How To Keep Money Safe at Home: A Quick Guide
How To Keep Money Safe at Home: A Quick Guide

Between the coin shortage brought on by the Coronavirus pandemic and the expediency of credit card transactions, fewer people than ever have cash in their wallets. It's more important than ever to store physical currency in our homes and keep it safe from external threats. As cash becomes harder to come by in day-to-day life, it's vital to store it in your home.

Homeowners and renters know they need to hide money in a secure location. So, when looking to hide cash, where is the safest place?

Stashing money in a sock drawer has become so common that it's almost now a cliche. Now, your sock drawer is probably the worst place to hide money; thieves know how common it is and will head there first.

Thieves need to get in and out fast to avoid getting caught. The average thief takes 8-12 minutes to case a home, starting in the master bedroom and heading straight to the dresser. If your cash is difficult to find, thieves will likely cut their losses on their search and move on.

Today we'll review the ins and outs of keeping money safe in your home.

We'll cover:

  • Dividing total at-home funds as an extra security measure
  • Choosing the best practical design criteria for at-home safes.
  • Keeping money at home to prepare for a natural disaster.
  • Deciding how much to keep in case of an emergency.
  • Determining who to give safe access to and how to do so
  • Reviewing your safe's content - when and how

With a little planning, hiding money in the home is simpler than one might assume. This guide will break down the importance of keeping some money at home and the steps you can take to best protect this asset.

Why Should You Keep Cash at Home?

Keeping extra cash at home can help with everything from alleviating minor inconveniences to protecting your family in the event of a natural disaster.

For example, some people prefer to have cash on hand to tip delivery drivers. Others store their spare bills for a rainy day or to give their kids allowances.

Keeping cash in your home is also essential in case of an emergency. You never know when you might need quick access to money, and even a few hundred dollars in cash is enough to boost your confidence and peace of mind.

In an emergency, cash gives you a simple method of purchasing food, supplies, and water. In the case of extreme weather and subsequent power outages, banks and ATMs might not be functional, rendering credit and debit cards useless - another instance when cash can be a lifesaver.

For these reasons, experts from financial institutions agree that it's wise to keep some cash on you. The amount of money you choose to store is up to you. Consider your household size and your average cost of living when deciding.

Try to keep enough cash on hand to pay for basic necessities for at least 5 days. While the number will be different for everyone, $2,000 should be adequate for most when dealing with a crisis.

6 Tips for Keeping Cash Safe at Home

Let's review how to protect your at-home emergency fund or cash supply from theft and damage with these 6 tips.

1. Split Up Cash To Minimize Loss

We can understand the urge to store all your cash in the same place. It's hard enough to remember 1 hiding spot, let alone 2. Splitting your cash between multiple hiding places reduces the chance that burglars would find all of it in a break-in.

By dividing up your money, you are protecting at least half of your fund, assuming your supply is well hidden and protected.

2. Invest in a Quality At-Home Safe

Before the advent of banks, at-home safes were a tried and true method of securing valuables. Today, we continue to rely on safes to protect our most critical possessions - passports, legal documents, family photos, jewelry, and currency.

When acquiring an at-home safe, you should investigate these specifications:

  • **The bolting ability. **Intruders will likely not have time to remove safes that bolt to the wall or floor. A securely positioned at-home safe is your first line of defense.
  • The locking method. Your safe might rely on biometric technology, keypad locking, or a standard safe dial. These safe lock categories are carefully formulated for each individual's preference and varying security levels. Every lock type should also always come with a backup key.

For over 100 years, Mycube's mission has been to protect and enhance, providing mindful organizers with safes that guarantee peace of mind. Our at-home safes are outfitted with industry standard-setting locking technology, thick and reinforced steel walls, bolt-in holes and hardware kits, and tamper-proof door bolts.

Choosing quality at-home safes doesn't mean you have to compromise on style. Our sleek, modern design easily integrates into your home decor, no matter which safe you choose.

