Comments on: Financial Tools: Stash Your Cash At the Right Places http://www.mint.com/blog/moneyhack/financial-tools-stash-your-cash-at-the-right-places/ The blog of the free, simple personal finance solution. Track all your spending automatically, find the best deals, save more money. And save the world. Fri, 20 Nov 2009 20:48:42 -0800 http://wordpress.org/?v=2.8.4 hourly 1 By: Suresh http://www.mint.com/blog/moneyhack/financial-tools-stash-your-cash-at-the-right-places/comment-page-1/#comment-15152 Suresh Wed, 16 Jan 2008 07:36:08 +0000 http://mymint.com/blog/moneyhack/howto-stash-your-cash-at-the-right-places/#comment-15152 Hi, You guys are just wonderful. YOU have cleared my Money management fundas. What a way to look at the money. Many Thanks Suresh Hi,
You guys are just wonderful.
YOU have cleared my Money management fundas.
What a way to look at the money.
Many Thanks
Suresh ]]> By: Seth http://www.mint.com/blog/moneyhack/financial-tools-stash-your-cash-at-the-right-places/comment-page-1/#comment-2599 Seth Fri, 10 Aug 2007 10:07:10 +0000 http://mymint.com/blog/moneyhack/howto-stash-your-cash-at-the-right-places/#comment-2599 Hey Plus6, Actually here in Japan where I live, a lot of people keep a lot of cash on hand. Many people have a nice little trap door in the floor of the kitchen. This is mostly due to the fact that cash is not all that easy to get in Japan during off hours. Almost all banks open at 9 AM and close at 3 PM and since most people work from early until late they just can't always get to the bank. So people keep cash on them and at home. It's funny you would think that Japan of all countries would be all about the tech banking and stuff but it's so not the case. So for me also I tend to keep about 10,000¥ or about $100.00 on me most of the time for travel and food and the normal stuff. Hey Plus6,
Actually here in Japan where I live, a lot of people keep a lot of cash on hand. Many people have a nice little trap door in the floor of the kitchen. This is mostly due to the fact that cash is not all that easy to get in Japan during off hours. Almost all banks open at 9 AM and close at 3 PM and since most people work from early until late they just can’t always get to the bank. So people keep cash on them and at home. It’s funny you would think that Japan of all countries would be all about the tech banking and stuff but it’s so not the case.

So for me also I tend to keep about 10,000¥ or about $100.00 on me most of the time for travel and food and the normal stuff.

]]> By: Matt Ellsworth http://www.mint.com/blog/moneyhack/financial-tools-stash-your-cash-at-the-right-places/comment-page-1/#comment-2204 Matt Ellsworth Wed, 01 Aug 2007 22:03:42 +0000 http://mymint.com/blog/moneyhack/howto-stash-your-cash-at-the-right-places/#comment-2204 I use the ing free online savings account. its fast, easy and pays a great rate. I use the ing free online savings account. its fast, easy and pays a great rate. ]]> By: Wael http://www.mint.com/blog/moneyhack/financial-tools-stash-your-cash-at-the-right-places/comment-page-1/#comment-1904 Wael Wed, 25 Jul 2007 14:24:19 +0000 http://mymint.com/blog/moneyhack/howto-stash-your-cash-at-the-right-places/#comment-1904 I've got a difficult little investing problem to sort out... any advice? Here's my situation, I've translated all of these numbers to USD, though I live in London: - I'm 26 years old - I have a monthly income of around $15,000 NET - I have monthly expenses of around $10,000 - My savings stand at around $15,000 - I have a "required" savings goal of $90,000 by September '09 (cost of my MBA tuition and living expenses at my preferred school) Over the period before Sept. '09, I'm anticipating being able to save an additional $125,000, bringing my total savings to $140,000. My question is... what do I do with this money? Where do I keep it in the meantime, and where do I keep the "extra" $50k while I'm in school? I'll be going to school in a city where I don't really want to purchase a home (INSEAD, just outside of Paris), besides, I think I'd be cutting the expenses close given that I'd have to put at least 10% down, and homes don't exist below $400,000 in that area. Keep in mind that around $70,000 of this will have to be paid in "one-shot" to the school in Sept. '09. Thanks! Lost in London I’ve got a difficult little investing problem to sort out… any advice? Here’s my situation, I’ve translated all of these numbers to USD, though I live in London:

- I’m 26 years old
- I have a monthly income of around $15,000 NET
- I have monthly expenses of around $10,000
- My savings stand at around $15,000
- I have a “required” savings goal of $90,000 by September ‘09 (cost of my MBA tuition and living expenses at my preferred school)

Over the period before Sept. ‘09, I’m anticipating being able to save an additional $125,000, bringing my total savings to $140,000. My question is… what do I do with this money? Where do I keep it in the meantime, and where do I keep the “extra” $50k while I’m in school? I’ll be going to school in a city where I don’t really want to purchase a home (INSEAD, just outside of Paris), besides, I think I’d be cutting the expenses close given that I’d have to put at least 10% down, and homes don’t exist below $400,000 in that area. Keep in mind that around $70,000 of this will have to be paid in “one-shot” to the school in Sept. ‘09.

Thanks!

