How much cash do you keep at home?

trying_2_b_good

There's not much discussion as to WHY people keep in the safe rather than at the bank.

Have these people already filled their ISA for the year? In which case they've got the max "tax free"?

Would keeping the money in a high savings account not make money (even with tax)?

Are they really bothered about the time it takes to drive to the bank as above? If so, how often do people physically go to the bank?

Can you insure such values against burglary? What if your safe is broken into?

Banks guarantee money up to £80k (?) so unless you have more than that, it's safe in the bank??

pineapple

trying_2_b_good wrote: »

Banks guarantee money up to £80k (?) so unless you have more than that, it's safe in the bank??

Money exists mainly on the computer and much of that is borrowed against anyway. In the case of a global panic, banks would run dry in a matter of hours.
Should there be a global economic crash, you may find that guarantee is not worth the paper is written on. At the least you might have to queue daily to make a limited withdrawal - then wait rather a long time for the rest .
Of course should there be hyperinflation you may find that the value of your pound is going down while you wait whereas the silly person with the stash got there before you at half the price ...

CKhalvashi

I have £1196.41 in cash in the safe (It’s OH’s companys, so already been counted)

I think there’s £20 in my wallet and about £50-ish in my £2 coin jar.

I know someone that used to keep about £10k in her house all the time, although I personally think that, as a taxi driver, she was being a little ‘creative’ with her earnings.

CK

pineapple

fattybumble85 wrote: »

It means that when I want a few bits and bobs coming to say £3 odd, £3 odd leaves my account as opposed to a tenner and the change getting wasted on odds and sods I wouldn't have bothered with if I hadn't the cash on me. Those tenners here and there soon add up.
And I don't think your comment really warranted a '!!!!!!'!

The opposite and equally valid argument to that is that it is just too easy to flash a card. On the contrary if you have a set budget each week in cash - when you dig into your purse/wallet you are more likely to feel the pain. Some people just find it easier to ration their spending that way.
Maybe there is no definitive right or wrong. Horses for courses eh?

Lost2

I have £44 plus odd silver and copper in my purse
and then theres my money in my sealed box's I don't know how much is in them

fattybumble85

FrugalFranny wrote: »

The chap off the 'Russia Today' news network I used to watch, recommended people start buying silver, not just to throw a spanner in the works for the Government(s) (no idea what that bit was about, was half at the time asleep!) but as a sound investment at the time (silver prices were low at that point).

I've actually invested in silver, I deposited my money just before crimble and at it's highest price I was up 30%. at the moment it has dropped again but I am still up by about 18% or so, much better than the savings accounts I looked into. My plan is to leave it in bullion until it reaches a certain level and then transferring it to my ISA. hopefully I will be looking at a return of 45%, after fees and such.

[Deleted User]

Silver bought in this country incurs 20% VAT, making it less attractive for investment.


Excerp from Wikipedia:

Taxation
See also: Taxation of precious metals
In many tax regimes, silver does not hold the special position that is often afforded to gold. For example, in the European Union the trading of recognized gold coins and bullion products is VAT exempt, but no such allowance is given to silver. This makes investment in silver coins or bullion less attractive for the private investor, due to the extra premium on purchases represented by the irrecoverable VAT (charged at 20% in the United Kingdom and 19% for bars and 7% for bullion products with face value, e.g. US Silver Eagle and Maple Leaf, in Germany). The only jurisdictions in Europe where physical silver can be bought and sold at a VAT rate of 0% are Estonia, Guernsey, and, for physical bullion coins, Norway [33] which is part of the wider EEA free-trading area and has the same VAT rules on 'intra-community transactions' due to bilateral EFTA agreements with the rest of Europe. Estonian and Norwegian companies can legally deliver free of VAT to the rest of Europe within certain annual limits or can arrange for local pickup. Alternatively, they generally offer storage for the customer who can take delivery of his purchase later or sell it back to the vendor.[34]
Other taxes such as capital gains tax may apply for individuals depending on country of residence (tax status) and whether the asset is sold at increased nominal value.

FATBALLZ

savesnine wrote: »

Would anyone who ticked £10,000 like to take me out? lol

I'd rather they took me back to theirs!

I generally keep about £100 at home, as we don't have a fee-free cash machine nearby, so I keep enough cash to last me until next time I'm near one.

fattybumble85

I am using my OHs account at bullion vault which is VAT exempt and I haven't put in anywhere near enough to qualify for capital gains. To be honest I leave to OH as he is silver obsessed and knows all about it, it makes my head hurt when tries to explain!
As long as I'm up on my initial investment I'm happy!

chucknorris

PeteW wrote: »

Yes! Anyone who has large amounts of cash at home losing money to inflation, rather than locked up (and insured) in a bank earning interest is pretty much the definition of an idiot! Therefore I very much doubt they'd think to invest in a safe.

I used to routinely keep between 10 and 25k (depending on which race meetings were coming up) at home when I was a racecourse bookmaker (yes of course I have a safe, rather silly of you to assume that I wouldn’t even think of getting one). Nowadays I only keep about £250 at home as I have no real need for cash, other than to pay the cleaner and gardener, I use cards for just about everything else other than minor purchases.

Although you are categorising me as an idiot, I'm not calling you one, but if one of us had to be, I think the odds would heavily favour me not to be the one that was. You don't even seem to have considered that circumstances may dictate the necessity to hold large amounts of cash for some. Of course there will be some 'idiots' who keep large amounts of cash at home, lets face it there is no shortage of idiots around.

I agree with the poster above who suggested that this poll wasn't a particularly good idea, as it may give rise to crinimal thoughts to some.