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!
Ilandar@aussie.zone 1 year ago
I am very much enjoying this cute phase Zoomers are going through at the moment where they “discover” things we all did 10 - 20 years ago and turn it into a social media trend. Like the dumb phone one that’s also happening at the moment, with some young people rejecting smartphones in favour of flip phones Millennials used in high school.
But in all seriousness, this is actually a useful life hack if you are trying to restrict spending or live on a budget.
veroxii@aussie.zone 1 year ago
Yeah it’s a good method but the “envelope” budgeting systemn has existed for decades.
Unforeseen@sh.itjust.works 1 year ago
What is old is new again, just with bloat on top.
Junkers_Klunker@lemmy.world 1 year ago
It is not their fault for not knowing, it is our fault for not teaching.