Bank or keeping your money at home?
By mzbubblie
@mzbubblie (3839)
United States
January 13, 2007 6:23pm CST
I have pondered this thought for a moment. I have my money in a bank, but i have seen alot of some of my very same family members who still to this day refuse to put their money in a bank. Instead they rather put it in their drawers at home or old purses stuck up in the closet pushed far back. I ask my grandma why she don't have a bank account and she always says "why have one, when I can keep my money close by" There are pros and cons to that. The money is way right there if she need it but god forbid if something happens to the house or furthermore someone breaks in, then what? My grandmother is so old fashion. I will say she doesn't burn a hole in her pocket, she has alot of money sense and how to spend her money, just she won't put it in a bank. My question is why do some people refuse to open up a bank account. I do it because i know me. If i have money in my pocket if i happen to go out I will spend it. I know I couldn't have my whole paycheck in my pocket, I would go crazy....What are your thoughts?
15 people like this
136 responses
@seenoreen (559)
• Philippines
14 Jan 07
I also keep my money in the bank. This is more practical because I get to earn interest. I think other people doesn't like to do this because they're lazy or they don't trust the bank. In your case, your grandmother might just be old fashioned or got used to having her savings kept that way.
@mzbubblie (3839)
• United States
14 Jan 07
Yes, she is very old fashion. Likewise, I'm the same way with the bank and also because I don't want to burn a hole in my pocket...thanks for the response
4 people like this
@mike28729 (45)
• United States
14 Jan 07
Sounds like your grandmother may have lived during the great depression era,where every thing was lost by most,and learned not to trust "big brother"...would be safer in abank,since accounts are FDIC insured.
@Phlamingho (7825)
• Denmark
14 Jan 07
I can't see any point in keeping your money in your home. Ever since I got my VISA 5 years back or so I haven't even touch real money. Every store in my country accept my card so why would I need cash? Plus I would miss out on interest if I didn't put my money in the bank.
3 people like this
@mzbubblie (3839)
• United States
14 Jan 07
Very true. I do have a little money in my purse but not alot. I believe in interest as well with the banks...thank you for your response
3 people like this
@ohmganteng (4)
• Indonesia
14 Jan 07
i agree if bank is the safer place. And your money will grow with interest.
3 people like this
@xXmeganxX (4420)
•
14 Jan 07
my grandparents had bank accounts a few years back but refused to keep the money they had saved over a year for chsitmas presents, and one unlucky day, there house got broken in to, they had all there savings stolen and alot of other items, they were devestated and called themselves stupid etc etc and after that they always put there money in the bank because real things do happen like this and there are alot of thieves and horrible people out in this world what will steal off anyone! :(
3 people like this
@mzbubblie (3839)
• United States
14 Jan 07
Yes that's pretty sad and sorry your grandparents had to go through that to realize the bank is in fact the safest place for your hard earned money. Sometimes it takes something bad to happen before someone wakes up to realize that I "should of" done this or that...Thank you for responding..
2 people like this
@shywolf (4514)
• United States
14 Jan 07
I do keep some money here at home. After all, something terrible could happen to a bank, as well, no matter how well funded they are. I would advise keeping the majorit of one's money in a bank, however. It is so much safer there than in one's house, as far as I'm concernred. i would not want thousands of dollars stashed away at my home. It would make me feel uneasy at night trying to sleep thinking that if anyone found out they would be trying to rob my house *laugh*
@mzbubblie (3839)
• United States
14 Jan 07
HAHAHAHA i TOTALLY agree with you, I would be up at the window looking to make sure NOBODY tries to rob my home with that amount of money in there. Yes, having your money at the bank does keep you sane, i know for me, if they rob the bank I know my money will be replaced versus if I was robbed at home....thank you for responding
2 people like this
@istanto (8548)
• Indonesia
14 Jan 07
I'm try to always save my money on bank we can get bonus from that too. If I keep money in my pocket I will use it for buy something this is not good for me because I believe in the future I will need some urgent money. you know who can predict what will happen in your life and sometime you will need a lot of money in short time.
