You should have SOME emergency cash on hand. I’m not talking about withdrawing thousands of dollars. I’m talking about having some cash available for emergencies.
While I think this time can definitely qualify as a disaster, it isn’t like a natural disaster, where tornados, fires, or earthquakes have caused virtual devastation.
The internet is not down, and infrastructures have not crumbled. You still have access to your money.
Banks are still considered an essential business, and we still have free access to come and go from them as needed.
BUT, even under the BEST of circumstances, it is good to have some cash on hand.
What if you can’t find your debit card, and you need a roll of toilet paper?
What if someone comes to help mow your yard, and you want to tip them?
What if you need to give someone cash to run to the grocery store for to get you hotdogs?
What if the internet does go down or something happens to your power and you are unable to pay bills online?
Well, that is why it is good to have SOME cash on hand. Like, a couple hundred dollars in a variety of bills.
As far as your money in the bank, the FDIC insures deposits up to $250,000, so if you are like me, and don’t have NEARLY THAT in the bank, you should be safe. Don’t sweat it.
But, it’s totally reasonable — and smart — to pull a little bit of money out of the bank. I’m talking, less than $300.
If we all go to the bank, and try to pull out our money, think of the chaos. I mean, look at what has happened with toilet paper. If everyone is just calm, rational, and takes what they need, we will be fine.
So, bottom line — Have SOME cash on hand for emergencies (less than $300), use the ATM when you need to (it’s still there), and for the love of Bob, WASH YOUR HANDS after you touch that NASTY ATM number pad.
We are all going to be okay. You’re money is safely insured at the bank. Don’t get panicky and crazy. We are in this together.