Young people are saving money and paying off debt through 'cash stuffing.' Here’s how it works. (via CNBCMakeIt)
, it's the cost of gas that has required more attention during her monthly budgeting – and cash stuffing has helped "tremendously."
As costs rise, the cash stuffing or envelope system allows increases in overall spending to be "more apparent," said Diahann Lassus, a certified financial planner. "Christmas comes around the same time every year, my daughter's birthday is on the same day every year. I can have an envelope for her school activities and put a little bit of money away. When these things come up, I can just go right to it and say: 'Here's some money for this,'" she said.With recession risks and inflation heating up, a budget is also no longer "a set-it-and-forget-it" anymore, said Tania Brown.
"Costs for credit cards, car loans or other large purchases can become more expensive. It is so important to stay within a budget during times of high inflation so that debt doesn't become a bigger issue later."If you are planning to embark on cash stuffing, here are some things to take note of before you do:When it comes to finances or budgeting, it can be "really overwhelming," said Shelise.
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