Keep Some Cash Under Your Mattress

When it comes to money matters, I have to admit I know very little. When I started my career I thought as long as I get my monthly pay check I will be ok. A few years down the line I'm thinking if I can pay all the bill and still stay alive… then I will be ok. Just kidding! I few undergraduate (painstaking grrrr) courses have taught me a little more than that!

Anyway, I am always on the look out to further my knowledge on finance matters. As a result I have subscribed to a few good blogs. That's how I came across an interesting post on Why I Keep Cash Under My Mattress written by Trent.
I believe what the he was trying to get through was to have a stack of money at hand. In case of an emergency this would come in handy. Use Credit card, debit card you say? That's what I thought as well.
However, Trent gives some facts you can't ignore. Hurricane Katrina, tsunami of 2004 are a few examples.

Of course the other side of the coin is interest? You will be loosing some interest on the money you keep under your mattress! So I guess at the end of the day, it is up to you decide whether it is worth having some money "under the mattress". If yes, how much.
All in all, the post was a 'tap tap' on my think tank. As a practice do you have some money "under your mattress"? Or do you think it is a waste?

Related Post
10 Questions that Determine your Financial Fitness

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Sania Wyatt said...

A piggy bank i think is better than the mattress! :)

Btw the link is not working. :(

Travis said...

Well, it is important to have an emergency kit with some cash in it.

We had severe weather here (pacific Northwest) in November and December that caused power outtages. ATM's don't work when the power is out.

So you do need to have some cash on hand. When I lived in SoCal, I kept enough cash in my kit for a tank of gas and 3 days in a motel.

If they can't get power restored in 3 days, then you're in a serious emergency and having cash on you is probably the least of your concerns!

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