DrBanneker
Space is the Place
Following on parts 1 & 2
TheColi Emergency Preparedness Series: Vol. 1 - Water
The Coli Emergency Preparedness Series Vol. 2: Basic Food
How much cash should you have at home in an emergency situation?
While the typical recommendation is for keeping 3-6 months expenses savings in an emergency fund, this is typically meant for a bank account, not cash at home. However, if the banks or God forbid ATMs are not easily accessible, this can be an issue.
For emergency needs, the recommendation is to keep 1 months expenses of cash at home NOT including loans (auto loans, mortgages, etc.) In other words, enough money for food, gas, basic bills, medicine, etc. for a month.
If you need a range, this is likely $500-$1,000 not including rent. This should be kept in a safe place that only you and trusted family members know about like a fire safe (sold at Walmart) or hidden.
Ideas on where to hide money are in this article
For about $50-100 of that fund, you should keep it in small denominations---$1 or $5 bills. If you are ever in a situation where you need to buy something and change is not readily available you will pay too much or not get what you need at all. For example if you have $100, break it up into one $20 bill, six $5 bills and 50 $1 bills. A bank can do this easily for you.
Banks are still open in Italy, Spain, etc. but a rush on banks could drain cash reserves at a branch and/or ATM for a given day(s) so keep prepared out there.
TheColi Emergency Preparedness Series: Vol. 1 - Water
The Coli Emergency Preparedness Series Vol. 2: Basic Food
How much cash should you have at home in an emergency situation?
While the typical recommendation is for keeping 3-6 months expenses savings in an emergency fund, this is typically meant for a bank account, not cash at home. However, if the banks or God forbid ATMs are not easily accessible, this can be an issue.
For emergency needs, the recommendation is to keep 1 months expenses of cash at home NOT including loans (auto loans, mortgages, etc.) In other words, enough money for food, gas, basic bills, medicine, etc. for a month.
If you need a range, this is likely $500-$1,000 not including rent. This should be kept in a safe place that only you and trusted family members know about like a fire safe (sold at Walmart) or hidden.
Ideas on where to hide money are in this article
For about $50-100 of that fund, you should keep it in small denominations---$1 or $5 bills. If you are ever in a situation where you need to buy something and change is not readily available you will pay too much or not get what you need at all. For example if you have $100, break it up into one $20 bill, six $5 bills and 50 $1 bills. A bank can do this easily for you.
Banks are still open in Italy, Spain, etc. but a rush on banks could drain cash reserves at a branch and/or ATM for a given day(s) so keep prepared out there.
