Talk to me about “Cash Stuffing/Envelopes”

[didistutter56]

I’d love to hear your experiences with cash stuffing/envelopes if you do it! Does it help you save? Do you find yourself dipping back into it?

I’m self employed and get little payments 3-5 days of the week rather than one large payment, and my bills are spread out throughout the month, so I find myself spending money a lot quicker because it’s just little bits here and there but it adds up throughout the month! So I’ve just started a cash stuffing wallet, I’m going to try adding to it every week.

I have various sinking funds in Monzo. I wouldn't do it with actual cash in case I lost it or had it stolen. It works really well for me and I never dip into any of the pots.

Ah that’s good! So can you open a few different ones for whatever you’re budgeting for?

Ive had savings accounts in my usual bank before but I always end up transferring it back across.

You can have up to 20 "pots" inside the one bank account. I just have the free monzo account so I can't pay bills directly from the pots. I transfer the money into the main account and pay from that. You can pay for a premium version where you can pay directly from pots but I will not pay for banking until forced to do so.

Starling also offer a similar account which pays interest.

I find it very good. My income goes into pots automatically, and I find it very motivating to use. I only use it for sinking funds for regular expenses. It would be no use for saving up for a car.

I use YNAB which is a zero based budgeting app, since I've had it I've never missed a direct debit and have become debt free except for the mortgage.

I've a code for a month free if you sign up, you get 34 days free trial starting off too.

I recommend the Hyperjar app for this. Great way of saving.