Secrecy and Safety: The Best Places to Hide Cash at Home

While keeping cash at home can be a convenient option, it's important to consider the security of your assets. This article explores various safe, yet clever hiding spots around your home to protect your cash.

Banking as the Safest Option

The most secure place to store your cash is undoubtedly in a bank. Banks offer not only a safe place to keep your money but also insurance that protects your funds in case of theft or other unfortunate events. If you prefer to keep a small amount of cash on hand for emergencies, a handful of dollars might be kept in an easily accessible place, like right beside your bed or in your home safe.

Wall Hiding Spots

One creative way to hide cash is to incorporate it into the walls of your home. This method involves building a secret compartment within the wall. Here are the steps to consider:

Cut a small hole into the wall using a drill. Place the cash inside the wall cavity. Plaster over the hole and paint the area to blend it in with the surroundings. Add a small painting or decorative item over the newly painted area.

For easier access to your cash, consider a more accessible spot like under your bed. You can create a small tabletop hole and place a safe inside it. Cover it with the carpet or flooring, making it less noticeable but still accessible. Another idea is to hide cash inside or behind appliances, where hardly anyone would expect to find it.

Hidden Book Shelves

If you prefer to hide your cash within household items, consider using a bookshelf. Many books can be repurposed as cash storage. By cutting a small hole in the book and placing cash inside, you can ensure that the book looks ordinary to anyone passing by.

Outdoor Hiding Places

For those with outdoor space, consider unconventional hiding spots like under your yard flag or in your garden. My grandmother, for instance, used a patio with flagstone mosaic design to store her coins and jewelry under a lifted stone. Similarly, a bird bath pedestal can also be an effective hiding place as the hollow part can be easily accessed.

Household Items as Hiding Spots

When considering places to hide cash at home, think about where you can place items that would not typically be inspected. Under the sink or in cleaning supplies would be a wise choice as people generally do not check these areas.

Prior to the advent of direct deposit, I used to store cash in a locked drawer using an envelope. An 8x10 frame containing old photos is another clever idea. By removing the backing of the frame, you can easily add cash in an envelope without changing the appearance of the photo.

High Yield Savings Accounts for Extra Cash

For larger amounts of cash, consider keeping them in a high yield savings account. Websites such as Investopedia provide lists of top savings accounts, offering higher interest rates than a regular savings account. I have used Marcus by Goldman Sachs and remain satisfied with the service.

Security isn't just about hiding cash, it's also about protecting it through financial institutions that offer safety and growth. No matter where you decide to hide your cash, it's important to have a plan and the right tools to ensure it remains safe.