Where do you put your Savings?

@jennybianca (12915)
Australia
October 20, 2011 10:22pm CST
I ask this, because I read areport of a British man who was foolish enough to carry around his entire savings odf $110,000 form his bag. He was carrying his bag on a bus trip. The bag was stored in the hold, and the bus made two stops on its trip. at the destination, the owner found that hius bag had been stolen, with all $110,000 in it. How foolish can one be, to carry around a huge amount of cash. Why couldn't he have used an online banking transfer, or travellers cheques? I keep nearly all my money in the Bank. I rarely have more than $20 in cash on me. I nearly always use a credit card, which eliminates the need for cash. In the old days, My grandmother, born in 1899, didn't like banks, so she used to hide cash under her cupboard. Some people still hide their money in various places, but I think it is very foolish to do this. Where do you keep your money? do you even risk a piggy bank at home? Here is the article: http://www.adelaidenow.com.au/news/breaking-news/elderly-mans-110k-savings-stolen-from-bus/story-e6frea73-1226172419697
8 people like this
45 responses
@zandi458 (27952)
• Malaysia
21 Oct 11
I don't know why people can be so foolish as to walk around with huge amount of money with them. As the proverb say 'the fools will soon part with their money'. In this case his foolishness has made it an easy access for the thief to steal his money. He has made himself an easy prey for the thief. I am always careful with my money. In case I have no time to bank in any excess cash in hand I would keep them not in locked drawers or cupboards but would stash them in my room dustbin and cover the top with lots of rubbish. I believe that is the only place the thieves would not be interested to dig. I have done it several times before and so far it is the safest place to keep the cash before banking in the money the next day.
4 people like this
• Malaysia
21 Oct 11
@zandi458: Hope you don't do anything wrong. If you did, then there is only one suspect when your money is gone - the Feds!
3 people like this
@jennybianca (12915)
• Australia
21 Oct 11
I was just speaking to the women in the shop next to our office.She told me that she hid a lot of her money under her bed, so that she didn' thave to declare the interest to the tax office, and thus pay tax on earniong the interest. I thought that was bit silly, as if she kept all her money in the bank, she would earn interest which would be more than the tax she has to pay.
2 people like this
@zandi458 (27952)
• Malaysia
21 Oct 11
@livecenter, what is Feds?
3 people like this
@stephcjh (32328)
• United States
21 Oct 11
I keep my savings in my bank. I have a savings account with them. It is just a small community bank.
4 people like this
@jennybianca (12915)
• Australia
21 Oct 11
And that is the safest way to be.Community banks are very reliable and charge lower fees.
2 people like this
@webeishere (36353)
• United States
21 Oct 11
HiYa Steph. I am back and may even start some discussions in the days to come. FB has bored me and pizzed me off recently. HAPPY POSTINGS FROM GRANDPA BOB!!~
3 people like this
@katcarneo (1433)
• Philippines
21 Oct 11
Awts too bad for him, if I were carrying that much money (but that is unlikely) I'd keep the bag next to me at all times. I am also always cautious about carrying cash. Most of the time I only have the money I need for fares and meals when I go to work. Many of my bills are paid online and when I shop I use debit cards. Credit cards not much. The mortgage on the house I bought has to be paid in cash at the developer's office and once a month I take that trip via public transportation with the money in my purse and that's always a scary time. And the money I carry is nohing close to a fortune. As for savings, I have some money in the bank. I did keep a piggy bank before but they were just for loose change. After a year, the loose change paid for my vacation. I have a friend who's rather stingy and we often joke that she has got cash hidden in loose floorboards in their house. I think she really does.
3 people like this
@jennybianca (12915)
• Australia
21 Oct 11
I pay a lot of my bills online too. My daughter has got into the habit of ordering all her horsey goods online, so we are avoiding carrying cash a lot of the time. Isn't that unusual to have to apy cash for your mortgage? The woman in the shop next door to me told me that she kept money hidden under her bed, so that she didn' thave to declare the interest earned. I was very surprised that people would do that nowadays.
