How much cash should you keep in your house for emergencies?

[Anonymous]

What good will cash do you in that situation?

It would buy time.

Most banking issues are likely to be rectified in a few days (banks could restore from backups, ATMs in a flooded area could be repaired and re-filled, etc.). Having cash at home would help to provide for basic needs during this time. It would not help much past that if there were a major disruption to our financial system.

[Anonymous]

I am not being sarcastic when I say: $0. Our NW is somewhere around $5M on any given day but I have absolutely no need for cash. I couldn't even tell you where my ATM card is.

[Anonymous]

I am not being sarcastic when I say: $0. Our NW is somewhere around $5M on any given day but I have absolutely no need for cash. I couldn't even tell you where my ATM card is.

Why do you hate cash? Also, you are very trusting of our banking and financial (and telecom and electrical) system.

Even if you don't normally use it on a daily basis, there is value to having cash on you (in case you get mugged or something, it would likely be easier and faster to give the mugger some cash than your life), and also to having some stashed at home just in case. Best case, you never use it. Worst case, you have some when/if it is needed.

[Anonymous]

I think we have about $400. I'd be more comfortable with $1000 in smaller bills.

If something happens that knocks things out for a week that would take care of things like fuel, food, and a big purchase like a generator, or a hotel room.

[Anonymous]

Anonymous wrote:I am not being sarcastic when I say: $0. Our NW is somewhere around $5M on any given day but I have absolutely no need for cash. I couldn't even tell you where my ATM card is.

Same here. High NW. We maybe have $200 tops at any time. Whatever is in our wallets. Actually DH's wallet since I have $20 at most. I never use cash and don't own a checkbook.

[Anonymous]

Anonymous wrote:I am not being sarcastic when I say: $0. Our NW is somewhere around $5M on any given day but I have absolutely no need for cash. I couldn't even tell you where my ATM card is.

What’s the big deal about having cash available? When I go Home Depot and an employee helps me with my heavy bags I tip in cash. Same with anyone who helps me out. I also hate to get out my debit card or credit card for a bottled water or something under $20. I give my youngest cash when she goes out because I’d rather her lose cash than a card.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I am not being sarcastic when I say: $0. Our NW is somewhere around $5M on any given day but I have absolutely no need for cash. I couldn't even tell you where my ATM card is.

Same here. High NW. We maybe have $200 tops at any time. Whatever is in our wallets. Actually DH's wallet since I have $20 at most. I never use cash and don't own a checkbook.

A high net worth has nothing to do with a preference for having cash or limiting yourself to one form of payment. It’s just a preference.

[Anonymous]

5k. Sometimes it falls below that but when it does, I built it back up.

I started to keep some cash at home when the recession hit under GW Bush.

[Anonymous]

We try to keep $300-$1000 in the house. It also comes in handy in non-emergencies. We needed a gift for a friend's kid's graduation and we had $100 we could put in a card!

[Anonymous]

For emergencies, nothing. We do keep ~$100 in small bills for donating to things and paying for activities for the kids. I think we probably spend $100 or so a year in cash.

[Anonymous]

Anonymous wrote:Probably a couple hundred. It’s less for emergencies and more for random things that pop up.

Same. My kids sometimes get paid cash for babysitting and the like. They hand it to me immediately and ask me to transfer it to their account.

So I have a hundred or two at this point. It has come in handy when I needed to pay the neighbor kids for little chores. And I like to give the housekeepers cash at Christmas.

[Anonymous]

We usually have a few thousand on hand to pay workers who prefer cash and bc we get better deals when we pay with cash, and then also for random school trip money needs or tooth fairy visits or whatnot. There are a few places we travel to or eat at that are still cash only so it's helpful to have some on hand.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I am not being sarcastic when I say: $0. Our NW is somewhere around $5M on any given day but I have absolutely no need for cash. I couldn't even tell you where my ATM card is.

What’s the big deal about having cash available? When I go Home Depot and an employee helps me with my heavy bags I tip in cash. Same with anyone who helps me out. I also hate to get out my debit card or credit card for a bottled water or something under $20. I give my youngest cash when she goes out because I’d rather her lose cash than a card.

My youngest is embarrassed by cash. It’s baffling to me. We used to have a few thousand, but it’s dwindled over the years as it got used for tips, gifts, etc.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I am not being sarcastic when I say: $0. Our NW is somewhere around $5M on any given day but I have absolutely no need for cash. I couldn't even tell you where my ATM card is.

Same here. High NW. We maybe have $200 tops at any time. Whatever is in our wallets. Actually DH's wallet since I have $20 at most. I never use cash and don't own a checkbook.

This way we never need to cash tip our landscapers or cleaning lady or delivery crew, or give holiday envelopes to the trash removal guys or salon workers, or numerous teachers, tutors and coaches, never contribute to the random soccer team or band members who ask for donations, the Salvation Army guy outside the Saks, never drop any $ in tip jar or collection basket, etc, etc. I just say "sorry, I don't carry cash." This saves me lots of money, so it's a win win.

[Anonymous]

PP you are a jerk not to tip!