The TikTok trend is helping people budget their finances amid the cost of living crisis
It comes at a time where energy regulator, Ofgem , has announced that it has made changes around the price cap.
Within the past year alone, Google searches for the term ‘cash stuffing’ has increased by a staggering 274 per cent - and the numbers are only rising. "For example, if your monthly take home pay was £1,000, you would make your essential payments as normal, such as rent, mortgage and bills. Then, you split the remaining money into several categories within your folder. This could be for things like ‘the weekly shop,’ ‘birthday funds,’ ‘socialising,’ ‘holiday savings’ or ‘pocket money for kids.’
Why does 'cash stuffing' work for some people? “This method of saving can be a great way to keep you motivated to achieve your savings goals. Breaking down larger savings goals into smaller monthly targets makes the task of saving less overwhelming, and being able to literally see the money saved each month can lead to a greater sense of achievement.
Sign up to Glasgow Live's newsletter Get all the latest Glasgow news and headlines sent straight to your inbox twice a day by signing up to our free newsletter.The morning newsletter arrives every day before 9am and the evening newsletter, manually curated by the team, is sent between 4pm and 5pm, giving you a round up of the most important stories we've covered that day.What are the downsides to 'cash stuffing'? “Security is the biggest downside.
How can I do 'cash stuffing'? Dan warns: “If you want to give cash stuffing a try then firstly, you need to think about what you typically spend money on. Dividing your usual spending into categories will help you to start your envelope system. Spends such as shopping, dining out, entertainment, petrol, gifts and groceries might be the most consistent monthly costs to begin with.
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