Cash is Still King in Emergencies

Do you have some cash stashed away for an emergency?

The widespread and ongoing power outages caused by Hurricane Sandy not only left millions of people in the dark but reminded many of us of how useful it can be to have some good, old-fashioned cash on hand for an emergency.

For a few days after the Northridge Earthquake (1994) the power was out.  The local market was open but to purchase anything required cash in small denominations.  ATMs were not operating.  Happily we had some money.

It’s all part of planning for the next emergency.  Every part of the nation is subject to weather or other physical disaster occurrence.

So, before the next big storm, it may make sense to round up a little extra cash. Some advice from money experts:

• If you want to conceal cash in a safe place at      home, it’s easy enough to make one. For example, put a roll of bills into an empty food can and stow it deep in your pantry or hollow out that copy of “Moby Dick” you know you’ll never read anyhow. Burglars have  seen it all, of course, but they’re usually in too big a hurry to check  every book or canned good you own. If you’re not the do-it-yourself type,  you can buy similar items, such as wall clocks with secret compartments and Pringles tubes with fake bottoms.

• Consider a home safe. Safes are designed to protect their contents from fire, burglary, water, or some combination of      those perils. So your first step is to decide what risks you’re most concerned about. You can find safes at retailers such as Costco, Home Depot, Lowe’s, Sears, and Target, as well at specialty stores and online. Expect to pay $50 for a small chest suitable for stowing cash or $100 and  up for a safe large enough to accommodate other valuables and important  documents.

What’s your plan?