How to Store Your Money Safely

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How to Store Money in a Safe

According to the New York Times, there are almost 25 million safe deposit boxes at banks used in the United States. While many of us grew up assuming banks were the best places to store our hard-earned cash, that’s slowly turning out not to be the case. Storing money in a safe at home is one of the safest ways to keep your money away from thieves and other unwanted guests while also keeping it accessible.

Buying a safe is no easy feat, but Alford Safe & Lock can answer any questions you have about the right locations to place your safe. In the meantime, here are some factors you should consider about how to store money in a safe and protect it from any intruders.

Why Store Money in a Safe?

Many people believe that the safest method to store their money is to place it all in a bank – yet this can cost you dearly. In recent years, privacy concerns have been a main factor for not keeping all your cash in one place. If you keep all your money in a bank, and your bank account gets hacked, then those hackers can steal your hard-earned cash.

This is because banks log your information online, including how much money you have and other personal information such as your name, social security number, address, and other private details. If you keep all of your money in a bank and the bank’s online system gets hacked, then your information and money could be stolen.

While you can keep some of your money safe in a bank, you want to have a safe place where you can have cash on hand in case of an emergency (such as a hurricane) or if you are unable to withdraw money from the bank or ATM. By doing this, you make sure thieves can’t take all your money if there is a breach in the bank’s system.

Choosing to store some money in a safe where you can easily access it is the best move you can make.

[Related: The Best Place to Put A Safe In Your House]

Invest in a Secure Safe

Person trying to store money in a safe

If you want to securely store your money, you need to invest in a great-quality safe.

When storing items that are sentimental and precious to you, we recommend purchasing a secure safe where you can store:

  • Paper cash and other currency
  • Important documents
  • Jewelry
  • Gold, silver, or other precious metals
  • Other valuable items

No matter what you choose to store, the safe you trust for this should be humidity-controlled, fire-resistant, and have high-security features. Alford Safe & Lock has many types of residential safes in different sizes and levels of protection so you can protect what is most valuable to you and your family.

If you want extra security and protection, you should make sure the safe is built into the wall or floor of the room you place it in so burglars cannot easily remove it.

Storing Money in a Safe – Which Type of Safe is Right for Me?

To find the best safe to store your money, you need to consider which type of safe would be right for you and your family. These days, safes on the market have two different types of locks as options: ones with mechanical locks or combination locks and ones with digital locks.

When you get a safe to store your money that has a mechanical or combination lock, you do not have to worry about batteries dying and losing access to your cash in a dire situation, such as a natural disaster or power outage. On top of that, they are known for great durability and will last for a long time without needing repairs.

On the other side, safes to store your money that have digital locks on them are becoming more popular these days. All you must do is input a few numbers, and – voila —you’ll have quick and easy access to your cash. Thanks to advances in technology over the years, these safes are more convenient for accessing stored money in a safe.

If you’re having a difficult time deciding which type of safe to get, we recommend considering storing your money in multiple safes, so you don’t only have your cash and other valuables in one place. Thus, you can have a backup plan and not have all of your eggs in one basket.

Remember that either of these locks is not stronger than the other – which type of lock you go for all depends on your preference. You should also take care not to share any password combinations with people you don’t trust. If you do get locked out of your safe, Alford Safe & Lock has a keypad lock service. We’ll help you unlock your safe and perform needed professional lock maintenance, replacement, or repairs, so you never get locked out again.

[Related: Securing Your Home After A Break-In]

Where You Should NOT Store MoneyStore money in a safe, not a bed mattress

While the best place to store your money is a safe, there are some locations where you should never place your cash.

One of the most touted areas that you shouldn’t store money inside of is your bed’s mattress or a sock drawer. You may think of this location as a place only your grandparents keep their cash, but it is still a location many people think will keep their money safe. Yet, you shouldn’t store your cash there since many thieves are aware that this is a common place where people store their money.

You should also disregard any locations that are too obscure or difficult to access (such as attics or crawlspaces). While storing money in a strange location may be good for deterring robbers, it may be bad for you if you forget where you stored your cash.

Luckily, there are now many different types of safes that can be placed in any location inside your home. If you are interested in learning more about the best areas in your home to store money in a safe, talk to our experts at Alford Safe & Lock. They will give you the right tips and ideas for money storage based on the room you choose.

Talk to Alford Safe & Lock

When it comes to finding the best place to store money in a safe, you should take as much time as you need to make an informed decision. Buying the right safe for your home is not a quick process, and there are many factors to consider. At Alford Safe & Lock, we listen to each customer and want you to feel secure and happy with the safe you bought.

When you’re ready to buy the best safe for your needs, such as to store money in a safe, call Alford Safe & Lock with any questions or help you need to make an informed decision. Contact us today at 225-387-5386.