Since you are here then I believe you already know about Cash Stuffing but you might be asking yourself Is Cash Stuffing a Good Idea?
Well, that has been well explained in this article, and after reading it you can make the judgment for yourself.
So without much time let’s just spill the beans.
Is Cash Stuffing a Good Idea?
Yes, Cash Stuffing is a good idea for anyone who wants to make a budget.
You see closing the tab on your computer or putting that spreadsheet in a drawer is very simple, right? But when your funds are physically allocated in line with a prearranged budget, you’ll constantly be conscious of the spending limitations you impose on yourself.
Voila, that is what Cash Stuffing is good at.
Also, I, along with many others, have benefited financially from versions of this method. Even unique pre-labeled money containers and cash binders are available on Amazon.
The ideal candidates for cash stuffing are those who struggle with money management, are heavily indebted, or regularly make impulsive purchases. This technique could be helpful if you frequently overdraw your bank account or depend on cash advance applications in order to get by until your next payday.
All these should let you know that Cash Stuffing would be a very great idea for you to try.
See these Cons of Cash Stuffing
Cash Stuffing won’t be of great help to you because it may feel awkward to suddenly carry the bulk of your monthly income in cash because so many of us have given up on utilizing cash in recent years.
That being said, there’s no assurance that cash stuffing will prevent you from going over budget. It is still your responsibility to remember to keep the distributed cash in its designated envelopes and withdraw small amounts at a time. Budgeting with cash has the drawback of denying you the protection and rewards that bank accounts provide, even if it can be useful for reducing expenditures and credit card debt.
However, cash stuffing doesn’t have to be exclusive. You can store some of your money in a bank account and utilize it for certain areas of expenditure. Additionally, the cash stuffing strategy could not work for you if you don’t budget appropriately or if you allow yourself to spend more than you first planned.
There are other budgeting alternatives you can look at.
To conclude I strongly believe that deciding if Cash Stuffing is a good or bad idea would largely depend on your financial lifestyle and goals.