasons People Keep Cash at Home

People have various reasons for keeping money at home, and some of the commonly cited reasons include:

1. In cases of natural disasters or emergencies, ATMs and banks may not function, and people may need funds for survival.

2. Banks may not offer high-interest rates, and keeping the money in a safe at home provides an opportunity for some interest earnings.

3. Some people may feel more in control of their finances by keeping money in their house.

4. They may prefer the anonymity and privacy that comes with keeping their assets safe at home.

5. Some people have a natural tendency to hoard and feel a sense of security in storing cash at home.

Subheading 2: Risks of Keeping Money at Home

While there are various reasons for keeping cash at home, there are also several risks involved, including:

1. Theft: Keeping a significant amount of money at home increases the risk of theft. Burglars target homes they know have cash and valuables inside. Even if you hide your money in a safe, thieves can break-in if they know where the safe is.

2. Fire: A house fire can burn all your assets to ashes, including the cash stored in the safe. It is not easy to recover lost money in such situations.

3. Floods and other natural calamities: Apart from fire, floods, and other natural calamities can also damage the safe and the cash locked inside.

4. Insurance: If you are keeping money at home, it may not always be covered by insurance policies. This means that if you lose it during a robbery or natural disaster, you may not get compensated for your losses.

5. Unsecured: Keeping money at home is not as secure as keeping it in a bank. The bank provides several means of security, including high-tech surveillance systems and insurance coverage. On the other hand, keeping it at home means it is more likely to be stolen, lost, or damaged.

Subheading 3: Solutions to Safekeep Money at Home

If you opt to keep money at home, it is necessary to take adequate measures to keep it secure. You can consider the following solutions:

1. Invest in a high-quality safe: A safe is the most secure way to keep your cash safe at home. Invest in a high-quality safe that is fireproof and tamper-proof. Ensure that the safe is adequately anchored or installed in the wall or the floor.

2. Limit access to the safe: People close to you may know about the money kept at home, and they may be tempted to steal or borrow it. Limit access to the safe to only a few trustworthy individuals.

3. Keep a record: Keep an inventory of the amount of money stored in the safe and the date it was deposited. This will come in handy in case of theft or loss and will help with the insurance claim.

4. Spread the money: Do not keep all your cash in one place. It would help if you spread it out in different locations so that if burglars find one stash, they will not get all your money.

5. Regularly review your security measures: Regularly review your security measures to ensure that your safe and the money inside is secure. You can hire a professional to test your security measures and recommend improvements.

Subheading 4: Benefits of Keeping Money in a Bank

While keeping money at home may seem attractive, keeping it in a bank has several benefits, including:

1. Safety: Keeping money in a bank is the safest way to keep your money secure. Banks have several measures in place, such as security guards, surveillance cameras and alarm systems, that ensure your money is secure.

2. Interest: Banks offer interest rates on the money you deposit, which means your money can grow over time.

3. Convenience: Keeping your money in a bank is convenient as you can access it whenever you need it. Most banks have an ATM network that allows you to withdraw cash 24/7.

4. Cheap way to borrow money: Banks offer loans and credit facilities at lower interest rates to people who have good credit scores. This means that keeping your money in the bank can help you to access cheap credit when you need it.

5. Insurance coverage: The Federal Deposit Insurance Corporation (FDIC) provides insurance coverage for deposits up to $250,000. This means that even if the bank fails, you will still get your money back.

Subheading 5: Conclusion

Keeping cash at home is a personal choice, and the decision to do so depends on many factors such as personal preference, security, and convenience. While there are several reasons why people choose to keep money at home, there are also significant risks involved. However, if you choose to keep cash at home, ensure that you take adequate security measures, including investing in a high-quality safe and limiting access to it. On the other hand, keeping money in a bank is the safest and most convenient way to keep your money secure. Banks offer several benefits, including safety, interest, convenience, cheap loans, and insurance coverage. Ultimately, the decision of whether to keep your money at home or in a bank depends on your personal choice and considerations.

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