Of course, “too much” is subjective, but I was having lunch the other day with a relative and we got into a discussion about different peoples’ habits of carrying/not carrying cash and also keeping cash in their homes. I usually carry $10 - $20 cash in my wallet. I use my debit and/or credit cards for purchases. I keep maybe $50 cash at home, often less. If I’m going to need more cash I know in advance and will go to the ATM. My relative and I were discussing my deceased father, who carried a lot of cash. He was never mugged/robbed. My relative then said his wife usually has no cash on her, but he said “I never leave the house without at least $1,000.” I said I thought that was foolish, and asked “Why?” He just smiled and shrugged. (He plays a lot of poker.) Apparently this isn’t all that unusual. My aunt and uncle mentioned once that they keep a rather large amount of cash at home (they have a safe). But – I can’t help but wonder under what circumstances a person would need to keep (what I consider to be) a large amount of cash. I remember once I had slightly over $1,200 on me and I was very nervous about it – couldn’t wait to get to the bank to deposit/get rid of it. Way back in the day one of my uncles used to carry wads of cash. He owned a nightclub and had problems with employee theft. He also hired bands and they usually wanted cash payment as soon as they finished. (Uncle usually had a big guy with him who was armed and from what I heard looked like the type few would want to mess with.) What precipitated the discussion was a series on one of the local news stations. A former burglar was telling people how to protect their homes and valuables. For example, he said most people foolishly keep cash in the woman’s lingerie drawer, and he said the best place to keep cash and jewelry is a floor safe, and most home invasions are during the day (which I knew). They usually work as a crew in coveralls/uniforms, but sometimes wear business suits and carry a clipboard. Anyway, just wondering about opinions about a sensible vs unwise amount of cash to carry or keep in the home.
I don't carry much cash on me at all, just my ATM card and maybe a few dollars. At home I may have about $100 just in case I can't get to an ATM. My daughter and SIL have 2 safes and they keep a large amount at home and I don't even feel comfortable writing this....maybe not a good idea. Think their reason is if something happens and they can't get to a bank. My SIL also carries a lot of cash on him usually. My daughter never carries any. My son and DIL in Illinois have a jar they keep a few hundred dollars in and that's all I know. And that is mainly for paying babysitters for 3 little boys. The babysitter is $20 an hour and if they go out for a few hrs it adds up.
I'm careful about ATMs. I use them sometimes, but one never knows who might be watching. When I need cash I usually will use debut card to pay for groceries and get some cash back. I keep a small amount of cash hidden here at home for ....whatever. In customer service line at the grocery store I see people cashing their paychecks or picking up money that was wired to them via Western Union. I wouldn't feel safe doing that.
I seldom use the ATM machine either, Arlene. I do the cash back when I pay for groceries. I probably have quite a lot in change, it's been years since I changed it for dollars and I always empty My purse of any change I may have gotten on the few occasions I've paid with cash.
Sensible or not people have their reasons for keeping cash in home and on self. Some people like to gamble as your family did, and you need cash to gamble, so it's up to the individual. Keep as much as you feel safe to do so on self or in home I would thing is best to do. I like having cash on me for farmers market very fresh vegetables are paid with cash only, so I keep a little on self for these occasions and if I want to treat myself at Burger King I got the cash to do that with, though these days fast food restaurants take paypal and other plastics.
Back when I worked in insurance claims, the most cash you could claim if cash in the house was lost through a named peril (like a fire or burglary) or even a robbery outside the home- was $200.00. I don't know what the amount is today. So if people hid lots of cash under the mattress and it caught fire, only 200.00 could be claimed, even if thousands burned. Safes aside, it's not a good idea to keep a lot of cash in the house.
These are major safes, they won't burn nor can they be carried away. I just remembered that my daughter gave me instructions about them a few years ago when they got them....I need a refresher because I don't recall any of it.
@Krissttina Isobe - I get a craving for Burger King every now & then. And I usually pay cash for pizza or subs. A friend's granddaughter told me she was seeing a guy for a few years who was quite a poker shark. She said they went to Vegas a lot and he last private card games - it wasn't unusual to have $15K - $20K on him....in a bag. (That much cash would make me feel like someone from Breaking Bad.)
This may sound funny. A few days before Christmas, my husband received a lump sum of his first year's pension. What he did was to withdraw 30,000 pesos (that's more than $600) and kept it in his wallet. And the reason? Nothing, he just wanted to get a feel of how it is to be rich. But I don't see anything wrong with it. In fact, I noticed that my husband seemed to have more confidence with that lots of money in his wallet. I see contentment in his face and actions. He is so thankful of that money and his generosity is understandable because he has something more to give now.
I never have much cash at home or in my wallet, because I use debit/credit cards for all my purchases. I do though have some foreign currency cash at home for travelling, but only relatively small amounts $150 a 100 euros and 2,000 roubles. I draw cash when travelling from ATMs using a special UK credit card which gives you the bank interchange rate which is higher than the tourist rate, and never charges for ATM use. I pay the card off online as I travel so I don't get charged any interest. I always feel rich when travelling as you usually get a large bundle of notes for just a few pounds.
Cash? .. what's that? I don't have any at my disposal ... never carry any. A piggy bank sits in a back bedroom with odd change collected for the granddaughters, but that's about it.
I usually have $100 or more in my wallet. I seldom have my checkbook with me and many of the local businesses don't take plastic. I use my credit card for gas and walmart.
I stopped carrying my checkbook in 1992. Wallet was stolen (identity theft), forged checks - a huge mess to straighten out. Now I rarely write checks.