Although the pandemic caused citizens to use the card more as a payment method, there is still a significant part of the population that prefers to use cash
More and more people pay by card and by mobile phone because it is a convenient option. In addition, the pandemic caused citizens to use this method to avoid touching the bills and coins that circulate through millions of people. Even so, there are still those who prefer to handle themselves in cash. 36% of Spaniards opt for cash, being the method chosen mostly by young people between 18 and 24 years old, according to the National Survey on Cash 2020 of the Bank of Spain.
The savings are kept in the bank account, but there is always cash at home for possible unforeseen events or payments that still require cash. For this reason, many wonder what is the recommended amount to have at home. It should be noted that it is completely legal, as long as the funds have a legitimate origin and have been duly declared. The Bank of Spain does not indicate an exact amount, but it does give a series of tips so that you know how much cash to keep according to your economic status.
– They do not recommend having an exorbitant amount of money, “it must be justifiable”. In addition, they remember that money that does not respond to a work activity or is not justified should not be treated because otherwise it is considered fraudulent.
– To establish the amount, the Bank of Spain advises that the money “must reach the payment of about 6 or 12 months of fixed expenses.” This will allow you to face the payment of expenses that you had not foreseen, such as the service of a plumber for a broken pipe or home repairs.
– The Bank of Spain points out that after having a logical amount at home, the rest must be paid into the bank, especially to avoid losing everything saved in a robbery.
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