I'm wondering whether it's a good idea to keep (real) cash at home for a rainy day, i.e ATM/banks go down for a few days etc, not a SHTF-type scenario. I'm only thinking about $1000 so not a huge amount but enough to last a few days for the day-to-day expenses.
Most of my payments are via credit/debit card so it's rare to pay cash for anything atm.
What do you think?
in a safe or fire box?
Keep it rolled up in the core of a toilet roll. Nobody going to go through 5 year supply.
Greece was pretty surprised a few years ago when they couldn't access their money anymore:
https://www.nst.com.my/news/2015/09/greek-banks-shut-until-j…
As the precious metals stackers tend to say: "you don't own it if you don't hold it".
It used to cost quite a bit to store your cash, in terms of lost income from interest rates. When you could get 6% on a savings account you were losing over $60 per year for $1000 stored. Now the very best long term offer is just 1.35%, with the big four offering 0.5% if you're lucky. CBA's NetSaver account pays a whopping 0.05%.
Kids account is now best, 1.20% and kids can make up to 4K interest without ATO caring. But you need a child under 6 or a child that won’t care you get letters in there name
$4k in interest? I thought the unearned income limit was around $650
ATM/banks go down for a few days etc
If you’re that worried may be for like daily essentials.
I personally would not unless coins for shopping carts or for shopping at places which otherwise wudnt take card (min eftpos limits, higher flat fee for card payments less than certain amounts etc, or fb marketplace in which i never deal with electronic payments)
unless coins for shopping carts
I bought a few trolley keys from Fosko ages ago, and keep one on my keyring.
I keep GME at home for a rainy day.
Never sell :D
What about Kony 2012?
My father was born in Germany in 1942. As a six year old he witnessed the Reichsmark currency get abolished overnight. It was replaced with the Deutschemark, making all cash savings worthless.
A few years later the Deutschemark experienced hyperinflation so policy makers removed two zeroes from national currency (and everyone's bank accounts) taking 99% of people's savings away instantly.
To this day my father still keeps cash buried in a jar and some money in a bank deposit, but his best insurance policy is probably his garden, which could feed him indefinitely when the masses turn to cannibalism as our precarious financial, electronic and digital systems inevitably collapse.
A few years later the Deutschemark experienced hyperinflation so policy makers removed two zeroes from national currency (and everyone's bank accounts) taking 99% of people's savings away instantly
Damn, can you imagine that happening in australia? Just removing two zeroes at the end of everyone's accounts? $100 now becomes $1, $1 is err……1 cent? Or negative $100?
problem is this and the great depression are nearly gone from living memory now
that's when it gets dangerous
I stopped carrying cash since COVID and have mostly only transacted with tap & pay with my smartphone
the only times we use cash now is Paddy's Markets fresh fruit and vegs,
or ALDI today where I saw 0.5% credit card fee and didn't want to lose $3 credit card fee, only afterwards I realised 0.5% of our $60 shopping would be … 30 cents …
as for keeping $1000 cash at home - my first thought was criminals tend to know that uneducated people who don't trust banks tend to keep life savings under or inside the mattress, so don't do that
or if you're share housing with non-consanguineous folk, who'll borrow anything they find and 'forget' to return it - then don't do that either
if you're only living with SWMBO then she already got you by the family jewels so don't worry anymore 'bout it …
We keep a few hundred on hand as basically part of the cyclone kit
Most recently got some use in Yasi was we were close enough (Townsville) to have no power for days and needed to buy ice for the esky when no-one had eftpos working, but far enough away that we still had to pay for shit as the main "emergency" was roads blocked by bits of trees and the whole no power thing.
Yeah, keep $20k in your go bag.
I always keep $20 in cash in the car for the odd funderaiser charity etc.
Sell bits and pieces around the house and keep some cash for the odd thing but generally no more than $200.
Wait until OP finds out Australian bank bail-in laws, that lets banks convert all your savings into the bank's stocks without your consent when needed by the bank.
Unlikely, but I'll admit more likely since the Cypriots.
One of my clients had his house burn down, he had a cash stash at home. He could only claim $20k through insurance. It was a far greater number than that.
I myself keep a couple thousand. Never know what tomorrow brings
It isnt a bad idea but it isnt essential
I dont carry cash on me anymore i survive just fine
The only time i pay cash is if i get a discount for paying cash
I haven't used cash since 2019 - not even once. I couldn't even tell you where my wallet is since I haven't used it in over a year. Everything is either bought online or paid for with android pay or a credit card tucked behind the phone case.
I keep only gold coins in the house. Not supporting the burglar's union.
Last time we used the bus with a $10 note the driver refused to give me the pensioner discount. If I hadn over coins I get the discount every time!
Cash is king when manure hits the fan, we should all have some at home if you can manage it.
Funny enough I had a operation via private hospital (was considered elective dispite optimal time to have it). The specialist bill was 5k but said they will knock $300 if I pay cash rather than Bpay etc ..so even some specialist that have clinics do deals for cash which I found weird as its all declared via Medicare/private insurance etc
I buy food and activities for rainy days.
Should keep cash around for drugs though.
Yep, I do. Been handy enough times that I'll continue to do it.
A few times I've also had handy man type people come and do work and they've written me an invoice. I ask them how much for cash right now and they always give me a discount.
Seriously can't remember the last time i touched cash. Should have some lying around the house.
I used to carry cash for the coffee shops, fresh fruit&veg markets and Asian restaurants but everyone now takes paywave/credit card so I've carried less of it.
The only time someone might need cash these days is if they want to do some hookers and blow.
Hookers have always had Tap&Go facilities….
What does it show on your bank statements?
Laptop servicing.
Geez, what do you reckon all the sofa mattresses in the house are filled with, foam!?
100% yes
always keep cash at home.
i've been with my bank for 20 years now, a bit over a month ago i got an sms to contact them to verify my identity. i called the bank back on their general number( not from the one on the sms), and the consultant at time advised that there was nothing on my account to verify and that the sms was sent in error to me. 2 days later i'm at woolworths trying to buy some groceries for my kids and my card is declined. i called the bank once again and the consultant says yes my account has been frozen because i didn't respond to the text message and that the department responsible for freezing my account is closed at 5pm est( it was around 6pm est at this time). he couldn't at first tell me at the time why it was frozen, but i kept on pushing him and eventually he said it had to do with verifying my license number, that sent me through the roof coz i haven't changed my license number. next morning i called the bank and i advised them that i did respond to your text message and that the consultant said i was texted incorrectly. turns out i needed to verify my license number and they said it was standard procedure to always make sure that all details were up to date. i was furious, because
so yeh sorry for the long rant but this stuff happens so randomly. i now keep cash at home
Which bank? Why cover for them? Name and shame.
ANZ
yes
never keep all your money in a bank
don't keep too much or too little cash - how much that is will depend on you - how much can you afford to lose? how much can you not afford to lose?
store it safely and consider keeping in multiple locations
options are numerous
install a safe of somekind - i think everyone should have one
consider a fire safe
greece has been mentioned
germany has been mentioned
the great depression
i don't think anyone has mentioned estonia
$1,000.00 is not much at all. There is no reason why you can't keep money in your premises. What makes you think otherwise?
Just don't stow in typical places like cookie jar, under the pillow, shoe box, in the freezer, in the oven, etc. DO NOT tell anybody, and I mean ANYBODY. No one needs to know. You don't need to brag to anybody.
With covit, like toilet paper, I guess, a lot of people are withdrawing their savings to have physical cash on hand. It makes them feel secure. So $1,000.00 is not too much to worry about.