At times progress is best achieved by going back a few steps. And it seems incongruous when we suggest such a method for financial transactions because technology has this sector in its vice-like grip like no other. But a Texas woman has proved that ‘cash stuffing’ could turn out to be the best money management method by a long shot.
Cash stuffing is a trend that has gone viral on TikTok, and many find it a good idea, also referred to as the ‘cash envelope system.’ It is a system of budgeting with physical cash. Budgeting has always played a vital part in any financial, be it for a large corporation or household.
And at a time when inflation has broken all records leading to a steep rise in prices across products and services, families are desperate to avoid overspending and stay within their means.
That could mean multiple ways of cutting back on costs, from switching to the cheapest stores or supermarkets, cutting back on energy costs, or other hacks that will save on the everyday costs of a household.
And one of the viral social media trends in saving money is cash stuffing, and it has been viewed on TikTok over 400 million times.
Families Use This Cash Stuffing Budgeting Technique To Curb Making Impulse Purchases
A Texas woman has shared her success story in paying off close to $80K in debt. Jasmine Taylor has detailed how the cash stuffing method helped her pay off such a big amount in two years.
Jasmine Taylor has documented how she turned a cash-only saving hack called cash stuffing into an $850,000 business and now she is well on her way to achieving a million dollars within a year.
At the age of thirty, Jasmine Taylor found that she was burdened with close to $80,000 in debts including $60,000 worth of student loan debt. She was determined to get her finances back on track. She researched online for simple budgeting techniques and found that cash stuffing was ideal for her.
And in just two years she has not only paid off all her debts with these simple and time-tested techniques, but she is also now a very successful business owner. And her company, Baddies, and Budgets did business worth $850,000 in 2022 and should easily breach the million dollars mark this year.
Before cash stuffing rescued her from her financial predicament, she was always wondering how she was going to survive the next month. During the peak period of the pandemic, she was being crushed by multiple troubles. She had a degree but now job and a huge student dollar debt. And there were credit card debts to contend with.
She vowed that she would never descend to this position again and began luckily found the multiple merits of cash budgeting. She released her videos on social media and only after her TikTok videos went viral did she turn it into a thriving business.
Taylor has cashed in on organizing the cash-stuffing business and started manufacturing various envelopes to divide cash between each spending category. And Jasmine had her company sell products that help people on the lookout to start cash-stuffing budgeting.
And the concept is simple and all it takes is a little discipline. All it means is that she began cash budgeting with whatever she earned for the month. And she gave every dollar a place till it was down to zero.
Taylor began selling products that helped other people do some cash stuffing on their own. The first product was a simple budget binder. All people had to do was choose a cover, add their name, and then select two to six categories. She then upgraded her different levels of cash-stuffing challenges.
Within the first month, Taylor had earned a profit of close to ten thousand dollars. And she kept adding products.
She keeps running out of stock a lot and some of her new product lines get sold out in minutes. She stocks items that she and her team packs and ship out each week.
Her product line made $247,000 in the first year alone in 2021. And jumped to $850,000 the next year. Crossing the million-dollar mark should be a cakewalk in 2023 and she expects to go way beyond that.
Buyers are literally on the site at midnight on Saturday for the fresh product line. A recent product, the “$15,000 challenge” was gone in under 6 minutes on the website.
She recounts that her mindset changed at the end of 2020 when she went through a bad time, losing her job on top of her already mounting debts.
Her personal experience helped her understand what truly worked for low- and moderate-income families. She has bipolar disorder and much of her spending was impulsive. She researched on the internet and stumbled upon the cash stuffing method.
She says that it is important that people who adopt this method carefully track their expenses and are diligent about budgeting and using the cash-stuffing method. By three months she had brought her finances back on track. It positively affected her mindset and her relationship with money. Now she cashed her paycheck and then organized it into various envelopes that helps her keep track of her expenses for the month.
Cash Stuffing Is Inspired By Traditional Methods Of Saving A Few Pennies
Cash stuffing is a fresh look at familiar budgeting trends and techniques that our forefathers used to ride out difficult times. In its simplest form, cash stuffing is stashing money for each expense in an old jar or bottle.
Cash stuffing simply means setting monthly budgets for each expense. It could be clothing, fuel, groceries, leisure, medicine, and putting the expected amount of cash in an envelope or bottle. And you are restricted to only that particular bottle for a particular expense. Once you empty that envelope or bottle, no more spending on that particular line till the next month.
What Taylor had adopted and turned into a business model is just old-style budgeting before the advent of credit cards. People then use to physically stash money into envelopes or bottles to pay various bills. Some people do not realize the danger of credit cards and tend to spend outside their means. But the cash stuffing method provides a visual check-and-balance.
