The key here is to have the money with you. You may not be able to get to the bank or ATM because of road closures and destruction. Even if you are able to get to the ATM, it may not work due to power outages. Your first thought may be to roll coins and keep a small amount of large bills. However, these are not always the best options. We have a couple of recommendations that may simplify how you manage your cash during a disaster.
Tip 1: Small bills dominate. If you can make it to the store, they may not be able to accept credit cards or break a twenty dollar bill. Therefore, if you have smaller bills, you do not have to worry about getting back change. Also, being seen in public with large bills draws unnecessary attention to yourself. The amount that you save and set aside for disasters is dependent on your income and other expenses, but it is imperative that you have a disaster fund.
Tip 2: Find creative ways to store your money, especially change. Rolled coins can be inconvenient because it's difficult to keep them all together once you open the wrapper.
An M&M's mini container is great for storing cash and coins. The container itself is small, as seen below. It's easily portable and it has an attached cap. Since it is solid and non-transparent, people cannot see (and likely will not guess) its contents.
To increase the amount of money per container and to also reduce the sound of the coins, you can wrap bills around the coins. Strategic placement of these containers is essential. Since you never know when a disaster may strike, it is best to place them in various spots. Your home, car, and office are practical locations.
The photo below shows how much money can fit in a container when coins are stacked straight. A great way to organize your change is by designating a color for each denomination of coin. Before you fill the container with change, be sure to remove the label and rinse out any small crumbs of candy.
You must refrain from the temptation of using the money in a non-emergent situation. Wanting a candy bar from the vending machine at work isn't a justifiable excuse to break into the emergency money! Sealing the lid with tape is a great way to remind yourself to keep out.
This is the first of many posts that will discuss disaster funding!
