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Today we are pleased to welcome guest contributor Paul Golding from our Digital Will partners, Paul is the creator of Cirrus Legacy and we are very happy that he has agreed to guest post on our blog.

Money Under the Bed? It’s History

 money under bed

30th May 2013: By Paul Golding (Cirrus Legacy)  Cirrus Legacy

A common question that resurfaces time and time again seems to be if people should hide money under their bed, or even anywhere in the home for that matter. For various reasons, such as saving for a rainy day, hiding money from others, and so on, the question tends to arise often, even today with an array of secure banking options. However, according to financial experts across the globe, the resounding answer in almost all situations is no.

Ensuring Your Funds

Although it may be tempting to keep a stash of money of money hidden at home, whether under the bed or in a lock box, unfortunately, cash is not secured. Should a fire occur or should you get robbed, your home insurance company may only pay up to a certain amount, and in many instances, cash is not covered under home insurance programs at all.

According to Crime Stoppers, well over £123 million in cash and assets was stolen from homes in the UK, in 2011 alone. In the U.S., the Federal Bureau of Investigations (FBI) determined that an average of 3 million homes are burglarized annually. Cash, when found in a home, is taken more often than anything else, and as aforementioned, since most insurance companies don’t protect cash, there is a good chance you may never recover that money again.

Placing your funds in an FDIC-insured bank or NCUA-insured credit union will ensure that your funds are safe should an accident, crime or disaster occur. Even if a bank should be robbed, your money is still safe since it’s insured.

Adding Interest

In addition, while some banks may not offer the most stellar means to gain interest on your funds, hiding your cash under the bed offers you absolutely no interest rates whatsoever. When taking inflation into consideration, even a small fraction of interests beats nothing at all.

Making Sure It’s in the Right Hands

Last, if you plan on leaving your money to someone once you pass on, it’s a wise idea to leave a digital trail of your funds, making it easier for your heirs to get what is rightfully theirs. Most banks and credit unions now offer online banking, making the process much simpler.

Of course, once your money is actually in the bank, you’ll need to ensure that it goes to the right party or organization in the event of a death or disaster. One of the easiest ways to ensure your money is disbursed correctly when the time comes is to appoint a legacy guardian to your online accounts.

Appointing a Guardian

Cirrus Legacy offers protection to your assets that otherwise can’t be protected should you leave cash lying hidden around the house. While it’s true that you can still appoint a legacy guardian to handle your hidden cash, the risks that come along leaving cash unsecured outweigh the safety of securing your funds in an online e-commerce account or financial institution.

To get started and for more information, including pricing and different member packages, visit our membership page

As one of our trusted partners, we have also agreed on a substantial discount off our one-time membership fee, instead of the normal cost of £150 you can get it for £99 by Contacting Mind at Rest Wills for a discount code redeemable on the Cirrus Legacy membership page.