For instance, the Mycube Classic is available in black, white, and silver to fit your unique taste and seamlessly blend into your home. Our at-home safes are attractive enough that you'll want to hide them in plain sight, and based on their thoughtful construction and mechanical complexities, you can.

3. Consider Emergency Situations

Another factor worth considering is how your cash can withstand damage from flooding or fires.

Evidence suggests that more people will be exposed to the effects of climate change in the coming decades. The risk for flooding increases by 7% as the ocean warms by a single Celsius degree. Areas that are already exposed to wildfires could begin experiencing 3-month-long wildfire seasons by 2030.

Cash is inherently vulnerable to such environmental damage. It's flammable, prone to water damage, and easily torn, which is why safe technology has risen to the challenge.

Look for a safe that has been fire-tested. The Firecube guarantees up to 1 hour of fire protection at 1,700 degrees (F). It is also protected from water damage, should the sprinklers in your home turn on during a fire.

The safe includes a pull-out tray, perfect for storing your supply of cash and keeping it safe from the elements. The Firecube is equipped with an illuminated push-button keypad so you can grab your essentials, even in the dead of night or during a power outage.

4. Determine Who Should Be Able To Access the Cash

Imagine a scenario in which an emergency strikes and the time comes for you and your family to use the cash supply. Now imagine that, for whatever reason, you are separated from the people you share your home with. Your cash supply won't do them much good if they can't access it.

There's an understandable instinct to limit the number of people who can open a safe and take out precious items. For that reason alone, splitting up your cash supply into multiple safes can help disperse risk and ensure that the people who would need access to money can.

Have a conversation with your family and make sure that they know where the emergency supply is and how they can access it.

To make things easier, our Biocube is accessible with a biometric lock. Biometric technology is the most advanced at-home safe locking technology. Our standard Biocube allows you to add up to 10 profiles, so 10 unique fingerprints can gain access to its contents at any given time.

5. Perform Regular Check-Ins

Secure safes can offer peace of mind, but it's a good idea to regularly evaluate what's inside the safe, especially a safe that has full family access.

Every few months or so, unpack the safe and check it against an inventory list. Ensure that all the cash you'd expect to be there is actually there. It's a simple, effective way to dissuade anyone in your house from pulling from the fund before an actual emergency.

If you'd prefer to do this via an app rather than manually, our iCube safe allows you to catalog the items within your safe with photographs. You can open the safe with your phone from almost anywhere. You don't even need to have WiFi and Bluetooth access.

With the Mycube app, secured with our end-to-end cloud security platform, you can receive tamper alerts, view your belongings, and manage the safe with a few simple clicks.

6. Consider Adding Extra Security

An additional way to dissuade people from taking cash from the emergency fund is to add another layer of security. Once you've decided on a secure and well-hidden place to keep your safe (we recommend choosing something unexpected or out of the way), you can add a motion-sensor video camera pointed directly at the safe.

You can set up the camera to send you a notification on your smartphone and alert you of the activity, should anyone go near it. These small but practical security steps can make all the difference in protecting you and your assets. As an additional security feature, the iCube notifies you if anyone has accessed the safe.

Peace of Mind Is Worth Everything

With preparation, you can set yourself and your family up for a secure and successful future.

We can't always guarantee what's going to happen, but we can acquire some peace of mind, protecting the items and the people most valuable to us.

When it comes to establishing and maintaining a cash fund at home, remember to:

  • Separate and store cash funds in different places, preferably 2 safes.
  • Invest in a quality, professional-grade, technologically advanced at-home safe
  • Consider your need for a water-resistant or fireproof safe.
  • Make sure anyone who might need to access an emergency fund of cash can.
  • Regularly take stock of what's in the safe.
  • Add additional layers of security as needed.

Mycube helps protect the things you can't live without in an aesthetically pleasing safe that you'll enjoy using in your home.

Sources: Here's How Much Emergency Cash You Need Stashed If an Emergency Happens | Yahoo News Climate Action And Disaster Risk Reduction | United Nations What Happened to America's Quarters? | The New Yorker Stop hiding things in your sock drawer! | The Week