safety box

Sometimes, storing money in a bank means that either we touch it too much or we can’t touch it at all. For example, you can save it in a regular bank account, and it can accidentally get spent even though you intend to save it. Or, you store it in a savings account, but you can’t touch it even when you need it. If you can, you’re tempted to spend it and not save it. Somehow, saving your money in cash seems like an untempting way to spend it. Here are a few tips for storing a significant amount of money.

coins in front of a clockKnow The Exact Amount

The first thing you need to do is count it. You need to know exactly how much you’re storing so that you know if any is missing or stolen. Keep your cash banded per 100s to make it easier for you to count. It is also easier to store if the money is banded together so it won’t scatter around and become a mess, depending on where you store it.

 

pink piggy bankPlan What To Do With It

This is to motivate you to not spend it all at once and keep it stored. If you have a specific goal on what you’ll spend it on, you’re likely to rethink about nipping a little bit to spend for a treat. For example, the bundle of cash will be for a flight ticket to a faraway continent. This will motivate you to keep adding the cash and save it.

Use Safety Boxes

The next is to ensure that you store your cash in a safe place. The safest place to store valuable items or cash is in a safety box with a coded lock. Only you should know the access key to the contents of the safety box. If a safety box is too visible and you want less obvious storage, you can use a valve box. A valve box is built inside your wall, and you can cover it with a painting or a bookshelf so no one would find it easily. It does cost a little more than a safety box because you need to hire builders to install it inside a wall.

Store in an Unpredictable Place

Another way to store your cash if you don’t want to invest in a safety box or a valve box is to store it in an unpredictable place. This could be anywhere that you think is the last place someone would store cash in. You can store it in a saucepan and stuck it inside your cookware wardrobe in your kitchen, or inside a bag that you never use.