Why shouldn't we keep money 'under the mattress'?

Having money at home has been one of the most used alternatives to put our cash in a safe place, especially now that many savers do not want to take risks because they fear the crisis and bad investments

FAYNA ORTEGA The Gran Canarian palms

All
we have heard sometimes that of "I prefer to keep the money under the mattress" or "the banks are not trustworthy" and thus a long list of expressions related to having our savings in a safe place.

Though
hethe practice is legal and let's think that our savings are more protected under the mattress, there are
nuances what should be known.

Watch out for theft. /

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Dangers of hiding our savings at home

  1. 1

    Robberies or thefts. It is one of the main risks to which we are exposed, having cash stored at home and being robbed. You must take out home insurance that covers the continent and especially the content.

  2. two

    Natural disasters and domestic accidents. If there is a flood, a fire, an earthquake... You can lose all your money without insurance often having this coverage.

  3. 3

    Tax authorities. The tax office doesn't care if you have money at home, as long as you declare it. Having cash stored in our home gives off the same tax obligations as having it in the bank or investing it. The point is that, when you want to deposit it in the bank, the Treasury will want to know its origin. It is better to save all the information that proves that this amount is yours and legal.

  4. 4

    Loss of value due to inflation. One of the inconveniences that can appear if our capital does not grow at the same time as inflation, there we can become poorer.

  5. 5

    Forgotten. It may happen that if you do not tell a person you trust where your savings are or if you hide them, if due to health problems or you die suddenly, no one will be able to find them and they will be lost. Watch out! Also the passage of time can deteriorate it.

If you're wondering if it's worth keeping money 'under the mattress',
it is an optionBut the risks are there.

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