I find a few good hiding places at home that work for me. That being said, I only usually keep a small amount there. I'd rather keep my money in a bank to earn 4-5% in my money market account. My suggestion is to never let more than $50 sit in your hiding spot, as you're actually losing money by doing that. Inflation continues to rise, decreasing the value of each dollar you have in your little emergency spot.

But, here are a few places I've hidden my $50 in the past:

1. Taped underneath my sock drawer. Of course, who would actually put money in the sock drawer? I tape it to the bottom of the actual sock drawer, so in order to get the money, I open the next drawer down and reach underneath to snag the money.

2. In an old shoe. I used to have a pair of old shoes that would just sit in the back of my closet. I'd never wear them, but they would just sit there. But I never put the money in the actual shoe. This particular shoe had been worn out so badly that the sole was coming off. I placed the $50 between the sole and shoe itself.

3. I currently have a cup where I put my pennies. I have a separate cup where I put my silver coins. The pennies are in a red, non-see-through cup. I currently put my $50 at the bottom of that cup, covered with pennies. If someone were to break in, they probably wouldn't steal a cup with 300 pennies in it. My socks would probably be worth more than that.

These are a few of the ideas. However, I again have to urge you to never keep more than $50. You're just wasting money by doing this.

Learn more about this author, Barry Tadmore.
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