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Take It To The Bank

Stuffing your mattress full of singles may not be the best idea

If you're anything like me, you tend to spend money thats right in front of you.  This alone is a reason to put your money in the bank.  The money in a coffee can under your bed also is'nt earning any interest.  Another perk is that noone is going to steal your money when its in the bank.

Once you deposit money into the banks its still easy to access but not so easy that you will spend it on impulse purchases.  Most people are going to get money out of the bank to make their car payment, but probably not to order a magazine subscription from the door to door salesman.

While it is true that you will not make much interest on a standard savings account, there is a difference in NO interest and not much interest.  Over time interest does add up though.  This reason alone may not be enough to keep your money in the bank but combined with other benefits you should come to the conclusion that a bank account is the responsible thing to do.

Another benefit is the fact that in the bank your money is safe and insured by the US government.  I doubt that you have that security by hiding your cash in a shoe box in the back of your closet.  I know that we don't expect to have out house broken into but it does happen.  Another thing to consider is, even though you trust your friends and try to only bring trustworthy people into your home, people will surprise you.  Your best friend probably isn't after your cash but who knows about a friend of a friend or whatever random person that may make it back to your house after the bar.

Bottom line is that your money is always safer in the bank.  Whether your protecting your money from yourself or others keeping it in a bank is the responsible thing to do.

 

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