In many places, cash is no longer king. While you can still live a cash-only lifestyle if you want to, few of us do. Some of us don’t carry cash at all, relying on our phones and credit cards, tapping and swiping in stores, and using apps like Venmo or Cash App for in-person transactions that used to involve handing someone a wad of crumpled bills.
How Much Emergency Cash Should You Keep at Home? | WSJ Your Money Briefing
Even when we talk about the need for an emergency fund, we’re talking about money in a bank account, not cash stuffed under a mattress. Money in a bank earns interest, is insured against theft, and is somehow accessible no matter where you are.
But cash can still be useful. And in emergencies, cash can even be necessary. That’s why you should definitely keep a modest amount of cash at home. But how much?
It’s true that you don’t need cash for most daily activities anymore, so keeping a stack of bills in a safe at home or hidden away somewhere might seem wasteful. But there are a few good reasons to do so:
