You work all your life to make money, but once you’ve got it, what do you do with it? I don’t mean spend it, I mean where do you keep it? What is the best place to keep you money? How do you keep it safe? Do you go straight to the bank? Do you invest in jewelry or property so you can have your money where you can see it? Do you pull a Scrooge and stuff it all under the mattress? What about a safe inside your home? Money Advice Service actually advises against keeping cash under your mattress, so let’s take a look at the best places to keep your money safe!
1. Banks
This is the obvious answer, and maybe it’s a cop-out, but it’s the sanest option – just keep your money in a bank account. Of course this will have drawbacks, and there is always a chance that things will go pear-shaped and you won’t be able to recover all of your money from your account, especially if the bank goes bust. Plus, you can’t see it or physically check on it, and maybe that makes you feel uneasy.
However, banks also offer indisputable advantages, such as having literal security, as opposed to your home, and this being their job: looking after money. In addition, you get interest for keeping your money in their accounts, so not only is your money safe, it’s actually producing more money. It’s hard to argue with that. Money.co.uk has a top of the best savings accounts.
2. At Home Safe
The other go-to answer is a safe. Maybe not a massive cartoon safe (you know, the kind that would inevitably be dropped on Wile E. Coyote), but a safety box, nonetheless, that you can keep inside your home to store your money and valuables. Let’s look at this option.
On one hand, you keep your money where you can see it, which means that you always have the option of using it, changing its place, etc. It’s yours and you don’t have to notify anyone else of what you are doing. No one else knows how much money you’ve got. That can be appealing.
On the other hand, keeping money inside your house is always risky, not only in case of burglaries, but also because there may fires, floods, earthquakes, etc. and you can end up losing it all. Plus, you have to be mindful of changing currency.
3. Precious Metals
If the thought of having stacks of actual, physical paper money in your house seems ridiculous to you, then maybe you’d like to keep it under a different configuration? Buying precious metals that are known to retain their value over time can be a good option of keeping money safe. Jewelry, gold, silver, precious stones, maybe a Fabergé egg (just kidding) can make good alternatives to stacks upon stacks of £20s.
This doesn’t really get rid of the issues we discussed before about at-home accidents and natural disasters; though. This gives you the same options of keeping these items in a safe or hidden somewhere around your house or at a safety box…at the bank.
4. Valuable Assets
But buying jewelry and gold aren’t the only things money can buy; what about other assets, such as artwork, classic vehicles, property, or other collectibles? You want to pick assets that will either retain their value or that are likely to actually increase in value as time goes by. If you choose to invest in collectible items and artwork, for example, you stand a very good chance of gaining more money from them over time. The only issue is that, should you need money urgently, it can be difficult to sell these items at the most advantageous price. If you do decide to purchase property, you may want to check out the GOV.uk page on buying a home.
5. Business
Finally, investing in a business can also be a good long-term solution. Sure, your money is tied up in the business, but it’s also working on producing even more money, so it can be advantageous from multiple points of view.
All in all, money can be kept safely in a variety of places, especially if you distrust banks. While they are the most convenient option, they are far from being the only one, so it’s worth taking a look at what other things you may have overlooked before. If you found this useful, you might also be interested in The Best Ways To Manage Your Finances.
