TikTok Trend: Young People Manage Their Budgets with Cash
More and more videos with the hashtag #cashstuffing are appearing on TikTok. These videos have now racked up more than 350 million views. They feature young people who have rediscovered a time-tested method for saving money and avoiding or paying off debt using a simple cash technique.
The cost of living is rising worldwide. In the U.S. alone, consumer prices recently rose by 8.5% compared to the same month last year. This is the largest increase since 1981. Personal wealth is becoming increasingly scarce, which is why many people are managing their money more carefully and paying closer attention to how they spend it.
The American news channel CNBC spoke with Yasmine Camilla, who lives in London. The woman in her thirties said that her energy bill had doubled “almost overnight” and that filling up her car now costs 30–40% more than it used to. Whereas she used to simply fill up her car when needed and pay with her card without thinking about the cost, she now limits how much she fills up based on her cash on hand to keep control of her spending.
Yasmine Camilla, TikTok creator with 94,000+ followers:
"I fill up my gas tank depending on how much money I have. That way, I can plan better and have more control. I can decide to just invest the money elsewhere."
Yasmine recently told her followers that she keeps her cash in folders organized by category, such as rent, groceries, savings, and emergency funds. Since she started using the “cash-stuffing” system last September, she says she’s become much more mindful of her payments and is better able to control her spending than before. She was even able to save some money for the first time.
Tania Brown, financial planner and coach at SaverLife:
"Before banks and ATMs existed, people paid with cash. They would put their debts in envelopes and label them with the amount they owed. It's a relatively old concept that has now been revived."
Lisa from BeeBudgeting, a Canadian with just under 14,000 followers on TikTok, said that gas costs have become a serious challenge. However, she said that “cash-stuffing” has helped her enormously in adjusting her spending to the rising costs.
Some people are struggling greatly with the recent rise in food prices, while others are heavily impacted by the increase in energy and fuel prices. Of course, financial problems are often specific to certain countries and individuals, but it is clear that cash is becoming increasingly important as a means of managing one’s budget and avoiding new debt.
