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In-Home bank?

P

Poet

New member
A new trend that is starting up again is people keeping their own "bank" within their home. They use fire-proof safes and keep money in then rather than trusting all their money to the bank. Someone people report feeling safer and being able to pay off their debts easier because they have a limited amount of money in their accounts forcing them to use it on bills and the like.

Do you keep a large amount of money at home?
 
I thought this was something else.. LOL

Yeah I keep a safe in my house, two actually. One has a small gun in it for emergencies. I have somewhere around $4000 in the one safe. I am working on getting that up to $20,000. Just an emergency stash.
 
I have a small fireproof safe in the house with some valuables in it, but I keep things like titles, mortgage paperwork, my will, life insurance, birth certificate, etc in a safety deposit box at the bank.

I'm not worried about my money in a bank, since they have FDIC requirements and I don't park it all at one banking company. Worst case is you might need to wait for the insurance to get your money, but with more than one account at different companies the odds of them both failing at the same time is very low.
 
Fix It said:
I have a small fireproof safe in the house with some valuables in it, but I keep things like titles, mortgage paperwork, my will, life insurance, birth certificate, etc in a safety deposit box at the bank.

I'm not worried about my money in a bank, since they have FDIC requirements and I don't park it all at one banking company. Worst case is you might need to wait for the insurance to get your money, but with more than one account at different companies the odds of them both failing at the same time is very low.
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I have 3 banking accounts. One I use for income. That is where my money goes when I get paid. That money is only used for bills. I then have the second one where I have money go from the first to have a savings and holiday/gift money. The third is meant for general shopping. This system sounds complicated but it keeps me from over spending my budget. The first one always has the most in it as I run a savings on that one too for emergencies.
 
Large amount? No.. But I do keep $500 in my small safe. I have one where I keep all important documents. It is emergency money. Like if the banks shut down or if the power goes out. I have money to get things i may need.
 
BigSaver said:
Where I live I'd be afraid of a home invasion if I kept that kind of money in the house even in a safe.
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Not even a secret safe? I guess I would be a bit paranoid myself if I lived in an area that sees a lot of break ins. The place I lived a few years back was right on the rim of a poorer area and my street alone in a single year has 15 break ins. Thankfully, none happened to me.
 
I see nothing wrong with keeping enough cash on hand in a safe place for emergencies. Say there's a disaster and you're without power for a week and you can't get cash from an ATM because of the power outage. What if you need to buy fuel for a generator, food, or supplies? Just make sure it's very well hidden and in a good safe that's bolted to the floor. And don't tell anyone you have it, even a friend, that's how people end up being targets for home invasions.
 
I keep some cash under my mattress. Not the best place but it is there if I need it. I think there is close to $800. I need to find a better place for it but it is under a wood board since it is a platform bed and all.
 
Poor Me said:
I see nothing wrong with keeping enough cash on hand in a safe place for emergencies. Say there's a disaster and you're without power for a week and you can't get cash from an ATM because of the power outage. What if you need to buy fuel for a generator, food, or supplies? Just make sure it's very well hidden and in a good safe that's bolted to the floor. And don't tell anyone you have it, even a friend, that's how people end up being targets for home invasions.
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This is what I always worry about. Like what if the power is down and I can't tale money out? I would be screwed. Also, you are right. Don't tell anyone other than your partner if you have one.
 
I don't feel safe keeping a large sum of money where I am just because it is not an owned house. Other people live in the same building.
 
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