At the beginning of January 2021, Texas resident Jasmine Taylor knew it was time for adjustments regarding finances. Just a month earlier, Taylor had barely scraped by, leaving her wondering about her fate for the approaching year. Then, she happened to come across “cash stuffing” – a strategy for money management.
How Did Cash Stuffing Change Taylor’s Life?
The first step involved in cash stuffing is to spend only the amount available in cash at hand. Taylor, however, turned into a chronicled challenge posted on TikTok, so that she can remain accountable. The short clips did not take a long time to become viral.
Before Taylor had begun her cash stuffing journey, she had a combined $69,000 in credit card, medical, and student debt. By the time a year went by she began, only $23,000 as debt for student loans remained. All the others loans were cleared.
Then, came the next step. When she reached a sufficient TikTok following, she decided to establish a business dedicated to cash stuffing. She named it Baddies and Budgets. It involved selling budgeting supplies, accessories, and courses on money. In 2021-22, it had a return of approximately $850,000. For 2022-23, the business should be bringing in at least $1Mn.
Taylor’s cash stuffing journey began with the most common and simplest method: working exactly with the number on the paycheck and assigning every cent of it somewhere. Once the month’s plan is set, Taylor then divided the cash physically into envelopes, for weekly spending and other expenses that vary. She also made sure to put a bit of it into “sinking funds” – something like a personal savings account. This can be money for emergencies, maintenance, or even holidays.