There are many emergency situations where you may need to evacuate your home (Bug Out) or make some last minute purchases and the credit card/debit card system is not functioning. In addition, it would not take long for all the cash in the ATM machines to be stripped clean. This would leave you without a way to make emergency purchases like GAS…
(you are keeping your tank at least 75% full at all times, right)
So, you should always maintain a cash reserve in a safe place…
This is going to vary by individual, but at a minimum I would recommend you keep $300 in small bills (no larger than $20) on hand at all times for emergencies. $500 or $1000 would be even better…
In addition, it is a smart idea to keep a $100 bill in your wallet for on-the-road emergencies. Fold it up and tuck it far away in the wallet. You may also want to keep a $100 bill in your car registration/insurance paperwork in your glove comaprtment…
Last but not least, your spouse and any children of driving age should also have this $100 bill hidden in their wallet/purse. It is only for emergencies– and a new pair of shoes is NEVER an emergency.
And a roll of dimes and a roll of quarters in your glove box to make emergency phone calls at a pay phone (remember them) is another example of thinking ahead. In an emergency, it very likely that cell phones will be overloaded or not functioning… (about half the payphones I see are $0.35 and the other half $0.50 so a roll of dimes and a roll of quarters helps at both price points).
{ 16 comments… read them below or add one }
Keeping emergency cash on hand is a must. You never know what you might need it for. Yes my car is full of gas. Ever since you mentioned that in another post I have watched the guage.
http://www.bridal-threads.com
This is another must-do! Keep em coming! I’m learning so much about preparedness. Thanks!
Greg Dougall
This weekend I managed to loose a very large tub of face cream. Large as in three inchs in diameter, about four inches in height. So far it has been missing for 3 days!
Maybe you should write a post for people like me who live in the Bermuda triangle so that when that emergency stikes we can find things. I used to hide cash in a variety of different places so I know there are places online you can buy fake cans to hide money in. Might do this and put it with my stored cans. Hmmmm, will have to look different so I don’t donate it to a food bank a year from now.
Keri Eagan
Alternative*Insight
It’s hard to keep cash saved for emergencys and not spend it when you get low on money. Good reminder though.
Bert (alter ego- Mister P)
MisterP.org/blog
Good advice – provide the catastrophe is one in which cash still has a value!
http://www.martin-wright.com
This is essential advice for anyone preparing for a rainy day. Even in a minor emergency we all need some non-electronic way to pay for things. It’s amazing how quickly you can go through $1000, especially with the currency depreciating as quickly as it is, I would suggest putting away more than one thinks is necessary.
Steve
Body Language Expert
Rob,
Always good to stop by and get your insights. I agree we need to keep some cash on hand, we never know what could happen in blink of an eye.
Question. Where is the best place to stash extra cash, gold or silver coins? In house in a safe or safety deposit box at the bank? Just asking.
Lynn Lane–>The Warrior Of Success
Excellent. Cash is king.
Barter comes later.
Hi Rob,
yup. 9/11. The cell tower on top of one of the World Trade center towers through MANY mobile phones out of functionality for aWHILE.
Good to have some cashish and change as well as a PLAN on hand already in place! Like the phone tree round robin. Who will YOU phone? and then whom do THEY phone?
Your posts are always so informative. Great and wondering what you will touch on next.
Happy Dating and Relationships,
April Braswell
Single Baby Boomer Dating Success Expert
Excellent advise to always have cash in hand. ATM cards might not work in a emergency.
Jose Escalante
http://www.joseescalante.com
I haven’t not seen a payphone in years. I remember actually looking for one in NYC 3 years ago and was unable to locate one in my wandering around midtown. I think we’d have to go back to carrier pigeon.
Katie
Speaking of cash, Australian dollar hits 12-month high against the Greenback lately a about 93 cents to a dollar. The all time high was about 98 cents to the US dollar around July 2008.
John Ho
Numerology Expert Helps Understanding Personality for Better Influence & Persuasion</a
The $100 wouldn’t last very long in my daughter’s hands. I like the idea of one in the wallet and one in the car. Your ideas are things that never even cross my mind.
Robert Martin
http://www.carbuyinghq.com
Do pay phones still exist? Seriously, I haven’t noticed because I’ve had a cell phone for so long. I’ll have to look around. Great advice about the $100 dollar bill.
Lisa McLellan, Child Care Expert
Babysitting Services, Babysitting Tips, Babysitters, Nannies
Keeping it in the house since a wee little one. I stopped trusting banks when my “banker” couldn’t add a basic string of numbers as fast as I could at age 8. The transactional cash in a bank the rest in huggable assets. If I can’t hug my asset, I’m not so interested. buildings, trees – all huggable.
Kate
Great advice. I’ll do it!
Health, Fitness for Working People — Darryl Pace