Cash Stuffing is a traditional approach to budgeting appears to be the newest big thing among young adults. Perhaps your grandma has memories of hiding cash beneath the bed. Lauren Victory of Morning Insider looks at the resurrected financial practice known as “cash stuffing.”
Jasmine Taylor was broke before “Boys and Budgets,” but she has now made it her identity and her company. Just before the COVID-19 epidemic, the 31-year-old was fired from a medical profession. “You know, I was just incredibly anxious and unhappy. I was informed, “This is my final year feeling this way,” so I believed it, “said Taylor, a Texas resident. She was aware that she needed financial education, but she was unsure of where to begin.
Cash Stuffing is A Good Way to Grow Your Money
She discovered “Cash Stuffing” after conducting an internet search. “especially if you are a person of race, low income, or both. We learn how to live. You were taught to survive. You are not taught how to prosper and amass riches, “added Taylor, who now serves as a mentor on her YouTube and TikTok channels.
In one video, which has been viewed by half a million people, she explains, “When I want a new smartphone, I save there until I can afford it.” The video depicts a woman pouring cash into envelopes with labels after tallying out a salary bill by bill. “What portion of my pay should I be setting aside? How does it appear? “Taylor cited instances of queries she responds to while demonstrating how to tally up expenses using traditional instruments like a pen, paper, and calculator.
Cash stuffing, in his opinion, is fantastic for those who genuinely need a budgeting system. “That is not a very good approach to saving money, preparing for retirement, or making long-term plans. Really, you ought to be investing in other cars. If you have a 401(k) via your employer, you must contribute to it.”