What I Learned from the Greek Monetary Crisis

The Greek money crisis is fading from the daily headlines as yet another bailout (the third in recent years) is forthcoming. 

There are lessons to be learned.   It was the photos of Greeks in bank lines, or sitting in despair on a curb empty handed when the ATM money ran out, that hit home for me.  I've been there personally when a hurricane devastated the infrastructure on which I had become dependent.  Banks were closed, there was no power, it was a cash only economy for what little food and supplies were available.  When normalcy was finally restored, it was easy to become complacent once again.

This time I'm taking heed from the Greeks:

1.  Keep an emergency cash stash.

Preferably in small bills, nothing larger than a twenty.  I've been taking leftover money from my bi-weekly cash draw for groceries/gas/sundries and stashing it into what I call "the hollow tree."   When I have enough cash to carry me through a month I'll stop squirreling it away.

2. Stay out of credit card debt.

If you were suddenly in a position where you could NOT send money out of your country from your bank account by check or debit, how would you pay your bills?  Cash stash to the rescue for a money order?

3. Polonius was right. 

"Neither a borrower nor a lender be; For loan oft loses both itself and friend, And borrowing dulls the edge of husbandry."

Penny Pincher