My wife and I have always talked about keeping a lump sum of cash on hand, hidden away somewhere in the house, in case of emergency. That being said, we’ve never really settled on an amount much less withdrawn the money and stashed it. But this week we found ourselves with a sizable wad of cash in a kitchen drawer, which got me to thinking about this all over again.
As an aside, the cash is from a failed attempt to buy a new dinette table from craigslist. We saw one that we thought we might like (based on the teeny, tiny pictures in the listing) so we headed out to take a look. Since they were located about 25 miles from our house, and since we wanted to have cash on hand for bargaining, we stopped by the bank on the way. When the table turned out to be underwhelming, we returned home with the money.
Returning to the issue at hand, we’re struggling with how much to keep around. $500 seems like a nice round number, but I really don’t have a good feel for this. Honestly, I don’t even have a sense for what sort of emergency might arise where we’d need the money. But it still seems like a good idea, especially with four little kids relying on us for food, shelter, and safety. So…
Do you keep an emergency cash on hand? If so, how much? And what would you envision using it for?
Oh, and before you get any bright ideas about figuring out where we live and raiding our kitchen drawers, we’re moving the money and you’ll never find it… 😉