At the start of the Covid shutdowns, I had roughly 3 months wages in small bills and coin. I still have it. We have plenty of ammo for most things, however, some is getting low now that duck season is ending and I have renewal coming up for my ccw and am practicing more.
I live in an earthquake zone (30 miles from the San Andreas Fault). In 1989, when the Loma Prieta earthquake happened, We were without power for 6 days. More recently, last winter, we were without power for 8 days due to weather.We frequently lose power for multiple days in the winter. So, I keep my pantry stocked, gas cans (for generators) full and bottled water sufficient for a month.
During the shutdowns, when the grocery stores were almost empty, I didnât have to go to the grocery for over 3 months, except for fresh veggies (farmerâs market) and milk.
I, too, keep a couple of hundred dollars get home money. A little on my person and some in a safe bolted in my truck.
I think there is a lot of good info here as well as good anecdotal info. Iâd like to think Iâm a bit better off than just my âget home stashâ but there I was making a deal on Craigâs list and checking to see which account I was going to pull $$$$ from for a pair of race car headers.
There was a truck magazine some years ago that referred to cash in pocket as âWAMâ (Walking Around Money: as in your walking around a gun (car) show and WAM! I need that!!!). Iâm going to have to do better on my WAM money. Not everybody has the fortune to have several hundred/thousand in dispensable income, my oldest son is rolling pennies for gas and refusing a hand (but heâs smart enough not to refuse a meal). Times are tough and they will get tougher before they get better if the indicators are even partially correct.
I donât subscribe to keeping a huge bundle of cash under the mattress but it seems prudent to have enough cash (WAM) to be able to get the things you are likely to buy from non retail sources without having to be at the limits of an ATM. What that means to you and yours will certainly be different from me and mine. I would submit that having enough WAM + 20% to buy what you are after in cash might be handy if you can swing it.
On another note 0% interest credit card balance transfers are going away. If you have one in your pile of mail and a balance on a card or a loan that is even a miserly 12.0% interest the 3, 4, 5% you pay up font is MUCH less than you will pay in normal interest. Over the past 12 - 24 months I have rolled ALL of my revolving debt into 0% interest balance transfers and I am quite happy not paying interest on what was $20K of debt (now down to $6K and paid off in the next 4 months). Additionally if you havenât asked for a balance increase in the last 6 months DO IT NOW! Credit scores are greatly based on you âdebt to equityâ, so if you have $100k in âequityâ (ie: your credit limits added together) and you are $30K or less in debit you are âgoodâ, less than $10K and you are âgreatâ. It is much better to save for a significant expenditure, charge it and pay it off as soon as it hits than it is to charge it and pay it off as you go.
Lots of tricks and traps to help boost your credit score as well as boost your ability to weather hard times.
Cheers,
Craig6
Oh sheâs not a Garage Queen by any means. I drive it quite often in varied conditions.
No way Iâd take a chance on a dead battery or flat / dry rotted tire if i have to evac my family.
But youâre correct. I should have said I put it back with a full tank.
In view of the Canadian Bank holiday last week where five major banks in Canada âwent off lineâ and no banking transactions could take place for several days, it might behoove all of us to rethink how much cash we need on hand in case of a âbank holidayâ here.
Apparently the âholidayâ was caused by the trucker convoy in that country. It was Trudieâs response to that protest, naming them terrorists much the same as Ole Two-Shot did with the demonstrators in D.C. If the U.S. truckers do a protest convoy, look for Two-Shot to emulate Trudie, It doesnât matter that it is illegal. By the time the courts get around from contemplating their navels and gazing at the frieze work in the courtrooms and getting around to pronouncing that Two-Shot was a naughty boy and violated the U.S. Constitution, the damage will have long been done.
A good point.
I have some gas cans always-full at home for the lawn mower, generators, and in an extreme situations, vehicles.
I have been doing this for 20 years using Stabil at the double-dose and keeping the gas between 12-24 months. The gas is eventually run through either a generator or a vehicle. Never any issue at all, I say Stabil works.
