'Cash stuffing' trend becoming viral in younger generations as inflation soars
NORTH TEXAS (CBSDFW.COM) - It's an old trend that now has renewed interest, called cash stuffing.
It's going viral thanks to younger generations looking for creative ways to budget during inflation.
What cash stuffing entails is putting cash into separate envelopes labeled for specific needs such as gas, groceries or rent in order to budget easier.
Texas resident Jasmine Taylor posts TikTok videos sharing how she saves money using the method.
"I started sharing it and it just took off," said Taylor.
She started doing this around her 30th birthday as the bills stacked up and needed a solution.
"I personally use what I call a zero-based budget so whatever I get paid, every single dollar I make I give it a place," added Taylor.
Lately, her views on TikTok have exploded with her Baddies and Budgets channel.
"I think more people are attracted to it because so many people just aren't financially literate so just having a straightforward method of budgeting in the times we're currently living in…is just so much more appealing to people," said Taylor.
Financial experts believe this trend is appealing due to the economic times were in.
"People are feeling the squeeze they are feeling the pressure they are seeing their savings dwindle and they are looking for any habits to get better," said Stewart Fields, Managing Partner at OpenAir Advisers.
Fields sees a lot of benefits of cash stuffing.
"The biggest benefits is not using your credit cards and not going into further debt or to reduce the debt that you already carry," said Fields.
But he warns, not using credit cards can impact your credit score.
Also, keep your cash in a safe place.
"Cash can be lost, it can be stolen many home owner insurance policies, many renter insurance policies don't cover lost cash and if they do it's very minimal," said Fields.
Taylor makes sure to keep her cash locked in a fire-proof safe and once an envelope has $1,000 she puts it in the bank.
