Post by Jeffrey on Dec 17, 2022 8:09:24 GMT -8
Trying to decide how much reserve cash to keep on-hand is often a difficult decision. So many factors must be considered, and when things are tight, like they are now, it's easy to talk ourselves out of setting aside any amount of cash. I trust you have a much better picture of your personal financial situation than I could ever hope to, so I am confident you will arrive at a figure that is manageable for you.
So I thought I'd focus instead on the way that cash is broken down. The denominations we keep our cash in really matter. If you go around presenting 100-dollar-bills when paying for inexpensive items, you'll not only place strain on your neighbour's small denominations, you will also be signalling others that you might be keeping a lot of cash on-hand, which is a very dangerous message to be putting out there.
Therefore, no matter what amount you decide you can set aside, it's a good idea to ensure that none of it is in denominations greater than 50 dollars. If space allows, you may even set the upper limit to 20 dollar bills. While it's always best to conduct any transaction involving cash in a private setting, there may be situations where it's simply not feasible to do so. Moreover, if the transaction amount is high, it might be wise to distribute the cash among a few members of your group while moving it, so that all the money isn't lost if one person gets robbed. It also sends the right message to unknown observers that your group practices sound and secure cash measures so they'd be wise to look elsewhere if they're looking to rob someone.
Well, these are my thoughts on the matter, and I'd love to hear some other ideas that might better if you know of some.
Take care and stay safe!
Jeffrey
So I thought I'd focus instead on the way that cash is broken down. The denominations we keep our cash in really matter. If you go around presenting 100-dollar-bills when paying for inexpensive items, you'll not only place strain on your neighbour's small denominations, you will also be signalling others that you might be keeping a lot of cash on-hand, which is a very dangerous message to be putting out there.
Therefore, no matter what amount you decide you can set aside, it's a good idea to ensure that none of it is in denominations greater than 50 dollars. If space allows, you may even set the upper limit to 20 dollar bills. While it's always best to conduct any transaction involving cash in a private setting, there may be situations where it's simply not feasible to do so. Moreover, if the transaction amount is high, it might be wise to distribute the cash among a few members of your group while moving it, so that all the money isn't lost if one person gets robbed. It also sends the right message to unknown observers that your group practices sound and secure cash measures so they'd be wise to look elsewhere if they're looking to rob someone.
Well, these are my thoughts on the matter, and I'd love to hear some other ideas that might better if you know of some.
Take care and stay safe!
Jeffrey