One reason, and only one, I can think of is that come a natural disaster (earthquakes where I live) you will need cash. ATMs are not going to work if the disaster is sufficiently large to do a lot of damage. If you are going to need gas for your car, or basic food, or anything to survive for a few days you will need cash.

It's best, of course, to have these things set up in advance. But having some cash around is as important.

So keep a little bit of cash in the house, but not too much. Have you ever heard a success story of untold riches start with "So, I put all my savings in my mattress..."

No, but there's at least one investor in Israel who amassed a million dollars in the Matress market. If only she pulled out of the market a week earlier.

Don't forget: If there is ever an emergency where you need your money very fast from an organization that for some reason doesn't accept debit cards, you should

1) Request that they bill you.
2) Call the police.

If you are going to have that "emergency fund", use Travelers Cheques. Yes, I know they cost a bit to purchase, but if you put their numbers somewhere else (safe deposit box) they are replaceable. And just like anything else, diversify! Only have what you think you need in an absolute emergency on hand at home. With the FDIC protecting up to 250k now, what's the point of the mattress?

Yeah, don't leave cash in the house because the police will steal it from you. True story.

@dallasmay: Sometimes it IS the police.

@chersolly: If it happened to you in East St. Louis, you must be me.

@dallasmay: I'm not sure I follow. Call the police because a place won't take a debit card?

@CrazyTrain: They're accepted at so few places now that I'd be nervous about that, though. And even at the places that do accept them, you have to find the person who knows how to do it. I just think if you're trying to deal before the hurricane hits, stores are going to laugh at your travelers cheques.

@supercereal: I'm really hoping that was sarcasm.

@dallasmay: @supercereal: I meant I really hope what Dallas said was sarcasm. Not you. I am just retarded. -starts edit button petition.-

I hide $ in the house because I have reasons to hide $.

Oops, maybe not something I should be posting on the interweb.

In my neighborhood being suspected of having large amount of cash in the house might get your kicked in.

I think it might have been a reference to this kind of "emergency"

[consumerist.com]

You realize that the FDIC guarantees your money will be available within 2 years of a bank failure.

@pschroeter: Your what kicked in? I'm guessing you meant door but I am curious, if you didn't mean door fill in the blank...

In my neighborhood being suspected of having large amount of cash in the house might get your __________ kicked in.

"We generally keep about a hundred dollars of cash in the house, which has never been insufficient for anything."

Man you hire cheap hookers.

@BathroomDuck: Or a reference to the restaurant double billing article of yesterday.

Someone I know swears by stashing money in her "sweeper," then if the house is burning down she just had to grab the vacuum cleaner. And if anybody asks WTF is wrong with her, she can just claim distress!

I figure if I need to hide money, I'll do like a mobster and keep it in a safe-deposit box.

@CrazyTrain: Well, the mattress was in Israel, whereas the FDIC is in America...

@pschroeter: You accidentally a noun there.

Hmmm...what to do with my garage sale moneys?

@Bogart's Falcon aka Philly Falcon: Knowing those kinda neighborhoods, there's more than one answer to fill that blank.

@Ragman: I was able to think of a few that would fit. ;)

Years ago I lived in a condo next door to a girl who I later learned worked as an escort. I returned home one Christmas morning to find her crying in front of the steps to our doors. I asked her if everything was okay, and she told me that someone had broken into her home at some point after she left on Christmas Eve and stole $3000 in cash that she had hidden in a box under her bed. She claimed that she didn't tell anyone except her boyfriend (who was a real winner, and apparently stopped calling her after this incident too) that she had such cash and where it was hiding. As if that weren't enough, a week later I woke to loud arguing below my bedroom window (where our garage doors were), and peered out to see two men, one holding a gun, carjacking my neighbor for her hot pink ghetto ride (that I think she borrowed from someone, since she seemed to have a different flashy ghetto car all the time). My guess, that $3000 was supposed to go to her pimp. And he came to collect.

Moral of the story: Hiding cash in your house is foolish, particularly if anyone else knows where it is, or it's not locked up tightly (like in a bolted down safe).

@autoclavicle: Hopefully she has more than just that one vacuum cleaner. If she only has that one how does she clean her floors?

Inquiring minds want to know.

@floraposte: AMEX travelers checks are good wherever AMEX is accepted.