Lost in London

]]> By: Gates http://www.mint.com/blog/moneyhack/financial-tools-stash-your-cash-at-the-right-places/comment-page-1/#comment-457 Gates Thu, 10 May 2007 16:59:37 +0000 http://mymint.com/blog/moneyhack/howto-stash-your-cash-at-the-right-places/#comment-457 Funny thing is, I've been thinking about how much cash to keep around. Recently, I've been saving for x-mas gifts (and b-day gifts) by throwing money in an enveloppe every paycheque during the year. At the end of the year, I have about $700 in cash for my x-mas gifts (big family) and during most of the year, I have cash available if I need it. Of course, I have no money in January :) Fortunately, none of my friends/family are born in January, so I get a free ride until February. However, I only have a few bucks in "emergency cash". Now that I've moved in with my fiance, we'll have to change the process, but haven't figured out how to work it. However, I definitely know that I won't be dumping small amounts of extra cash into any of these options, because it's really useful to have "just some cash" laying around. I don't have an exact figure (the fiance and I are working on it :) But right now, it seems to me that keeping one month's rent/mortgage around would be about right. I mean, let's face it, cash is universal, everyone accepts cash and having cash in your home safe/strongbox means that you're not dependent on bank machines or "other people". There's a line where interest isn't really important, keeping $1000 around the house means that you may lose $40-$60 in potential interest annually, but also means that you'll have cash to pay the furnace guy, or the damage deposit, the long weekend vet bill, the car deductible or even the suprise medical bill (Ambulance fee in Canada). Sure, some of these places may accept you credit card, but they'll all take cash! Funny thing is, I’ve been thinking about how much cash to keep around. Recently, I’ve been saving for x-mas gifts (and b-day gifts) by throwing money in an enveloppe every paycheque during the year. At the end of the year, I have about $700 in cash for my x-mas gifts (big family) and during most of the year, I have cash available if I need it.

Of course, I have no money in January :) Fortunately, none of my friends/family are born in January, so I get a free ride until February. However, I only have a few bucks in “emergency cash”. Now that I’ve moved in with my fiance, we’ll have to change the process, but haven’t figured out how to work it.

However, I definitely know that I won’t be dumping small amounts of extra cash into any of these options, because it’s really useful to have “just some cash” laying around. I don’t have an exact figure (the fiance and I are working on it :) But right now, it seems to me that keeping one month’s rent/mortgage around would be about right.

I mean, let’s face it, cash is universal, everyone accepts cash and having cash in your home safe/strongbox means that you’re not dependent on bank machines or “other people”. There’s a line where interest isn’t really important, keeping $1000 around the house means that you may lose $40-$60 in potential interest annually, but also means that you’ll have cash to pay the furnace guy, or the damage deposit, the long weekend vet bill, the car deductible or even the suprise medical bill (Ambulance fee in Canada).

Sure, some of these places may accept you credit card, but they’ll all take cash!

]]> By: Plus6 http://www.mint.com/blog/moneyhack/financial-tools-stash-your-cash-at-the-right-places/comment-page-1/#comment-427 Plus6 Tue, 08 May 2007 20:41:05 +0000 http://mymint.com/blog/moneyhack/howto-stash-your-cash-at-the-right-places/#comment-427 Does anyone keep actual cash on hand in a safe or safety deposit box anymore in case of emergency? I guess that is probably a thing of the past with all the ATMs, web bill pay, and credit cards. Does anyone keep actual cash on hand in a safe or safety deposit box anymore in case of emergency? I guess that is probably a thing of the past with all the ATMs, web bill pay, and credit cards. ]]> By: Josh http://www.mint.com/blog/moneyhack/financial-tools-stash-your-cash-at-the-right-places/comment-page-1/#comment-359 Josh Sat, 05 May 2007 07:38:55 +0000 http://mymint.com/blog/moneyhack/howto-stash-your-cash-at-the-right-places/#comment-359 Just remember, one bounced $5 check can wipe out years of CD / savings account interest. Even if your bank "automatically" transfers from your savings account to your checking account when the balance dips below zero, be sure to find out in advance what the _fees_ will be on that little transaction. When I first got a savings account, I moved a lot of cash over to it and kept my checking account stocked with just the amount of cash I _expected_ to spend. One month the balance in the checking account dipped low, and I think I bounced four checks (on values ranging from $20 to $100). Net fees were about $25 per check for the overdraft fee, plus another $70 per check as a fine on the transfer. And yes, my bank _could_ have accepted these small checks and just handled the largest check as the overdraft. Or it could have transferred more of my savings account over during the first overdraft. Thankfully, after a short trip to my local branch and a friendly conversation with my account manager, my bank refunded most of the fees. Two lessons learned! Just remember, one bounced $5 check can wipe out years of CD / savings account interest. Even if your bank “automatically” transfers from your savings account to your checking account when the balance dips below zero, be sure to find out in advance what the _fees_ will be on that little transaction.

When I first got a savings account, I moved a lot of cash over to it and kept my checking account stocked with just the amount of cash I _expected_ to spend. One month the balance in the checking account dipped low, and I think I bounced four checks (on values ranging from $20 to $100). Net fees were about $25 per check for the overdraft fee, plus another $70 per check as a fine on the transfer. And yes, my bank _could_ have accepted these small checks and just handled the largest check as the overdraft. Or it could have transferred more of my savings account over during the first overdraft. Thankfully, after a short trip to my local branch and a friendly conversation with my account manager, my bank refunded most of the fees. Two lessons learned!

]]> By: Misti http://www.mint.com/blog/moneyhack/financial-tools-stash-your-cash-at-the-right-places/comment-page-1/#comment-356 Misti Fri, 04 May 2007 21:59:40 +0000 http://mymint.com/blog/moneyhack/howto-stash-your-cash-at-the-right-places/#comment-356 I wish I had an Aunt Mary Jane. Thanks for the advise on saving. When are you going to announce the launch of your new software? I'm excited. :-) I wish I had an Aunt Mary Jane. Thanks for the advise on saving. When are you going to announce the launch of your new software? I’m excited.
:-) ]]>