Envelopes for sinking funds (car insurance/maintenance, travel, holidays).Envelopes you carry with you for variable expenses (gas, groceries, eating out).Taylor said cash stuffing involves two different types of envelopes: "It kind of feels hopeless when you get yourself so far into a bad financial situation," Taylor said. She started with smaller debts and then moved on to larger amounts, calling her financial feat "surreal." She opted to try the debt snowball method while working on her finances. "From April to December of 2021, I paid off $30,000 in debt and then all the rest of it, I paid off in 2022," she said. Her business ventures have allowed her to pay off her debt, she said. Taylor also earns money from YouTube and other social media collaborations. She now runs the company full-time, selling glittery binders with cash envelopes, wallets for everyday expenses. Taylor didn't have steady income just yet, so she used her spring 2021 stimulus check to kickstart her business, Baddies & Budgets. We just have some type of connection with physical cash."Īnd as she shared her experiences, people were drawn to the envelopes, binders and other saving tools she used, many of which Taylor made herself. I guarantee you it would be a lot easier to swipe that card than it would be to break the $100. "I could hand you a $100 bill now and a debit card with $100. "It was just something about tangibly handling the cash and seeing my money save up in the envelopes that really clicked a switch in my head," Taylor said.
In February 2021, she decided to try cash stuffing to make sure she'd stick with the budgeting plan, she began sharing her experiences on social media.
She'd transfer money to her savings one day only to transfer it back to her checking account the next day. Traditional savings methods weren't working for Taylor.
STIMULUS CHECK ENVELOPE HOW TO
"I had a degree, no job, tons of debt and just no functioning budget."ĭebt: 'Things just kept getting more expensive and worse': Credit card debt is surging but fewer Americans can pay it offīudgeting: How to make your own budget binder for the cash envelope system How cash stuffing helped her reduce debt "I was turning 30 that year and I was just tired of being in financial distress," Taylor said. She was watching YouTube when she found out about cash stuffing, a budgeting system where individuals take cash for different spending categories and put the money into envelopes. To earn money, she did everything she could think of: food and prescription delivery, couponing, online surveys, transcribing and more. Taylor has a degree in applied science and was trying to get her teaching certification. In January 2021, she owed about $60,000 in student loans, $9,000 in credit card debt and about $10,000 in medical debt, she told USA TODAY. Jasmine Taylor, 31, lives in Amarillo, Texas. Watch Video: How to save money: Budgeting tipsĪ Texas woman who was nearly $80,000 deep in debt has gone viral for using a saving method called cash stuffing to pay it all off.
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