Having certain amount of cash at home so to address everyday home issues is agreeable, but hoarding or stashing lots of cash is a terrible mistake. Moreover, you can easily lose your money by stashing it at home.
It is wrong to hoard or stash cash at home and here are reasons why:
1. Stashing cash at home gives you no interest
The first reason why hiding cash at home isn’t a great idea is that it won’t yield any interest.
Granted, the interest you get from your bank might not be a big deal, but trust me, every kobo counts. Why keep it at home when you can make some interests by saving it in a bank?
2. It could be stolen or destroyed
You could regret stashing your money at home because it could get stolen.
What would be your gain if you save money at home and then lose it? The money you keep in your safe or wardrobe could be destroyed by rats.
You should also remember that no one would reimburse you in the even of armed robbery or theft. Once your hidden cash disappears from where you keep it, it is most likely gone for good.
3. You might forget or mistakenly throw it away
Keeping your money in the bank gives you more rest of mind than stashing it under your mattress.
It is very easy to forget where you hide your money. There have been instances when people forget their money where they hide it. There have also been cases of people who threw their money away unknowingly. This won’t happen to you if you keep in a bank.
4. Do you still need to stash cash at home?
The main reason you are keeping some cash at home is for you to have easy access to your money anytime you need it. That’s fine, but if you can’t think of any immediate reason to have cash at home, it is safer to leave it in your bank and withdraw it whenever you need it.
For instance, if you won’t need the cash in the next two or three weeks, there is no point having it in your wardrobe or under your mattress. Let your bank take care of it and get an ATM card if you don’t have one. That’s the best way to keep your money.