@Eyebrows McGee (now with more baby!): well the really expensive ones take visa and provide a receipt with a fake business name

@Bogart's Falcon aka Philly Falcon: if it has a bag then you could keep it between the dust bag and the outer bag. i can't think of anywhere on my bagless that would hold cash though....

one reason to keep just a few emergency bucks on hand and not in a bank: years ago one of my coworkers was a victim of identity theft and put a fraud alert on her accounts - and the bank ended up freezing her entire account completely on a friday - payday also - and she didn't find out until that evening when she went to the ATM. she had to go to the bank in person on monday to withdraw money. and had to borrow some from me over the weekend to have enough gas to get to and from work.

Not only might you forget where it is, but if you die, your relatives might inadvertently sell it off in an estate sale.

@catastrophegirl - sometimes makes typos and doesn't care: I didn't think about an upright. I was thinking about our canister vacuum. While there is a lot of space around the bag when it is empty, once the bag starts to fill up the space around it would not allow for too much money...unless they were one-hundred dollar bills.

@Bogart's Falcon aka Philly Falcon: ah, the word sweeper automatically made me think upright. maybe it's a regional usage?

A contrarian view...

1)"You earn zero interest"

Really ? Ever stop to ask what your bank is paying you these days ? Further, if you pay any fees for that free checking account, you could be in a net loss position vis a vis your bank.Some security.

2)"You won't need much cash"

Really ? Ever try to get a cash advance on your card when you absolutely ,positively have to have it ? The bank that holds your card will charge you like sin. And God forbid that you try to get at your money in a part of town that has no branches of YOUR bank. The foreign ATM fee could total as much a $7-8 after both banks rip you off. You keep a spare hundred around (In twenties- some places can't/won't break a hundred)and hide it well and you could beat the bank at its own game.

3)"You'll forget where it is"

Really ? If you put it in the same place every time, it won't be lost.If you have a considerable amount for emergencies (or buy a cheap house safe) you may be surprised at how good your memory really is.

4)"A thoughtful gift..."

Really ? If you have a cool million to stuff in a mattress,we're not having this discussion.It may have happened in Israel...Once. But Hell's Bells , a a person with a million tall ones needs professional management.

5)"The dog might eat it"

Really ? When you scoop up after the mutt , you can collect your homework that is in there. Sheesh, Not even worth refuting.

6) "The FDIC protects against fire in the bank"

Really ? If there is a fire in your bank , you will need some cash to buy gas ,beer and toilet paper while the F-Dicks sort out who owns what.Not that the FDIC is worthless. Far from it. It's just that they work for the same government that let a lot of banks invest in crummy mortgages and the like.

Bottom line - Don't be paranoid ,but there may be times that the ATM or cash central won't work.(Living part time in Florida, I have learned this the hard way). Some cash , a reasonable amount , empowers you when a true emergency (as opposed to a 2A.M. pizza emergency) hits.Banks are not your friends ,neighbors or partners.

@catastrophegirl - sometimes makes typos and doesn't care: While I did see the word sweeper I did not really pay any attention to it. If I had I would have thought of the manual sweeper I remember from years gone by.

It had a brush in the center and two compartments that collected the dirt from the brush. One compartment collected the dirt when pushing it forward, the other when it was either pulled back toward you or if you swung the handle the other way and then pushed it.

If I remember correctly they were simply call carpet sweepers although they could be used on bare floors as well as carpets. I believe they still make them but I'm not sure, and I have not seen one for a long time.

It could very well be regional. I have noticed in my travels to different places in the USA there are many regional differences in what we call something, even though we all speak the same language. As one example; in Philadelphia what others call sidewalks we call pavements.

generally i didn't like the list of PLACES to store cash...EVERY tv show i have ever seen shows money being stored in the freezer...how stupid is that?

i advise lockable fireboxes bolted to the floor or hidden in a storage box in a pile of other storage boxes. Fireboxes are great for your stamp collection, your personal papers, extra checks, family photos on disc etc... worth the investment.

emergency cash depends on your life...remember bail money needs to be cash.

If you are determined to keep more than emergency cash in your house consider gold or silver. It's a little more volatile that cash, but it's actually a good hedge against inflation. If gold and silver drop it probably means the economy is doing well and you are less likely to have to dip into your stash.

To refute this article:

> You earn zero interest.