3 people like this
@SiresTheOne (557)
• Australia
14 Jan 07
Bank it, not only is it safer but if you choose the right one it will grow with interest. Also helps your credit rating.
3 people like this
@ownado (1679)
• Portugal
14 Jan 07
I just have the money I need for daily stuff at home, the rest it's in the bank... it's way safer.
Imagine if you keep all your money in your house and it's robbed, then you'll loose all your money... at the bank it's way difficult, there's almost no way of you money leave the bank unless the thief knows exactly your code/signature which is really difficult.
3 people like this
@Alexandria37 (5717)
• Ireland
14 Jan 07
Quite a lot of elderly people refuse to put money into banks. I wonder if it because they don't trust them. These days it is not safe to keep large sums of money in the house. My own house was burgled and cash was taken. Fortunately it was only a very small amount, so it was hardly worth the burglars time. I only ever keep enough money at home for emergencies and I use my bank card to do my shopping.
3 people like this
@mzbubblie (3839)
• United States
14 Jan 07
yes I agree with you as well. I believe its really a elderly thing. My great grand parents were the same way, they refused to open up a bank account. Never really got a valid answer for them, I just figured they were so set in their ways, it didn't matter to them the pros and cons to having a bank account. Thank you for responding and sorry that happened to your home...
3 people like this
@happymyhusband (624)
• United States
14 Jan 07
i would like to put my money in the bank. i just keep little in my pocket because i am a big shopper. when i go shopping i will be crazy to buy stufff.
3 people like this
@mzbubblie (3839)
• United States
14 Jan 07
Likewise, i'm the same way, If i have money in my pocket the 1st thing I think about is going shopping or what can I buy...thank you for responding
3 people like this
@mariam74 (555)
• Egypt
14 Jan 07
I think it is better to put your money in bank for me I do this I keep only little with me in my pocket because money in the bank I'll not spend as fast as I spend my money in my pocket and also if you need to take from bank it is easy and not like tha past there are machines everywhere so that you can take money at any time.
@biyping (183)
• Indonesia
14 Jan 07
if i were you, ill save my money in bank, because i will have interest for it right and as you said, i will also spend my money faster when i have money in my wallet. I rather bring a little money in my wallet.If you put your money and you need it while your are going to shop, so you can use closest atm or even you can use it like credit card, right?do you agree?
@mzbubblie (3839)
• United States
14 Jan 07
I totally agree with you, however, some people like my grandma, she don't believe in banks and she's really good with saving her money. I just think of if something happens to her home like burgulars that would not be a good thing. No matter how much I say to her that's not a good ideal the more she says I don't have to worry about going to the bank...She just don't get it....Thank you for responding
3 people like this
@akashsharma (111)
• India
14 Jan 07
wen u have money in ur hands then u spend lavishly ... bank at some limit restrict overspending
3 people like this
@simon4u92 (239)
• India
14 Jan 07
keeping money in thebank is more useful than keeping at home....if it is at home we keep on using n if its at the bank we feel lazy to go and withdraw, secondly.....interest wil be added 2 dat....thoughit is v. little........
2 people like this
@hinrichas (395)
• Spain
14 Jan 07
I keep my money in my house. I think it's good. Have a nice day everyone.
2 people like this
@ashwinsinha2003 (156)
• India
14 Jan 07
try asking on yahoo answers coz people give fake answers for money only.
2 people like this
@mikkoalbert (245)
• Philippines
14 Jan 07
Bank definitely. I'll put it in a time deposit so my money would earn alot.
2 people like this
@Kangleicha (376)
• India
14 Jan 07
it is alright to keep money in your back, but it is good to keep some ready cash in your hands too.
So I keep what I want to save, and which does not have an immediate usage in the bank, and those that are required for the time being I keep as ready cash.
