My mother’s aunt used to hide her money in several places around her apartment. After she passed and my mother was awarded the task of going through her things, she discovered several hundred dollars hidden in Aunt Goldie’s drawers and closets. I have heard several people voice their fears, especially since the pandemic, that the bottom could fall out of our economy. I have listened to the fear of others who are investing in Bitcoins and Crypto currency, certain that our present economy is headed for disaster. I know next to nothing about investing and the Crypto currency feels way too strange and futuristic to me. I like reading books that I can hold in my hands and I like paper money that I can count with my fingers.
My mother instilled in me the importance of saving money and I learned to balance a checkbook at an early age. To this day, I treat errors like a dog with a bone and will not stop until I find out why my account will not balance. Generally, I have made an incorrect entry or my math was off, but on a few occasions I discovered it was the bank that had erred. Even if my balance is off by only one or two pennies, I will always find and correct the problem.
Before it became common to keep one’s money in a bank, it was not unusual for people to hide their money. They would bury it in the ground or beneath floorboards. Today we have much more than paper money that requires safekeeping. We have credit cards, debit cards, and social security cards. We have account numbers, passwords, and pin numbers. With the convenience of the internet, I no longer have to wait each month for my bank statement to show up in my mailbox. I like being able to check the balance in my bank account anytime, day or night; but I know that my money is no safer. The increase in cyber attacks and identity theft has led me to question if there is anywhere that my money is truly safe.
The dilemma that I face is not knowing whether money is safer when kept in a bank, or if one should use cash whenever possible. There have been rumors that in the not too far future, cash will become useless. Money is often exchanged through internet apps like PayPal, Venmo, or Zelle. They are relatively safe now, but will they succumb to the fate of Craigslist, becoming the place where hackers and scammers have a hayday taking advantage of good people?
I do not know what the world is coming to, nor do I know the possible trajectory of our economy. I have decided that the smartest thing I can do is to not keep my money all in one place. I will divide it up into two or more different banks, and I will also retain some cash. I will divide the cash up as well. I would not want to keep it all in the house because what if the house caught fire? I will not keep it all in my handbag because it could be stolen. My mother’s aunt was a smart woman as well as being very dear to my heart. I like to imagine the surprise on my daughters’ faces, after I am gone, as they uncover cash that I have hidden throughout my home!
