Cash

[FusionChefGeoff]

Thinking on cyber attacks and we'd be seriously screwed if banks and online transfers etc went down.

Anyone keep a stash of cash??

Would cash mean anything if banks 'went down'? Wouldn't you be better off with things to barter?

See that's exactly the sort of thinking I was hoping to find on my first foray into the Preppers board!!

Good point.

I guess I was more thinking if cyber attacks either crashed the whole internet (is that even possible??) and although banks are theoretically still functioning, I can't get to my money.

Most banks have regular backs ups and do regular disaster recovery. I personally keep some cash available anyway. I reckon if everything seriously went down the government would probably have to ration resources.

I would certainly aim to have enough cash to see me through a few days. How much difference it would make in some scenarios is moot.

But enough to cover food and other essentials during an interruption to banking and card payments (say 3-4 days worth).

Also, I still have a cheque book.

Mmm yes I think we probably do need a stash somewhere then - do you think the loft would be a good place to deter any would be burglars?? That's obviously the downside of holding large amounts of cash in your house..

You don't want too big a stash, really. Otherwise when notes/coins are discontinued and out of date you have to take them all to be changed.

Another good point! Will use the new £10 then as surely they've got a bit of life left in them yet!

I built up a stash of cash when the recession hit in 2007 or so - there seemed a serious danger of banks collapsing at short notice here at the time. So I got in the habit of keeping enough on hand to last at least a fortnight (doing large grocery shops and filling petrol tank etc) as I reckoned they would have to sort it out within that period of time.

I don't anymore. I generally have some in my wallet all the time, in case machines don't work. But I don't keep a large amount on hand. It seems more trouble than it's worth (in terms of people targeting us if we were seen to have it) - I prefer to make sure we have food and other supplies on hand instead.

We don't hold much cash but plenty to barter with: wine, whiskey, candles, matches, batteries solar chargers and lights.

yes i am but always have had some cash that i can access straight away

I don't stash cash but have a couple of emergency notes - no more than a couple of 20s in my person at all times.
Focusing more on barter.

I save the new £5 notes and have them stashed about in odd locations through the house (I think if the banks crashed theft would be an issue and rather lose £5/£10 on a trip to the shop than £20 notes). Plus we have some jewellery, pain meds, and alcohol for if the cash system failed.

I always wear an expensive piece of jewellery that has no sentimental value for if I’m ever out and in a sticky spot: gold has value all over the world, cash is quite useless a lot of the time.

Nice idea about jewellery. I tried to remove my not expensive but very high sentimental value wedding and engagement ring. Couldn't get it off . I need to practise with soap or whatever.

I have not considered jewellery.

Candles and matches seem sensible bartering stock.

I have enough cash for a bit of petrol and some food.

I don't see the point in holding too much of anything, it will be stolen.

I think there are two scenarios where cash would be useful.

The most likely is if one bank - yours - goes down due to cyber attack or botched tech upgrade & you can't use your card / draw money out etc. At which point if you can afford to have it tucked away a couple of hundred quid for shopping / basic needs until they sort it out would be very helpful. (I also live in a town with only one cash machine, so often raid my emergency stash for short term use if it breaks or runs out of cash!)

The other - hopefully less likely - is if there's a major financial crisis & the government decides to have an enforced 'bank holiday' & close the banks / freeze accounts for a few days (generally to stop people taking all their money out of the banks).

I think stockpiling cash is very dangerous. I read one poster on this board saying she’d over £1000 in a safe.

The thing is; prepping is a form of insurance. The likelihood is it’ll never actually happen; at least not to the severity that people on here are prepping for.

The most cash I would keep in the house would be £100.

I think the level of money is really dependent on the people though: my ex had his own business and regularly had £5-£10k in cash in his home. Not for prepping purposes, just because he dealt in cash and to him it didn’t seem excessive.

We have probably £500 in the house, but we pay for a lot of things in cash because we find it helps us manage money better. For actual “prepping purposes” I try and keep £50 in £5 and £50 in £10. My husband liked to gamble so he keeps a few £100 about for that, although if he has a big event he would easily have £500-£1000 (more if he wins!).

I keep about £100 in small notes & about a tenner in random change.
For me it's enough to cover any random shopping I might do locally if the banks mess up & cards don't work (again), or to get a cab home from anywhere I might be if I lost my purse etc... & get shopping while I wait to get my new card issued (again)