Any cash stuffers here?

[bingoringo4]

I started last month and it's going really well.

Are there others on here that do it?

I started doing this in the 1980's. 😂

🙌 me

I bought a small binder on Amazon with the plastic zippy clear wallets in and the dividers

I have one for Xmas @£30 a week

One for birthdays @£20 a week

One for car bills @£20 a week

On separate binder for any other cash that I can afford to put in and add up

I started on the 1st of Jan and have added every single week to each of them

I had a blow out so had the money already to pay for that which was great as it didn't come out of my account and I will start using the birthday one for first d Childs birthday in April

Brilliant way to save for things

By November the Xmas one will have enough for presents treat food shop and Xmas day dinner out so the stress of that's gone already

Lets hope none of you have a house fire or get burgled.

You can do this virtually now by shifting your money into different accounts and/or pots within the same accounts. Your money is completely safe and many accounts also pay interest.

You could have the money in different accounts, have most things paid by DD and for 'spending' accounts label the cards with the purpose of the spend, eg food, travel, Christmas, eating out etc. if you want a visual indicator of what the money is for.

@dothehokeycokey brilliant! I agree it's a great way to save.

@Bjorkdidit

My house insurance has a certain amount of cash included in the listings.

I just transfer the same amount of money at the beginning of each month into another account.

As I have to physically visit to draw any money out it makes it easier not to.

What is the pay yourself first approach, please?

I don't exactly do it but I do set a budget each month and have money for everything set aside, including savings. And then track spending throughout the month to stay within that budget or adjust next month that if I have to go over. I've been doing this since 2007 and it's seen me through the financial crisis, house renovations, rearing small DC and lots more.

I still do it now even though finances on a far stronger footing - as it's all to easy to let little extra spends become BIG extra spends. 🤣

When I get paid from my job, I look at my budget on my spreadsheet and immediately transfer x amount into my savings (effectively paying myself). Before I used to save a couple of weeks after I get paid what was left over, except usually there was nothing left over, because I spent so much crap. If you don't have it, you can't spend it.

I do this and its completely changed my spending habits. Previously it was so easy to just pay by card and even easier to lose track of what I was spending. Now, once all my bills are paid by DD, I give myself roughly equal amounts of what is left through for the month each week in cash. That way I cant spend more than what is in my purse. And actually have a better understanding of where my money is being spent

Thank you @westisbest1982

I love the idea of Cash Stuffing, but I just do way too many transactions online. I have ‘digital’ cash envelopes, and use the YNAB app for this…pets, cleaning, clothes, gifts, groceries, holidays, meals out, DC’s contact lenses, ParentPay, pocket money, school uniform, university fund, music lessons, miscellaneous shopping, dentist, optometrist, beauty, car, fuel, fitness app, house, pension, and phone. I put a set amount in each month.

Do you follow The Budget Mom? I love her YouTube and instagram videos, and use her Budget By Paycheck method.

Having extra money to save is such a buzz! ❤️🤑

I do this method too….on payday I take my pay minus bills and minus digital cash envelope stuffing—what’s leftover goes straight into savings. Then I never have it available to spend, so I’m not tempted.

Yep, I've been using this method for a year.

It enabled me to build my emergency fund 😀

I do the "pay yourself first" as well - salary sacrifice straight to the credit union at work before I even see my wages - which is how I put away regular money for covering annual bills and holidays, and now that I earn enough, a standing order to longer term savings in the middle of every month. And if I have spare in that months budget, I add to the longer term savings as well by a direct transfer.

First month completed and I saved £230! I'm so impressed. I can't remember the last time I did this! Now on to month 2, keeping notes to ensure I learn from mistakes each month!

Another YNABer here. I prefer to keep the cash in my account for the interest.

Awesome! It’s an exciting feeling to make plans for all of the money you save!

That’s amazing - well done! So is that £230 that you definitely wouldn’t have saved in previous months? There really is something about having physical cash that changes mentality around spending.

That's really interesting. I'm glad it's working well for you.

I'm quite the opposite. Once money is withdrawn from the bank my brain considers it gone/spent because its no longer in the account, so I tend to waste anything I have in cash.

@Mull no, it would have all been spent. Having the physical cash made me so much more mindful of what I was doing. It's amazing

I cannot see the point of faffing with cash.

I have four accounts:
Main current account
"Spending" current account
General savings
Household savings.

I have an annual budget which accounts for all the things that are paid annually, six monthly and so on, like water bills, TV licence, boiler service, oil tank top up.

I have a monthly budget which is everything paid monthly.

On payday which goes into main current account, I ringfence money for the DDs, then move a set sum to the household savings for annual things. Then I move a set sum to spending to cover groceries, car fuel and fun.
Remainder goes into general saving not to be touched.

The only card I have on Apple wallet is "spending".

I'm with you, @Ilovemyshed! I have a budget and different accounts for various things.

Seems a waste of the interest rates at the moment, I transfer all my money into savings accounts to get 4% on it, it also feels better protected than being sat in a current account (or cash!) I do the management aspects of it on spreadsheet.

@wpalfhal I do similarly - most of my cash is in a 5.1% flexible cash isa and I just transfer my upcoming expenses to my current account on a weekly basis. I use YNAB instead of spreadsheets now though.