Preparedness for when

Frugalsod

elaine241 wrote: »

I think it would be a good idea to raise a "what if" question quite regularly as it seems to make people stop and think about their own scenario and it also raises issues that we may not of thought about.

Here is one possibility. A long bank holiday as in a Greek style bail in. Where direct debits carry on and so do standing orders and all normal bank transactions. But the cash points dry up or are capped at £30 a day, how would you cope for say a month?

[Deleted User]

Have a jar of coinage preferably £2 and 50p 20p and 10p s as the £1 coin is being phased out. You'd be amazed at just how much you can stash away in a I litre jar. The problem with notes under that set of circumstances is that shops will rapidly run out of change however, if you have coins you might be able to supply the exact amount needed.

GreyQueen

Frugalsod wrote: »

Here is one possibility. A long bank holiday as in a Greek style bail in. Where direct debits carry on and so do standing orders and all normal bank transactions. But the cash points dry up or are capped at £30 a day, how would you cope for say a month?

Not fussed, whether one month or twelve + months; I have a well-stuffed mattress and plenty of change. I only go to the ATM about 1-2 times a month anyway, and that's to stop them holding too much of my money in case there's ever a bail-in tried here.

mardatha

Thyme is magic stuff. I love herbs
I take money out of the bank the day it goes in.

Nargleblast

Mardatha, we were probably both witches in a previous life!

NewShadow

Frugalsod wrote: »

Here is one possibility. A long bank holiday as in a Greek style bail in. Where direct debits carry on and so do standing orders and all normal bank transactions. But the cash points dry up or are capped at £30 a day, how would you cope for say a month?

Silly question - I'm assuming things like bank transfers to paypal and online grocery deliveries would be affected in some way? It's hard to predict how.

And isn't £30 a day rather a lot? c.£900 in cash a month.

I'd likely be fine either-way as outlined - I very rarely spend more than £30 a week on food, walk to work, and don't generally buy new things for the house.

My cash spends in a month are minimal and are only at the level that they are because I'm trying JackieO's purse budgeting technique. (which is awesome btw)

I'm guessing that at least once a week I'd be able to find an atm with cash in it. The bank might have to get better about actually stocking them with smaller notes though!

As MLW points out, making change could be an issue. I'd guess local shops would set up accounts - so you could 'pay in' your £30 and 'spend' your credit as you needed things.

Or more shops would be like my local independent bakery - they've got an app for payment. They get charged for card transactions, but the app's free.

Meaning a once a month dd to paypal could be spent whenever and wherever accepts either applepay or paypal (iceland, coop, my local bakers) without touching the gov's atm limits.

I think when you're talking about something longer term, then it's less about your own preps as working with the people in your area to figure out ways that work.

elaine241

I would hardly notice if cash point withdrawals were capped to £30 day for a week or a month. I hardly ever use them as the majority near my office usually have "unsavoury" elements hanging round either to beg from you or possibly steal. TBh my OH does jobs paid in cash and this is all I need. I use my card for the majority of purchases as its a cash back card and I have amassed over £350 which I will use for a family break. I only need cash for daily dinner money, £4.20 the rest I can do without. I have SHTF cash in the gun cabinet but that is there for exactly the event as its named after!
The majority of my transactions both in and out of my account are DD's or SO's. I too have a stuffed mattress so no problem there, I think if it were longer than a month or so it would be more of a problem. Atm it seems we are well prepped for this, :-)

elaine241

When I was younger (many moons ago!) I was taught poulticing with herbs , bran etc to heal wounds on horses. Comfrey for bony problems like splints, bran for infections to draw out the pus. These are transferable to humans although they moan more!
Grey queen salt stings a LITTLE on an ulcer who are u kidding!! Stings like bloody hell and thats from personal experience!!

Frugalsod

NewShadow wrote: »

Silly question - I'm assuming things like bank transfers to paypal and online grocery deliveries would be affected in some way? It's hard to predict how.

I am trying to use the Greek case as an example. I would imagine online purchases would go through because the money stays within the banking system. So online food deliveries would not be impacted.

NewShadow wrote: »

And isn't £30 a day rather a lot? c.£900 in cash a month.

It is roughly the same as the Greeks were allowed initially. Since most people have less than a few thousand in their bank it would only impact a few who would find that the bulk of their money was beyond reach. I could empty my account in a few months at that rate as would many.

NewShadow wrote: »

I'd likely be fine either-way as outlined - I very rarely spend more than £30 a week on food, walk to work, and don't generally buy new things for the house.

Mine is low as well but if there were a problem you might need some cash and I have a some small stashes hidden everywhere for such an emergency.

NewShadow wrote: »

As MLW points out, making change could be an issue. I'd guess local shops would set up accounts - so you could 'pay in' your £30 and 'spend' your credit as you needed things.

I have been keeping my change but swapping out the £1 coins. At one point I had more than £110 of change. I will start again and collect it again.

NewShadow wrote: »

Or more shops would be like my local independent bakery - they've got an app for payment. They get charged for card transactions, but the app's free.

That might be fine as it is money staying within the banking system.

NewShadow wrote: »

Meaning a once a month dd to paypal could be spent whenever and wherever accepts either applepay or paypal (iceland, coop, my local bakers) without touching the gov's atm limits.

I think when you're talking about something longer term, then it's less about your own preps as working with the people in your area to figure out ways that work.

You are right but since every bail in has been different it will mean some flexibility in our approach.

Another problem which would be more likely is your banks entire system failing like Nat West's has failed a couple of times over the last year or so.

Frugalsod

elaine241 wrote: »

TBh my OH does jobs paid in cash and this is all I need.

Yes but those could dry up if others are struggling with a bank holiday.