2 people like this
@katcarneo (1433)
• Philippines
21 Oct 11
Whether or not paying cash for mortgage is unusual, I'm not sure. I remember when I was a kid my mom would send money from abroad and my grandpa would pay for the mortgage of our house in cash at the developer's office as well, just like what I do now. How is it done there?
3 people like this
@jennybianca (12915)
• Australia
24 Oct 11
It would be a direct debit from the bank or comapany that loaned you the mortgage. Or, you would go into the bank and pay by bank trnasfer. Or evn do it online.
@ElicBxn (60874)
• United States
21 Oct 11
That's very sad for the man, not very bright of him, but sad. No, I have my "savings" in my credit union - so I can not touch it until I need it to pay taxes or insurance. I also have my "spending" money in a bank that allows me online access to pay bills. Can't remember the last time I wrote a check for me...
3 people like this
@jennybianca (12915)
• Australia
24 Oct 11
I have a cheque account which I am going to cancel very soon, as now I pay all bills online, or via direct debit, with a few I still apy at the post office. times have changed......
1 person likes this
@ElicBxn (60874)
• United States
24 Oct 11
well, my checking account is what I use my debit card and online payments from, but, as I said, I don't actually write checks any too often...
1 person likes this
@shanemae (1025)
• Philippines
21 Oct 11
damn! why was he carrying that huge amount of money and just lost it. well, for me i do not have any bank account yet. i am just keeping my saving in my cabinet covered with my dress and stuffs. lol! without any safety locks. pretty much like the man but at least it's safer in my house than carrying it around on trips. i have plans of opening a bank account but maybe later this year.
3 people like this
@jennybianca (12915)
• Australia
24 Oct 11
Oh dear, you shouldn't keep your money in your cabinet. Do you live at home, where it is safe?
@shanemae (1025)
• Philippines
24 Oct 11
hi there jenny! yes, i do live at home. i feel my money is safer here than in banks. since a lot of hold ups has been done in our country now.
1 person likes this
@rollylolly (2707)
• India
21 Oct 11
I decentralize my savings . The liquid money is in my bank which I can use any time through my debit card . Rest is diversified in equity and debt funds . I keep a track of performance of my investments in the different equity funds and switch them as and when necessary . Debt funds give less return but are more secure .
3 people like this
@jennybianca (12915)
• Australia
24 Oct 11
Most of my money is in the bank. I do have aninvestment which I can access but not as readily as the bank. I have superannuation too, but I cant access that until I am at least 55. What exactly are debt funds?
1 person likes this
• India
24 Oct 11
Hello jenny a debt fund is an investment pool , such as mutual funds or exchange traded fund in which core holdings are fixed income investments (what we normally call fixed deposits ) .The fee ratios on debt funds are lower on average as the overall management costs are lower .The main objective of investing in a debt fund is usually the preservation of capital and generation of income .So I always prefer debt funds or fixed deposits .There is also absolute guaranteed return . Happy mylotting
1 person likes this
• United States
21 Oct 11
Yes I know elders who do not trust banks and feel that hiding their money at home is much safer. I use banks as I find it is the safest way. I can't imagine carry some these days with people being robbed. To have carried that much is outrageous and not sure what he was thinking. I am one that from time to time can forget sunglasses where ever I go so it could be easy to leave behind a bag of money.
3 people like this
@jennybianca (12915)
• Australia
21 Oct 11
Or even just leaving your wallet lying around, that is so easily done.
2 people like this
• United States
21 Oct 11
That would be me as I have been known to run back and remember I left my wallet/purse behind. lol As much as I try to be careful it can happen so carrying that much money seems not to be wise.
3 people like this
@livecenter (1138)
• Malaysia
21 Oct 11
@jennybianca: I have two savings account in two different banks not to far from one another. I put all my cash in one bank, say Bank A and put like $500 in my Bank B account. When I go out shopping or something like that, I always bring my Bank B card ONLY. That saves me the fear that someone might push me to the wall and ask me for my ATM and PIN number. It will be better to lose just $500 then risking to lose the whole amount. Nevertheless, as long as you keep track of where you keep your money then I think it is okay to save your money anywhere you liked.