Forgive me if this has been said before, ( I have yet to read through all the posts ), but one concern about holding too much cash, with you in your vehicle especially, but it turns out, in your home as well, is that it can be a real problem because certain amounts of cash, above a pre determined level, can be confiscated! And for no other reason than the amount!
This is because it has been determined that certain levels of cash are considered to represent a suspicious condition where a given govt. agent or officer is allowed to act, ad seize it until proven otherwise. Lots of stories out there of sums of money being taken, and not given back for extended periods, if ever, for no other reason than the amount that was found.
Loved reading all these posts. As for an emergency situation like Tornado, I have learned to keep $200 in small bills. I used to be a storm chaser and it was mandatory for each of our team members to carry at least $200 in small bills for fuel and necessities in areas that may have been recently ravaged by a storm. Most stores still accepted our cash even with the power out. Hand written receipt.
As for an apocalyptic situation my favorite reference is the movie âThe Book of Eliâ. Where soap, water, clothing, shampoo and my favorite, KFC wet naps were a hot commodity.
So, thatâs like 4 bucks and some change since I am self employed. I prefer to make sure that I have other things on hand especially since money is essentially useless if its value is destroyed by politicians. Which if you have not noticed is the hidden tax.
If it were me, I would be looking at commodities such as things to trade in the event of a collapse. Power, Water, Fuel, Food, alcohol, and of course Candy. Candy will be currency.
Prepping involves a lot of things. Stowing away cash is a good idea, if you know that itâs going to be the money youâll be spending after the collapse of society is over. If it were me, Iâd be getting ready to trade for things with Bottle Caps, and building cars out of recycled appliances and stuff. Because thatâs what we will be experiencing in a few more years of Bidenflation.
Funny you should mention thatâŠ
I can hear your sarcasm dripping! 
That is after you have everything else you need and itâ not for the the end of the world itâs for emergencyâs. 
If he made an olds cutlass 442âŠ. Wait⊠I have a shop. I can make my own!!!
That sounds an awful lot like âmost desired listâ while being deployed to Iraq and Trashcanistan.
Cheers,
Craig6
Long story about the Northridge Earthquake in CA which I wonât repeat. A relative was about 150 miles N of Sacramento just after the quake. The computers that processed credit cards and check guarantees were down and gas stations were taking cash only. The relative always carries cash because in the remote areas that he frequently hunts, Uncle Billyâs Bait and Bullets doesnât take credit cards and only takes checks from locals he knows. He got gas. Lots of folks milling around the gas station were seeking handouts to get gas. One or two might score 40 or 50 not so much. If they arenât taking credit cards they sure as heck wonât take checks. One needs to be prepared to pay full price.
Ever read the poster on the back of the motel roomâs door? It lists a ridiculous rate for the room probably three times what you just rented it for. That is called the rack rate. If the hotel or motel is full because of so many stranded tourists, if there is a room, you are going to pay the rack rate and it isnât considered gouging because it is the posted rate.
In addition, if sold out, sometimes a $20 folded and slid across the counter with you hand covering it will enable the clerk to discover a late cancellation. $200 is chump change these days of the devalued dollar. Carry more but in different places if traveling with your spouse, have her carry some too. Motel Six used to rent rooms for $6.00 a night when they first started out many years ago. When was the last time you rented a room at Motel Six for $6.00?
Some Motel Sixes rent rooms for northward of $100 a night, especially in tourist areas on weekends. Next time you are in a Motel Six check the rack rate for the room you are in. You will be amazed.
A had someone use the hotel room example to let some air out of the âprice gougingâ balloon I was carrying. The argument goes that if thereâs an evacuation and everyone needs a hotel room, a family of 6 might rent two rooms for $40/night. But if the room is $100/night, that same family will probably squeeze into one room, which means the second room will be available for another family thatâs evacuating.
