Friday, June 2, 2023

Cash Stuffing: The viral saving trick on TikTok that our grandmothers already used

A method of saving that was already used during the time of our grandparents has reached 2023 thanks to TikTok and the many viral videos about it. This is how ‘cache stuffing’ works.

The old but unknown way of cash stuffing on Tiktok is going viral again.

This savings hack is a slightly different approach to personal financial management that uses a physical container, such as a jar, to divide and manage money for different categories of spending. While this is not an official banking method, it refers to a strategy used by some people to keep track of where they spend their money.

As a result of there being almost no physical money on the card side, there are massive videos appearing on both TikTok and YouTube or Instagram that explain this method.

The idea behind this ploy is that when the cash runs out, it runs out and you don’t spend. If you can see in real time where your money is going, you will be able to better manage your payments and debts and ultimately save.

This is how ‘cache stuffing’ works

1. Determine the categories of expenses: First of all you should identify the categories of expenses in which you want to organize your money. Some categories could be: food, transportation, entertainment, rent, savings, loans, others.

2. Label the Jars: Next, label the jars or containers you want to use with each expense category separately.

3. Distribute the money: When you receive your salary, separate the cash earmarked for each category and place it in the respective jar. For example, if you have $500 and you’ve decided to allocate $100 to food, $200 to transportation, and $200 to entertainment, put those amounts into their respective jars.

4. Expenses Management: As you make purchases or pay expenses, you will collect the required money from the respective jars. For example, if you are going to buy food and you need 30 euros, you take it from the corresponding container.

5. Control and Adjustment: It is important to keep track of the expenses incurred in each category, either through Excel or written in a notebook. That way, you’ll be able to keep track of how much money you’ve spent in each category and if you need to adjust your budget for the next month.

Essentially, this method will allow you to have a very visual control of your money and properly manage fixed expenses.

However, it is true that you have to keep in mind that this is not a banking method in the sense that you are not using a bank account to use. Instead, you are using physical containers to divide your money and manage it in a more systematic way, which does not mean that you should be very careful with handling it.

Nation World News Desk
Nation World News Desk
Nation World News is the fastest emerging news website covering all the latest news, world’s top stories, science news entertainment sports cricket’s latest discoveries, new technology gadgets, politics news, and more.
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