Successfully managing her own bank account, Taylor started sharing her process on TikTok.
“It’s a really surreal feeling when you’re a person who has mismanaged money all their life, when you finally get to the point where it’s like, ‘OK, I can do this,”‘ she told the outlet. Taylor called cash stuffing ” life-changing” for her and her finances. Taylor claimed to CNBC that she saved $1,000 in her first year of cash stuffing and had paid $32,000 of her debt off by the end of the first year. “When you add it all up at the end of the month, it’s $400 or $500, and I’m wondering why I’m struggling to pay certain bills or struggling to make it to the next check.” The key is to stop using your ATM card and Credit card. You can also save your receipts in the envelopes. There’s this money that’s unaccounted for that I was wasting frivolously, impulsively spending,” she explained. Go through your budget and envelopes and choose gasoline, eating out, groceries, etc and once you deposit your paycheck you will take the amount of cash you need out for your envelopes. “I went from swiping a credit card and not really understanding where my money was going to having to tangibly handle the cash. Jasmine Taylor turned her own money-saving practices into a profitable business. Taylor quickly realized she was spending more money than she traditionally budgeted for - when she saw the dollar bills diminishing. I needed to take accountability for my previous financial mistakes,” Taylor said on “Good Morning America.”
She continued: “Then you also put money aside for ‘sinking funds,’ which are like little short-term or long-term savings accounts,” which can include a rainy-day fund, vacation money, or a little extra cash for the holidays.
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