this post was submitted on 29 Aug 2023
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'Cash stuffing' is the budgeting hack gaining popularity on social media. Here's how it works (www.abc.net.au)
submitted 1 year ago by Ilandar@aussie.zone to c/australia@aussie.zone
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[–] autotldr@lemmings.world 7 points 1 year ago

This is the best summary I could come up with:

Most people use a binder with individual pockets or sleeves, with a label for each expense — for example, groceries, petrol, and eating out.

Financial expert and CEO of WeMoney Daniel Jovevski said the rise in popularity of cash stuffing took him by surprise.

"Having that physical product and that cash in my hand, that makes it a lot more easier to use, and for my mind to comprehend what I'm saving per week."

Mr Jovevski adds the lack of transparency means consumers "probably don't know the total fees they're paying".

He also raises the point that there are some risks involved in carrying around a lot of cash, such as theft, but he acknowledges that "everyone's situation is unique".

It not only lowers the risk factor of having large sums of money at home, but it also means you can still accrue interest on your savings.

The original article contains 893 words, the summary contains 145 words. Saved 84%. I'm a bot and I'm open source!