You also earn zero interest with most checking accounts. "High Yield" savings accounts are not much better as they will only net you about $2.00/year for every $100 invested. In addition, cashing out is becoming a smarter investment as more banks start boosting their record high fees.

> You won't need that much emergency cash.

Nothing spends like cash. Genuine US currency is more universally accepted than a Visa card. Cash can also be converted into prepaid credit card at most major retailers. In addition, there is a small retailer movement to move away from accepting credit/debit cards due to high merchant fees.

> You'll forget where it is.

For those hiding large amounts of cash, thought must be given to the proper selection and notation of the storage location. There are multiple ways to select and record a storage location. It has been the subject of a former news story.

> A thoughtful gift can become a disaster.

This can be addressed by giving some thought to finding a safe location and making note of the location in a separate but secure place. In addition, for those concerned about unintentional destruction, the money can be placed in a fireproof safe. It is highly unlikely that someone would throw out a fireproof safe without checking the contents.

> Your dog might eat it.

...and a dog might eat my homework. I do not see this as much of a threat. If it is something to be concerned with, refer to the "find a safe place" tip mentioned several times above.

> FDIC protects against fire in the bank, but not in your house.

Items such as fire proof safes deal with this sort of problem. If the aircraft industry can create black boxes that survive airline explosions, I am sure that the safe industry can create a safe that will survive most major disasters. Also, in a major disaster, local bank branch offices and ATMs may be unable to provide access to cash due to communication outages or cash shortages.

@ZanderCeisus: So ATMs won't work, but gas station, grocery stores and the like will definitely still work?

@TCama:

Some places will have generators in order to semi-open for business. Even when the grocery stores locally didn't have any frozen/refrigerated items after a hurricane some still managed to semi-open after a couple of days for what little they had left. I don't remember the ATMs being powered. Nor do I remember the banks being open.

@Bogart's Falcon aka Philly Falcon: When I read the word sweeper I thought of a broom. I was really wondering how she kept money hidden in a broom.

@floraposte: In an emergency, you're looking for shelter. I hope you're not saying that hotels and motels are going to balk at taking a Traveller's Cheque. Some might even be willing to take one for cash, provided you're paying to stay a night or two.

It might be a problem if thousands of people are seeking help at once, but in that situation, there's likely to be mass government mobilization, so the cheques won't be needed immediately.

@Eyebrows McGee (now with more baby!): Or maybe he plans his.. erm... 'hookups' in advance.

@Eyebrows McGee (now with more baby!): Craigslist has opportunities. After all, I've been to a farmer's market and the couple dollars for 100 flowers seems actually quite reasonable. I'm just confused as to whether it's daisies, roses or a potpourri wildflower blend that's sought.
Although, I'm confused by the urgings to party and play. It seems like the two would quite naturally go together, superfluous, even. Like Peanut Butter & Jelly, although more floral-scented?

@autoclavicle: Carpets & floors are supposed to be swept? But if so, how will the mice ever hide from the feral cats living in the abandoned pizza boxes layered between the emptied bottles of vodka?
...Sounds sort of unsafe and - dare I say - vaguely European.
PS: so long as we're on the topic, how long must guys scold their laundry before it washes itself? I'm getting quite hoarse.

@catastrophegirl - sometimes makes typos and doesn't care: Yeah, I'd say a cash reserve should last one frugal week, a normal half week or a decent weekend.
A couple hundred max per adult and half that per rugrat or pet. (substitute pet or child for carton of cigarettes or liters of vodka if so inclined).
If you're stashing more than $500 then it's too much. It's to tide you over until things are fixed - if the above won't carry you through, your problems are vaster than simple cash can fix.

@Snarkysnake: Yeah, I'd say somewhere between $300 and under $1,000 (probably a lot under). Either extreme is either too complacent or too paranoid.

Okay, good points. But what about stockpiles of scotch, vodka, medicinal weed and ice? I'd think it's more fungible than cash post-disaster, and if worse comes to worse, when the lights are out and the water's creeping past your second floor, you'll be too merry - to say nothing of popular - to be too stressed about it.

@Trai_Dep: No, you've got it all wrong. You don't have to scold your laundry. Just hang it outside and let the air clean it. :)

As far as the pizza goes, don't forget to put the purchase date on them so when you want one of the left-over pieces you can eat them starting with the oldest.

And don't forget to purchase my new book; "HOUSEHOLD HINTS FOR THE REAL MAN" Found at bookstores everywhere.