Why Saving Money in Cash at Home is Risky

[Carpon]

There are numerous ways that one can save money and depending on the type you find better and safer, you can choose literally any of them. But saving money in cash at home may be very risky and unsafe because of the following which I find to be risky about it.

The risk of losing your funds in cases of theft is very high when your money is saved in cash and kept at home. Thieves can easily get hold of it without much stress. Therefore, it is unsafe.

Moreso, if you are not able to find a very good place to keep it, it can get exposed to some things such as moisture, rodents and etc which have the potential of damaging it. And with the climate change witnessed these days, flooding has become very common and money will just get carried away or torn into pieces as a result of that.

 

[isaac01]

I don't subscribe to that idea of savings money at home, it doesn't really make any sense to me, I rather invest my money than to save it at home or in the bank, if you are good at saving your money in the bank inflation will make your money devalue.

 

[Sotherefore]

Is obvious that people are not doing that nowadays , a lot of people are now looking forward to save their money in the bank because digitalization has made it possible for people to save their money in the bank and stays where they are and control their money without having to handle it physically.

In some location it is much more risky to save your money in the house because of high level of insecurity than in some location, especially here in Africa in which there is high rate of insecurities in most region .

It all depends , There are some other Risk apart from insecurities such as occurrence of natural disaster , such as earthquake , flooding or wildfire that could possibly make you lose your savings ..
The reasons I have stated above are some of the reasons I will not want to save my money at home .

 

[Heartstrings]

Saving money at home is risky because there are so many factors that can make you lose your money,same thing with the bank,a bank is not 💯 safe,but still it is far much better. I think it also depends on an individual, some people do not have an account,some prefer to save their money at home or somewhere,rather than the bank. A lot of our old parents/grandparents save money at home till now.

One of the reasons why saving money at home is risky is robbery,and flooding. But then I have saved my money at home before for over a year and nothing happened to my money,I had a secret safe place at home then that no one knew,that was where I was saving and it was fun and intact. I actually enjoyed it back then. In all saving money at home is very risky but can still be done, depends on the location and the person mindset.

 

[Yusra3]

Saving money at home is a great way to build up your savings, but it comes with some risks. If you save money in cash, it can be hard to access that money if you need to make an emergency purchase or pay the electric bill. When you have a lot of money saved up, you might feel more secure knowing that it's safe in your bank account.

However, saving money in cash means that you're not protected by your bank's insurance coverage, which could leave you liable for any losses if something goes wrong during the transaction. Even worse, if anything were to happen to your savings while they were still sitting in your wallet or buried under your mattress, there would be no recourse!

If you choose to save this way instead of using a bank account for savings and other transactions, remember: keep track of where all of your cash is going! Make sure that you have an emergency fund and know how long it will take for you to get back on your feet after an unexpected expense arises; and know how much time and effort it will take before being able to access those funds again (if at all).

 

[Augusta]

Yes, I don't think it is not a good idea to keep a tidy sum of money in the house. it is a risky thing to do because losing your funds this way is very easy . The thing is that theft will be very high when your money is saved in cash and kept at home.

One thing is that external thieves can easily get hold of it without much stress. if they break into your home with or without your presence thry can make away with the money. Even those in the house with you internal thieves can still steal from you.