What do you do with your money, during this financial crisis?

A room safe - It's a room safe. People tend to use safes during this financial crisis.
@Tcboss (69)
Netherlands
May 4, 2009 9:34am CST
I've heard some people don't trust any bank any more. They just take out all their money, and they keep it themselves, in a safe somewhere in their home. I wondered what you do with your money? Or don't you do anything at all, just keeping it like it was? I haven't changed anything regarding money. I just keep it on the banks. But that's probably because I ain't a stinking rich!
1 person likes this
13 responses
• Philippines
5 May 09
Its better to put your money in the bank. To use it in the future. Dont be scared about bank will be bankrupt. Its better to put your money in a bank because it will increase than you will just keep it to yourself. It can be stolen or you just spend it.
1 person likes this
@EmpressM (60)
• China
4 May 09
The economy is China is OK.We don't really feel the crisis actually.I still use my money without any plans.But the things like meat and fruit become more and more expensive.I should think more about my money.
@Tcboss (69)
• Netherlands
4 May 09
Maybe you should try finding a way to cook nice meals with less expensive food. That might help thinking more about your money. Thanks for your response! :)
• Philippines
5 May 09
Our country is always have an increase all basic necessities have increase. Hope this financial crisis will be solve. Many countries are being affective. You came from China. All products here are made in China like melamine.
1 person likes this
@agihcam (1914)
• Philippines
5 May 09
I still have trust with the bank. Our home is not reliable to safe keep the money. Investing it with the bank can help the economy grow and other companies as well since they can use our money and we have received small interest from such.
@Tcboss (69)
• Netherlands
5 May 09
I agree with you. All the people not putting their money on the bank, just make this problem bigger! And well most houses are not safe enough to trust it as your "personal bank". Happy myLotting!
• United States
4 May 09
Invest with some of it we will get through this land of the free homew of the brave
@Tcboss (69)
• Netherlands
4 May 09
Yeah, a lot of people stop buying stuff... But that just makes it worse! We just have to keep spending if we want to get through this.
• Philippines
5 May 09
Invest your money is very risky. You must use your money wisely
1 person likes this
@hireshd (490)
• India
4 May 09
Yes thats true that people do not have trust on the banks these days, but I wonder where do they keep there money then??? Its actually wrong to keep the money in saf lockers of our home because if banks do not have the money then they are more prone to being shut, Money has to keep flowing in the market and only then the current financial situation will not get worst. As with me I have kept my money in the banks.
@Tcboss (69)
• Netherlands
4 May 09
If a bank gets bankrupt, they normally pay you back all your money. But they don't go over a certain amount (like 250,000 dollar or something). So if you're rich, I can understand why you won't put money on your bank. But if that's actually the problem, you can just spread your money over different banks? So well yes, I agree with you. Thanks for your response!
@hireshd (490)
• India
4 May 09
You are welcome, just to highlight one more point as you mentioned if someone is having more than 250000$ they wont keep that in bank they will find out other ways if investing and keeping them safe:)
• United States
4 May 09
I think it is quite silly of people to be taking their money out of the banks! In the US, the money is still insured. They are just as safe with the money in the bank as they were 10 years ago! In fact it is better than stored in your house, because you can earn interest on it! I would be afraid to store all of my money in my house. I would be afraid that someone would find out and try to rob me. I definitely still keep it in the bank. It will still be there when I need it!
@benny128 (3615)
4 May 09
yeah totally agree your covered anyhow for the money in the bank, also the people who dont keep money in banks are part of the economic problem, if people dont invest their money in the banks then the banks have less money to invest in businesses etc etc
@Tcboss (69)
• Netherlands
4 May 09
Yup I agree. But there are some safe companies who automatically insure everything that's in the safe. If the content is stolen, they will give it back to you... But this seems a little unrealistic to me, how would they know what was in the safe?
@JOIEMARVIC (2335)
• Philippines
11 May 09
during this financial crisis. I try to eliminate my debts completely and save money. no one knows how long the recession will last and how much it will affect us. so i am more vigilant in monitoring my expenses now.
@tixepower (1195)
• Sweden
5 May 09
I don't do anything with the money. I've all my cash in bank, paypal and alertpay and I don't really buy anything in real life. Sometimes I go out and that's all :p
@benny128 (3615)
4 May 09
well in this financial situation, I have done quite abit with my money firstly my saving used to pay me about 400/500 a month in interest am lucky to get 100 a month in interest payments now so have invested some in stocks and shares as a long term investment. Tho if I loose it so be it nothing ventured nothing gained. I have also here in uk invested in premium bonds they dont pay any interest rates butyou can win prizes in a free draw for those that aint familiar with premium bonds. The rest id kept in the bank, gaining less than 1 % interest rate how ridiculous is that interest rate. Also filled up my isa and even thats only getting 2.5 %.
@Tcboss (69)
• Netherlands
4 May 09
I see you have gotten some trouble because of this crisis. Good luck with your shares!
@venmarz13 (735)
• Indonesia
6 May 09
ehm..me too.i still keep my money in bank.im so wooried if i deposit it in bank or just take it in our house.you know there are so may thieves here.maybe if i have enough money i will invest it in building or a land.yeah just it.i dont wanna spent it in buying something.just keep the money
• India
5 May 09
I dont have any spare money to put anywhere in the bank. Even if I get some dollars I will rather use it to buy any necessary things.
@aikhong (661)
• Malaysia
4 May 09
It will not be a wise decision to take out money from bank and keep it at house i think. For me, i still remain unchanged and still keeping my money in bank and fixed deposits. However, at the same time i'm looking around for other better investment opportunities as well if there is a good offer.Don't put all eggs in a basket, it's a correct phrase to know.
@3r4st0 (14)
• Netherlands
4 May 09
I keep my money in the bank. I ain't very rich anyway and most of my money gets spent right away. I haven't noticed anything regarding the crisis either. Not in the supermarkets or in other shops. So actually I don't really know what people are all yelling about
@Tcboss (69)
• Netherlands
4 May 09
It's smarter to keep your money on the bank if you're not rich anyway. I also haven't noticed a thing since the start of this crisis, except for the fact that the news is full of it. Thanks for your response and happy myLotting!