Financial Tips | Debt Management

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Best Places for Hiding Money at Home

First of all, I have to admit that you should not hide money in your house. Should your house get broken into or should something happen to your house (such as a fire, flood, earthquake, hurricane, or tornado) the money that is lost in such a disaster will be lost forever. However, should you have your money in a bank and that bank is FDIC (federal deposit insurance company) insured, your deposits are protected up to $100,000 in the event that the bank goes under. Therefore, if the money is in your house, it is unprotected and unsecured, but if the money is in your bank, it is protected and insured. Of course, if you have some kind of security system, your money will be protected to a point, but should a natural disaster hit, a security system will do little to protect your money. Thus, you should always keep your money in some kind of bank (whether the money is in an account of some kind or in a safety deposit book) so that it remains protected and is insured against loss.

However, should you feel the need or choose that you want to hide money in your house, the best place to hide money is in a safe. By putting your money in a safe it will be secure and safe. However, you have to remember that your money is only as protected as your safe is. Therefore, if your safe is not bolted to the floor, a thief could easily steal the entire safe and open it later. Thus, should you decide to utilize a safe in order to hide money in your house, make sure that it is bolted to the floor and that it is both fireproof and waterproof.

You should avoid hiding your money in places like your kitchen. Thieves commonly look in your kitchen for hidden money because the kitchen is refuted to be the most used room in a house. Therefore, a thief will look in your kitchen drawers, in your cookie jars, and every other common place that you have thought of for hiding money. Additionally, because this room is the most commonly used, there are not many places that you could hide your money that would keep it secret. Therefore, avoid the kitchen at all costs.

As stated above, you should not hide your money in your house. However, should you decide to do so, never hide your money in a your kitchen, use a safe to hide your money, and make sure that the safe is bolted to the floor so that your safe is not stolen or ruined.