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Why Saving Money in Cash at Home is Risky
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[QUOTE="Yusra3, post: 281103, member: 31907"] 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). [/QUOTE]
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