@jennybianca (12915)
• Australia
21 Oct 11
I can see your thinking with this. credit card theft is a big worry. It is not so much with the ATM's here, I think it is more online theft.
2 people like this
@stary1 (6622)
• United States
21 Oct 11
livecenter EI agree...it is a great idea to have different banks..especially since banks are getting in trouble...
3 people like this
• Canada
21 Oct 11
That is crazy. I would just die if I lost that much money. But then I wouldn't carry that much money on me in the first place and I don't think most normal people would. There must have been something wrong with that guy, mentally. I keep my money in the bank, like most normal people do. I might have some at home in my drawer but nothing of great signifigance. I usually have a couple hundred dollars for emergencies. I clean houses for a living and some of my clients keep money in certain areas of their homes. I know because they have forgotten to put money out for me so they have shown me where they keep their money so if they forget again I can just get it myself. Some of them keep thousands of dollars in drawers and cupboards. I can't get over that. To keep that much money in the house. Although to some of my clients that isn't a lot of money. To them it is like me having a couple hundred dollars in my drawer. littlemissy signing off for now, talk to you later my new friend
3 people like this
@jennybianca (12915)
• Australia
24 Oct 11
You have reminded me of another money related issue. I use a alwn mowing service, and i have to leave the money outisde of him. It is alwaysa a concern that the money will be stolen. Other people, who work doing the day, have this problem too, with serives that require cash and it has to be left somewhere,
• Philippines
21 Oct 11
Me too, I keep all my money in the bank. Every time I go out of my house, I usually have to have not more than $20 and every time I will need more, I will just withdraw on the ATM. I never used a credit card as I know the risks that come with it. So far, I think I'm doing good with my savings.
3 people like this
@jennybianca (12915)
• Australia
24 Oct 11
I would rarely have more than $20 on me, except perhaps for buying fuel. Even then I can use a credit card to purchase fuel..
@myfb2009 (8304)
• Malaysia
21 Oct 11
When my grandparents on my father's side still alive, they used to keep their savings at home. They don't trust bank because they scared if the bank staff knows their savings, they will get robbed by the bank's staff. That's why, they prefer to keep their saving under their bed and kitchen cabinet. As for me, i prefer to keep all my savings in the banks. But, i do keep a portion of my money at home, in case of emergency, i can take and use them. But, i always have a few piggy banks at home for stashing my extra coins back from shopping.
3 people like this
@jennybianca (12915)
• Australia
24 Oct 11
Your grandparents must have lived in the same era as my grandmother. Although for my grandmother, it wasn't the bank staff she was worried about, it was the tax man.
@katrinapaz (2438)
• Philippines
21 Oct 11
hello there jenny! i think that man was kinda foolish and was inviting danger by carrying all his money around. as for me, i keep them in bank accounts that i update regularly. like most of the people here, i do have a piggy bank for loose chnage but i bring to the bank every month so that the coins will be changed into paper and will then circulate. happy mylotting!
3 people like this
@jennybianca (12915)
• Australia
24 Oct 11
Taking your lose change to the bank once per month is a good idea.
1 person likes this
@airkulet (2705)
• Philippines
21 Oct 11
I save on the bank, I ignore using atm so that I will not tempted to purchase something. But I also carry cash but that just enough for 2 weeks. That was really unfortunate for that man, I'm sure he learned his lesson now.
3 people like this
@jennybianca (12915)
• Australia
24 Oct 11
I use an atm so that I dont have to carry lots of cash around. My daughter is the opposite. she doesn't carry any cash, and avoids using atm's. sS this is a method of saving for her.
1 person likes this
@stary1 (6622)
• United States
21 Oct 11
jennybianca Yikes that poor (and foolish) man..what would possess him to carry his money around..surely he isn't crazy?? Or manybe he is? I keep accounts too and use an ATM and CC and checks. I do try to keep some money in case of an earhtquake and the ATMs do not work, but that stash is often borrowed and not always replaced right away..
3 people like this
@jennybianca (12915)
• Australia
21 Oct 11
I never thought of keeping cash aside in case of an earthquake, thats a good point.
