AMID the rise of a cashless society, it seemed we were leaving pounds and notes behind, but younger generations are now pushing back with the latest trend - cash stuffing. And experts believe it could have an upside for all as the cost-of-living crisis escalates.
Cash stuffing?
It has its origins on social media platform TikTok where the trend has gone viral, but at its heart, it is basic old-fashioned budgeting with a twist.
The twist is?
Cash stuffing - or the cash envelope system - involves budgeting with physical money and separating what you need into different envelopes or sections of a multi-wallet folder, with one for fuel, supermarket shopping, power, variables or transport, for example.
It’s up to the ‘stuffer’?
Videos that have amassed hundreds of millions of views on the short-form social media platform show each budgeter’s different demands, from window cleaning to holiday funds, car insurance renewal savings and Christmas savings and individual folders for children’s pocket money - whatever you may need to focus on. If you pay bills via your bank mainly, it’s the leftover money that is worth ‘stuffing’.
The idea is…?
To encourage watching the pennies by physically putting the money away in a modern spin on old techniques of generations past, such as a piggy bank or jam jar, and to aid with saving, but anyone planning to begin their own system is advised not to follow others’ stuffing habits as what works for one will not work for all due to differing incomes.
It comes as?
The cost-of-living soars and with winter looming, concern grows as the latest analysis shows parts of Scotland are facing crippling energy bills of over £7500 a year.
And?
High street bank closures and the disappearance of ATMs were already issues, before Covid came along and intensified the disconnect from coins and notes, with “contactless preferred” signs popping up in shops and restaurants and even a reluctance to use payment machines with pin pads touched by so many others beforehand.
But now?
Social media users are latching on to saving physical money, with experts saying holding it in our hands and practically storing it away can help prevent impulse spending.
There are specific challenges?
Within the concept, the most popular trend is the ‘100 envelope challenge’, where you begin with i100 envelopes and write one number from 1-100 on each one. You then shuffle the envelopes and place them into a container, each day, drawing out an envelope and stuffing whatever number you draw. Some savers spread it out over a year or if they are able, do it in 100 days, with the final sum saved reaching £5,050.
Variations?
Money man Martin Lewis’s MoneySavingExpert website has previously outlined how to save almost £670 through a 1p challenge where, starting on January 1, you save 1p and raise it by 1p per day, so that by the end of the year, you have £667.95 in total.
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