Emergency funds are crucial for handling unexpected expenses without derailing your budget. Learn covert ways to stash emergency funds safely at home here.
People who were introduced to money in childhood through school allowances will have at some point been asked by their parents not to splurge and save some for emergencies. That’s true – unexpected expenses can arise at any time, and having a stash of emergency cash can help you handle them without derailing your budget.
However, keeping a large amount of cash at home can be risky, as it can be lost or stolen. That’s why it’s important to find covert ways to stash emergency funds at home. In this article, we’ll explore some of the best ways to do this.
Use a diversion safe
Diversion safes are a type of safe that are designed to look like ordinary household items, such as books, soft drink cans, or cleaning products. They’re a great way to stash emergency funds because they’re discreet and blend in with your other household items. You can place a diversion safe in your bedroom, bathroom, or even your kitchen without anyone suspecting that it contains cash.
If you don’t want to invest in a diversion safe, you can create your own hiding spots. One popular method is to tape an envelope or plastic bag with cash behind a piece of furniture or a household appliance. You can also hide your money in a fake plant or a drawer with a false bottom.
Home safe
If you want something a little more secure than a diversion safe, consider investing in a home safe. Home safes come in a variety of sizes and can be bolted to the floor or wall to prevent theft. You can store emergency funds, important documents, and other valuables in a home safe, and have peace of mind knowing that they’re protected.
If you have a safe or a lockbox, make sure to keep it hidden and out of sight. Many people make the mistake of keeping their safe in an obvious location, which defeats the purpose of having one. Make sure to choose a location that is difficult to access, such as a closet or a crawl space. If your home safe is protected by a combination lock, find a way to commit the numbers into memory without mentioning them and nobody must watch you open the safe.
Hollowed-out objects
Another way to stash emergency funds at home is to use a hollowed-out object. You can take an ordinary item, such as a book or a picture frame, and hollow out the centre to create a secret compartment. This is a DIY solution that requires some time and effort, but it can be an effective way to hide emergency funds in plain sight.
Small holes
It may sound weird but a small hole in the ground can work to hide a certain portion of your emergency funding. The key is to find a specific location on your property that can serve as the hiding place and out of any lines of sight, allowing you the space to dig up the hole and hide the money. Writing for Modern Survival Online, Tim Makay said you need vacuum bags locked in by a sealing machine; those bags must be devoid of air and filled with completely dry banknote bundles. They will then be hidden inside a short PVC pipe sealed on both ends and buried in the hole.
Cash envelopes
If you prefer not to keep cash at home, consider a cash envelope system, a budgeting method that involves using cash for your day-to-day expenses. You withdraw a set amount of cash each week and divide it into envelopes for different expenses, such as groceries, petrol, and entertainment. Any leftover cash can be stored in a designated emergency fund envelope. This way, you’ll always have emergency cash on hand without having to keep large amounts of cash at home.
Trusted friend or family member
If you don’t feel comfortable keeping emergency funds at home, consider asking a trusted friend or family member to hold onto them for you. Make sure to choose someone you trust and who lives close by, so you can access the funds quickly if needed. Swear them to secrecy to ensure only the two of you know of the existence of any hiding places for emergency funding, and even then, just give them no more than one spot that has a small stash.
Digital wallet
Given current advances in fintech, you can consider using a digital wallet to store emergency funds. Digital wallets are apps that allow you to store money over electronic methods, and they can be accessed from your smartphone or computer. Some popular digital wallet apps include PayPal, Venmo, and Cash App. You can transfer emergency funds to your digital wallet and access them whenever you need them.
Safety Deposit
Finally, if you’re worried about keeping your emergency funds at home, you can consider keeping them in a safety deposit box at your bank. While this may not be as convenient as having the money at home, it is a secure way to store your funds and gives you peace of mind knowing that your money is safe and accessible when you need it.
Conclusion
People are always in need of money for various situations in life, and in some cases, go to great lengths to ensure they have enough to support their daily needs. When that happens, you must go to great lengths yourself – even more – to hide your hard-earned cash. By taking the time to think through your options and create a plan, you can rest easy knowing that you’re prepared for whatever comes your way.
