In this article, you will learn how to store money without a bank. It is known that a bank is one of the first places that comes to your mind when you think about storing money.
However, there are some cases where you may choose to save your money elsewhere aside from banks. For, this reason, you need to read this article to the end.
How to Store Money without a Bank
There are other ways to store money without a bank and we will be discussing each of them in this article.
Keeping Money At Home: What You Need To Know
It is of course possible to keep cash at home. And contrary to what you might think, there is no maximum amount of cash you can keep at home.
On the other hand, you have to be able to prove where this money comes from and declare this money to the public services to pay the various taxes.
Advantages of Keeping Cash At Home
The main advantage of hiding cash at home is that it is available quickly.
On the other hand, if you don’t trust the banks then you manage your money yourself. There are many reasons for wanting to keep money at home.
In the most critical cases, it may be beneficial to have some cash on hand. This can, for example, protect in the event of a financial crisis.
Also, having money available allows you to avoid a potential bank closure during a financial crisis.
Risks of Keeping Cash At Home?
There are real risks in keeping your money at home. Indeed, a thief could steal all your cash. You would then have to prove that you had a large amount of money in your home.
Also, in the event of a fire, flood, or other natural disasters, you could lose all your money quickly without necessarily being covered by your insurance.
How to Keep Cash At Home?
When you want to keep money at home, the ideal is to do everything to protect your money. It is therefore important to store your money in a safe or box that is not afraid of fire or humidity.
Also, you will have to hide this box in a safe place in your home.
Avoid talking about the money you have at home to your friends or acquaintances so as not to attract greed.
Other Ways to Store Money without a Bank
Having gone through everything you need to know about saving money at home, Let’s quickly discuss some other ways you can save money without a bank.
Another way to store money without a bank is by taking advantage of prepaid cards. These cards are similar to debit cards but they perform a different function.
Just like its name implies, you will need to store money in advance for later use. Immediately you realize that you have no money left, you can always reload it with cash.
Some major places where you can get a prepaid card include; Walmart, Costco, Convenience stores, grocery stores, among others.
Meanwhile, its major advantage is that they are very easy to buy.
All you have to do is to go to any of these stores that sell a reloadable prepaid card, then buy any amount with cash.
You can use this card to make purchases online, book flight tickets, rent cars, and many more.
Saving with a Friend or Family Member
Whenever you don’t feel like keeping your money yourself or in the bank, you can always let someone else do it for you.
Using this method to store your money might be risky, especially when there is a lack of trust between both parties.
Therefore, you need a friend or family who is trusted and also disciplined to use this method without issues.
If possible, both of you can make a legal agreement to be on the safer side. In most cases, it is not always necessary.
Local Home Safe
This is an ancient method of storing money. Therefore, if you don’t want to use the bank, you can always go back in the days.
Using this method does not necessarily require you to keep the money with somebody, especially if you are a much-disciplined person.
You always meet a carpenter to construct a local home safe for you. You can always visit YouTube to watch a do-it-yourself video.
If Pablo Escobar hid the bills in false walls and it suited him well, you can do the same with a wall of ice at the bottom of the freezer. And hey, without fear of damage.
Paper money does not deteriorate if you wrap it in aluminum foil and turn it in a plastic bag.
Although it may not seem like it, the freezer is a good place to store money without getting it wet. Also, thieves would have to wait for it to thaw before they could take it away. Or take the entire refrigerator, of course.
Any Unexpected Place
Put yourself in the shoes of a thief, where would you look for money, jewelry, and valuables? Even if it was just for the myth of keeping it on the mattress or in a sock, I would sure look there.
Sometimes the best ideas for saving money at home are the most absurd. Stuck in an envelope to a toy of your child?
In the laundry chest among the dirty clothes? Inside a cushion? In the doghouse? Imagination why I want you.
Read Also: Asset Protection After Lawsuit Filed
How Much Do Money Coaches Charge?
There a different way of storing money but storing it in the bank stands out to be the best option due to the high level of safety.
Therefore, you should only consider storing money without a bank whenever you are left with no other option.
Ensure that you share this article with your colleagues to educate them on how to store money without a bank.
You can also share your thoughts in the comment section below. Feel free to always check us out for more tips on Personal Finance and all required to grow your financial knowledge. Thanks.