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Do you have ‘secret’ cash in your wallet/purse?

Martin Lewis
Martin Lewis
Money Saving Expert
25 October 2010

Do you have a secret 'emergency' wallet stash?

In a small alcove in the back section of my wallet, there’s always a £20 note. It’s my emergency money, remaining neither touched nor disturbed most of the time – a secret stash if you like – am I alone in this?

I’ve always believed in wallet managment techniques (I’ve written before both about my overseas wallet and reducing your ‘ATM withdrawal amount’ as a budgeting technique). If you always get the same out, then psychologically we perceive that as a unit of cash, so withdraw less and aim to make the smaller amount last the same time.

Yet this is less MoneySaving and more about time and safety.

Ignore your hidden cash.

The most important person to keep this secret from is yourself (hopefully no one else fishes in your purse). 

That way the hidden note should never be used or considered in your ‘time to restock cash’ decision ie, when you work out what you’ve got left, don’t include it. I get more cash out when I’m running low in the main section, not the secret stash.   

While in general it’s unused, of course there are exceptions (or they’d be no point doing it). I find I use it most when I’m out filming, or on a sadly too frequent time-pressured day and need transport or food, having run short of cash without time to fix it.

However, my promise to myself is if I use it then it must be replaced the same day – never failed yet.

Do you have a secret stash? Let me know below.

PS. Before someone points out the £20 would earn me interest (true) in a top savings account, even before tax it may well earn 60p a year, and I believe that is a fair cost of a portable instant access facility for emergencies.

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