Opting for cash in a national disaster - WGEM.com: Quincy News, Weather, Sports, and Radio

Opting for cash in a national disaster

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QUINCY, Ill. (WGEM) -

Coming off the heels of Superstorm Sandy, many are still scrambling after widespread power outages left millions in the dark. But, it also left many ATM's inoperable, and those in Sandy's path without a way to get money.

If a disaster were to hit the Tri-States and we were without power, not only would the ATM's be down, but the credit card machines at stores would also be down.

So if you didn't have cash, you'd literally be left scrambling.

Wealth Management Specialist Mark Schlipman suggests keeping cash stashed away somewhere in your home, although the amount varies by family. "I think it's a personal choice that people really need to re-evaluate their own situations to say, what do we need as a family to get by for 3 to 5 days," said Schlipman.

Schlipman also says to allot your amount of saved cash for a "need" rather than a "want" basis.

Schlipman adds, "There's an old saying you should always have enough money in your pocket to pay for a few lunches and few dinners through the week with cash. There's not one size fits all scenario when it comes to liquid cash you should have. If the power goes out, is it going to be $200 dollars that's enough money for us to get by for a few days or is $400 dollars going to be the magic number?"

Schlipman suggested putting the money someplace safe where it won't get destroyed in the event of a fire and where nobody else can find it.

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