FWIW, I used to be a night manager at a hotel, and we did the exact same thing whenever we were full. When the rooms started filling up, the prices went up. It didnât matter why- could be because there was a wedding at the hotel, or maybe there was a convention in town, whatever. Price gouging? Maybe. But I witnessed supply & demand at work. When late night drivers dragged themselves in looking for a room, theyâd always accept our normal rate. When we adjusted the price up closer to the âposted rate,â theyâd usually move on to the next hotel. Did we make more money when we charged more? Absolutely, but it also helped distribute customers across the local hotels.
(On the flip side: being the late night guy, I was usually willing to negotiate a price. Weâd make more money off a half price room than an empty room. I donât know how many hotel managers think like I do, but itâs worth a try when youâre on the road.)
This same theory applies to other essentials in a natural disaster. I was in a devastated town once and saw a small group of people buy all the bottled water. Had the prices been allowed to raise, there might have been enough drinking water available for other people.
Under normal times, yes, even the half asleep motorist will drive on attempting to find a motel with a more reasonable rate. However, if that same motorist has just walked a mile or two because his car is stuck in stalled traffic or is stuck in an unexpected snow storm, he will gladly pay your higher rate. In that case the desk clerk could even rent a chair in the lobby for the night.
The real thrust of my comment was to keep the realities of current prices in mind when considering how much cash to take on a trip. Also keep in mind the idea that scarcity of a needed item might be reflected in the price of a bottle of water or a candy bar. If the ordinary price of a candy bar is $1 and there are five customers in line for three candy bars, it just might be that the price of that candy bar might suddenly be $5 or more. Are you going to pull your firearm and throw a dollar down on the counter? Some might but that could well up the danger of the situation beyond your expectations.
There are some economists who think that allowing prices to rise in times of crises prevents just the thing you spoke of, individuals buying up all of a necessary commodity. Had the price of a .5 liter bottle of water risen to $5 each, or even more, I suspect what you and the economists I read predict would, indeed occur. Cash only, $5 per.5 liter bottle $10 per one liter bottle, suddenly the urge to âstock upâ evaporates. The price can easily be adjusted downward for the family with small children.
Fair. And I think the concept of âcash onlyâ is a wildcard that makes it even more unpredictable. Some people have no cash, so now there are fewer potential customers. The people with cash probably have a limited amount on hand, so they may be less willing to make an unnecessary purchase, or might look for an alternative (i.e. water is too expensive, so buy a 2-liter of 7-Up).
Then add to that equation the ongoing cost of inflationâŠ
Exactly. Simple supply and demand and a free market.
If stores raised the price of toilet paper a few fold, you wouldnât have people loading up carts with 3 monthsâ supply. There would be more to go around and fewer people would go without. But the price gouging! people seem to prefer an empty shelf and zero chance of purchase at any price, vs a higher priced option actually available.
People are not always logical
So, the reason I came back to this topic.
I am now carrying more cash EDC in my wallet. Things are more expensive, is part.
So I went to Costco today. It got expensive stupidly fast. I usually leave my debit card at home (so as to not risk it and its account, and because it does not earn anything back), I carry cash and credit cards. I couldnât use any cards because Costco I guess only takes debit or Visa. My credit cards happen to not be Visa (they are Discover and MasterCard, maybe I need to change that?). I only had $250 cash. Wasnât enough, had to void transaction and put some of it back. Little annoying.
So, carrying more cash now.
Thatâs a fact. They are also usually not at all prepared to deal when the norm is not the norm any more.
Free market can work in many situations. Especially when it has not been manipulated beyond recognition like it has during the past decades. But it will break down when the 95% of people in this country who didnât prepare for the bad times during the good times canât get what they need to feed their families. Especially when 60% or so of those people were living paycheck to paycheck during the good times.
Many cannot afford the free market markups of crisis periods. There will be a lot of angry people with a lot of hungry kids if the economy keeps rolling down its current path.
But also, when there is a shortage, nobody can afford the empty shelf and complete inability to buy the item no matter how much it is needed. Price increases do mitigate this.