So many people actually think it is a good idea to hoard or hide some cash in their home in order to have easy access to it whenever they need it.
Well, having some money in your home isn’t totally a bad idea because we all keep some money on hand to address some financial needs.
However, having too much of it could backfire if you think stashing it under your mattress or in your safe is better than keeping it in the bank.
Many things could happen to the money you keep at home. Here are three reasons you should not stash too much cash at home.
1. Stashing cash at home gives you no interest
The first reason why hiding cash at home isn’t a great idea is that it won’t yield any interest.
Granted, the interest you get from your bank might not be a big deal, but trust me, every kobo counts. Why keep it at home when you can make some interests by saving it in a bank?
2. It could be stolen or destroyed
What would be your gain if you save money at home and then lose it? The money you keep in your safe or wardrobe could be destroyed by rats.
You should also remember that no one would reimburse you in the even of armed robbery or theft. Once your hidden cash disappears from where you keep it, it is most likely gone for good.
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3. You might forget or mistakenly throw it away
It is very easy to forget where you hide your money. There have been instances when people forget their money where they hide it. There have also been cases of people who threw their money away unknowingly. This won’t happen to you if you keep in a bank.
Do you still need to stash cash at home?
The main reason you are keeping some cash at home is for you to have easy access to your money anytime you need it. That’s fine, but if you can’t think of any immediate reason to have cash at home, it is safer to leave it in your bank and withdraw it whenever you need it.
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For instance, if you won’t need the cash in the next two or three weeks, there is no point having it in your wardrobe or under your mattress. Let your bank take care of it and get an ATM card if you don’t have one. That’s the best way to keep your money.