Jasmine Taylor, equipped with first-hand knowledge of regaining financial control, faced a significant debt challenge in January 2021, holding $60,000 in student loans and an additional $9,000 in medical and credit card debt. Determined to tackle her financial woes, she turned to YouTube and discovered “cash stuffing,” a money management technique involving the physical allocation of expenses using cash. In her inaugural year of budgeting, Taylor successfully paid off $23,000 in student loans and eliminated other outstanding debts. While she left $20,000 in student loans untouched initially, anticipating potential forgiveness, she eventually resumed payments and aims to be debt-free by year-end. Taylor chronicled her budgeting journey on TikTok, where her posts gained viral popularity, leading her to establish her own cash-stuffing business, Baddies and Budgets. Through this venture, she sells budgeting supplies and offers money management advice to her clientele and followers.
In addressing the prevalent concern of rising food costs among her followers, Taylor provides three strategies applicable to various budgeting approaches. Firstly, she recommends utilizing apps like Fetch, Ibotta, Rakuten, and Shopkick that offer rewards or cash back for shopping. Digital coupons and rewards from stores are also valuable tools. Secondly, Taylor advises planning meals for the week, creating a shopping list, and using a calculator app while shopping to stay within budget. For those prone to impulsive purchases, online shopping with curbside pickup proves effective. Lastly, Taylor emphasizes the importance of adjusting expectations gradually. Under her cash budgeting method, individuals allocate a set amount for groceries in cash envelopes. However, Taylor cautions against overly ambitious cuts, suggesting a realistic 10% reduction in spending over time rather than drastic measures that could jeopardize overall financial goals. She also underscores the significance of small financial victories adding up over time, acknowledging that while the cost of groceries may be beyond control, consistent, mindful choices can accumulate savings and contribute to broader financial success.
