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how much cash should I have on hand

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chiragpatel
Member


Cash: $ 2.40

Posts: 11
Joined: 21 Mar 2017
Location: New York
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We have only required cash on our hand beacuse of unnecessary cash leads the some extravagant expenditure which could be financial burden in our life.
Post Tue Mar 21, 2017 12:10 pm
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christcorp
Preferred Member


Cash: $ 39.85

Posts: 199
Joined: 05 Mar 2015
Location: Wyoming
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If a person keeps very little cash on hand, because they feel is a temptation that will lead to "Extravagant Expenditures", then that person has financial problems that requires assistance that this forum can't give them.

Not saying a person needs $20K in their house. But you need more than just a couple hundred dollars too. A practical guide to an emergency cash fund has always been between 3-6 months of your income, to cover for loss of job or similar. Of that, depending on your expenses, 1-2 months of that 6 months should be in cash on hand.

If you think being unable to access necessary funds can only happen in countries like Greece, where ATM and cash withdrawals are limited, then you might want to wake up to the real world. Even without an economic collapse of a country, there are plenty of scenarios due to weather and other natural situations, where you might not be able to get to a bank for an extended period of time, and credit/debit cards won't work. If you can't have a few thousand dollars in your possession because you're afraid you're going to spend it, then you might want to address that problem first.
Post Tue Mar 21, 2017 1:21 pm
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