SAVING money can be a struggle, but simple techniques can help you save a lot.
And with a fun alternative to budgeting and a beginner-friendly savings challenge, budgeting can be deceptively easy, according to one wiz The U.S. Sun spoke with.
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To help you more effectively save money, The U.S. Sun interviewed abudgetingexpert to offer practical tips for managing your finances.
Business owner Sasha Gray is a money-saving expert.
She runs a business selling budgeting supplies, CDN Girl Cash Stuffer, and co-founded a cash stuffing and budgeting iOS app, Budget Bestie.
She shares budgeting advice with her over 223,000 followers onTikTok(@cdngirlcashstuffer), and she spoke with The U.S. Sun to provide helpful information for those looking to save.
Read More on Saving Money
CASH STUFFING
Because traditional budgeting was not working for Gray, she sought alternatives and came upon a strategy called cash stuffing, or the envelope budgeting system.
According to Gray, cash stuffing is a simple form of budgeting that involves distributing the money from your paycheck between envelopes.
Each envelope represents a specific budget category, such as groceries, entertainment, eating out, or travel, and holds the funds for your weekly or monthly expenses.
You assign a spending amount for each envelope and can move money from one envelope to another.
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However, once you spend all the money in the envelopes, you won't have any more to spend for the remainder of the month.
"Cash stuffing provides a tangible and visual way for individuals to learn how to manage their spending, stay on budget, and track expenses effectively. For me, I was able to rebuild a healthy relationship with money again," said Gray.
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Although Gray uses cash for her discretionary spending, she doesn't use it to pay her bills.
"It's crucial to adapt the method to your lifestyle, otherwise if it’s too restrictive, you’ll make an excuse not to continue.Perhaps you only want to use cash for day-to-day spending to hold yourself more accountable for those impulse buys," she said.
DITCHING DEBT
Gray began cash stuffing in August 2022 as a "last-ditch" effort to get her financessorted.
She was over $35,000 in debt and needed to change her approach to budgeting.
"For me, cash stuffing transformed paying off debt into a game - a challenge that I was determined to finish as quickly as possible! I love setting ambitious goals and seeing them through - when I set my mind to something, it’s happening," said Gray.
"It held me accountable for every dollar spent.Having a clear 'why' - a reason to do this - is crucial not just when paying off debt but in anything in life.
"It provides a sense of purpose, making the task or goal more meaningful and fulfilling.
"My why was enough to fuel me up and see this through ensuring I stayed on track and disciplined throughout the entire process," she said.
As of August 2023, Gray managed to pay off her debt, save up for a vacation, redo her bedroom, invest $8,000 into a first home savings account, and save over $2,000 in an emergency fund.
"I can accredit this all to cash stuffing," she said.
CHALLENGE FOR BEGINNERS
For those new to cash stuffing, Gray suggested trying the nickel savings challenge.
The challenge involves adding five cents to a coin jar on the first day and increasing each day's contribution by five cents.
For example, on the second day, you would add 10 cents, and on the third day, you would add 15 cents - you increase the amount you add to the jar by five-cent increments until you reach the final amount of $5.
The challenge spans over 100 days, and on the last day, a total of $252.50 will have been saved.
"Small amounts add up! This is a great challenge for all ages and you’ll be surprised how quickly your change adds up when using cash," said Gray.
Read More on The US Sun
In other budgeting news, a financial expert shares why the popular 50/30/20 rule doesn’t work and an alternative to "pay yourself first."
Also, the secret to turning $60 into $100 with every transaction and you won’t even notice you’re saving.
