Should You Save Your Money in The Bank or at Home?

Should You Save Your Money in The Bank or at Home

It has been established for a long time that a bank is the safest place to save your money. But today, still a lot of people who prefer to save their money at home due to various reasons like don't have to pay any fees to the bank. So, should you save your money in the bank or at home? This article will help you decide your answer.

Saving Your Money in The Bank

We all learn something about money since we were kids, that saving money is very important for the future. But where should you save it, in the bank or at home? To this day, saving money in the bank is still the most recommended option because your money will be free from most risks and can accumulate slowly over time.

Bank is still the safest option because your money will be store in someplace safe with advanced systems to protect it from any risks such as theft, fire and natural disasters. Not only that, even if the bank where you save your money goes bankrupt, the Deposit Insurance Agency will make sure that you wouldn't lose any of your money.

Another advantage of saving your money in the bank is the interest rate. Banks are providing returns or interest on your saving balance. This will increase the value of your saving over time, and the longer and bigger your save, the more profit you can get from it.

Banks also providing easy access to your money, especially in this digital world. By saving your money in the bank, you can easily transfer your money anywhere, paying bills, buying things, just using your smartphone. You couldn't do any of this if you are saving your money at home.

Saving your money in the bank can also help you managing your money more easily. You can separate your money into different categories such as for bills, education, transportation, and saving for buying something in the future like a house or a car. All of this you can do just with your smartphone.

There are a lot of banks out there, and they will try to lure as many people as possible to be their customers. This will result in various promos for their users, and this could be an advantage you can use. Banks usually give various promos to their customers, and you can use this in transactions like paying bills or buying stuff online.

Because of all that, saving money has been the most popular and easiest way to save your money. One of the biggest advantages is that you could get interest from the bank and your money could grow, that's hardly the case anymore. Right now, regular saving accounts or fixed term deposits barely give you any interest.

Sometimes saving money in a bank could even give you negative interest, and this is the reason why more and more people don't rely on banks to save their money anymore. So if you are wondering whether should you save your money in the bank or at home, saving some at home could be a good decision and this is why.

Saving Your Money at Home

A growing number of people are starting to move their money from the bank and save it at home. They still save their money in the bank, but not all of it. If you are one of these people, one thing that you should do first is don't tell anyone about it, not even the people close to you.

Before starting to move your money whether partially or all of it from the bank to your home, you should install a good and strong safe, and also a surveillance system. Make sure you pick the surveillance system that can be integrated to your phone so you can always keep watch of your money even when you are not at home.

The first thing you might ask about saving money at home is probably about insurance. This is a little bit complicated since most insurance companies only cover cash being save at home partially. If a robbery occurred, most insurance companies will only pay you as much as the maximum limit. So, if you are considering saving money at home, as a prevention measure don't save money more than the maximum limit of your insurance company.

Theft is not the only risk you should worry about when you are saving money at home. Your money could get some damages from animals such as rats or termites, fire, and also natural disasters like an earthquake. So, to make sure your money is also safe from these risks other than theft, you should get the best and strongest safe you could find to store your money.

In principle, the larger amount of money you want to store, the more expensive your safe would be because you will need a bigger and more secure safe. And since your money can't grow while being stored in a safe, you might lose parts of your assets due to saving it in an inappropriate safe.

In conclusion, saving money especially in a very large amount is not the best thing you could do. But it is still important to save a significant amount of money at home for emergencies. This is important because you will never know what could happen in the future and when unexpected expense or bill will arise.

So there you go, all the things you should know about saving money in the bank or at home. Whether should you save your money in the bank or at home should be considered very carefully. Banks are still the safer option to save your money, but make sure you choose a bank with the best records, customer service, history and security. It is also wise to save some of your money at home just in case of emergencies or when unplanned expenses or bills happen.

Faisal "The successful warrior is the average man, with laserlike focus." - Bruce Lee

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