2 people like this
@CatGods (4596)
• United States
21 Oct 11
I would never carry all of my money around with me, that is just stupid. My savings is in various forms and locations. Cash in the savings-bank, cash in the checking, cash in my paypal, cash on hand, not a whole lot, and other valuables that can be turned into cash if needed.
3 people like this
@jennybianca (12915)
• Australia
21 Oct 11
That sounds like a good sensible policy to manage your money. If something happens to one, you still have the other accounts to fall back on. Although we always hope that banks will never crash.
2 people like this
@naomi321 (48)
• China
21 Oct 11
my money separate into several parts for different expenses. the most of money was kept in the bank,which was safe to us and also give us some interest.generally speaking,it is a good way to keep in the bank. i will keep some money in hand for daily expenses.besides of these,i also have some money invest insurance of my baby,which provide the basic benefits for her.in a word,money, difficult to earn ,easy to spend.
3 people like this
@jennybianca (12915)
• Australia
21 Oct 11
That seems like a good approach, especially to have an investment insurance for your cute baby. I like your expression... difficult to earn, easy to spend.
2 people like this
@webeishere (36353)
• United States
21 Oct 11
I actually took my savings bonds my dad had for me as I neded new windows throughout my house. I cashed enough for the windows and I plan to put the rest into a safe deposit box in my Credit Union and not cash them as they are not yet fully matured. I have this account,and, we also have a savings and checking account. Other than spending money on us we keep a coffee can for my wifes tips. But that always goes to our Little Princess Savanna for her pageant expenses. HAPPY POSTINGS FROM GRANDPA BOB!!~
3 people like this
@jennybianca (12915)
• Australia
21 Oct 11
Hi Bob. Are you back? I returned to MY Lot about two months ago, aftwer a nearly 2 years absence. I work, mostly fulltime, and I didn't have time. Imissed it though, so at The earliest opportunity I returned. I had not seen you at all, so figured that you had left. I had savings bonds many years ago, and they were a good move. I believe I had to keep them for 5 years before fully maturing.
2 people like this
@toosix (81)
21 Oct 11
Because Chinese could not invest offshore,much of that saving went into state banks at low interest rates.
3 people like this
@jennybianca (12915)
• Australia
21 Oct 11
State Banks are more reliable even if they do only have low interest rates. Do they charge you much in the way of fees?
2 people like this
• Indonesia
24 Oct 11
Maybe the best way to save your saving is in a bank. A few time ago, i never use a bank. I always bring my money everywhere, but in fact, i always spent them. And now i use bank, and i think it's useful to save your saving, not to spent your savings.
@jennybianca (12915)
• Australia
28 Oct 11
It is not a good idea to carry your earnigs and saving saround. My neice who is 16 did not bank her earnings from her job, and thus she was influenced in spending it.
• Indonesia
28 Oct 11
i agree with you, even though the interest is so small.
1 person likes this
@sid556 (31005)
• United States
22 Oct 11
Hi Jenny, My gram used to do the same thing. I used to think it was weird but not so much anymore. I would not carry my money around like that guy..I actually would never have to worry about that...don't have anywhere near that much. Still, I have taken to putting only what I need to pay my bills in the bank each week. I have my rent which I save out weekly for and pay monthly stashed in another place..not the bank. I deposit it when I go to pay. I don't really have savings. I live week to week as a rule. If I do have money and there are times that I do..I do not put it in the bank anymore. I do cash and I hold it tight. I would never do what that guy did.
2 people like this
@sid556 (31005)
• United States
22 Oct 11
Oh and yes...I do have a piggy bank...ok no..a cool jug and my change adds up to 20.00 or more per week. On a good week..don't have to cash it in. At least it's not getting eaten up in bank fees and whatnot. One year, that jug of change added up to over 600.00 and we all went and stayed at the beach for a couple of days. My friend bought his harley with change. Especially in these times I don't like putting my money in the bank.
1 person likes this
@jennybianca (12915)
• Australia
24 Oct 11
I understand the concern with bank fees. They can b e a rip off at times. The banks are maing it very difficult for people to have their money in a secure place.The woman in the shop next to me told me the other day that she has money hiddenunder her bed to avoid tax. Amazing how much the small change can add up.