Is Cashless Cash Stuffing Possible? Learn how!

Admit it. Budgeting to save more money is difficult and frustrating, but it doesn’t have to be. If you’ve researched ways to save money, then you’ve heard about an old-school approach to saving that is gaining a new life among budget-conscious consumers. The approach is called Cash Stuffing.

Cash Stuffing offers a refreshingly simple, yet highly effective way, to manage your finances, leading to more mindful spending and saving. Whether it’s groceries, entertainment, or emergency funds, Cash Stuffing allows you to allocate your budget visually and physically.

Let’s dive into this amusing world of Cash Stuffing and uncover the benefits that may just transform how you budget and save.

You may know Cash Stuffing by another name. It has been more commonly referred to as the Envelope Saving System. To use this system, you place cash in different labeled envelopes, divided by category and usage. The people who use this system withdraw their entire paycheck from their account in cash and then split it between their envelopes until all their funds have been allocated. If you would like to try this method for yourself, feel free to use our free Paycheck Tracking worksheet.

Using cash is meant to be a way to create a visual of your money. The most vocal supporters of this system believe seeing your money in envelopes helps a person understand exactly how far their money can go or how much of it remains in any given category.

While having a visual is always helpful, the drawback to this system is that you end up with large amounts of cash on hand at all times. If your cash were to go missing or be stolen then there would be no way to recoup that loss. Sure, you could go out and buy a cash box or a safe in order to keep your cash protected but there’s a much easier and more cost-effective way to keep your funds secure.

We would recommend considering a savings account. When your funds are kept in a savings or checking account they are insured and, short of any fraud or identity theft, much harder to steal or lose.

But doesn’t this defeat the purpose of Cash Stuffing? No, it does not. The purpose of Cash Stuffing is to understand how to make your money work for you and to give yourself perspective on how far that dollar can be stretched. Both are principles that you can learn and practice while using savings and checking accounts instead of keeping large amounts of cash hidden in envelopes somewhere unsecure. Using your checking and savings accounts does not mean you are excluded from practicing Cash Stuffing.

For example, if you open multiple savings accounts or checking accounts for different purposes, you can treat them just the same as you would with labeled envelopes. “How?” you may ask.

With our savings options like Personal Select Accounts and Club Accounts, you can open multiple of these accounts labeled with your personal savings goals and categories instead of stuffing unsecured cash into labeled envelopes.

Are you saving for a new car? You can open a Personal Select Savings Account named “Car Fund.” Need to start a savings for emergencies? You can open a second Personal Select Account named “Emergency Fund.” Looking for a place to stash money for Christmas shopping? Our Christmas Club Account is the perfect place for those funds. Are you planning your trip to the beach and need a separate space to place your savings? A Vacation Club Account is right for you. Would you like a separate account just for your bills? Perhaps you should consider a second checking account meant only for paying your necessary expenses.

And don’t forget to try using our free Paycheck Tracking worksheet to map out your budget based on your income per pay period. Working out how much you need to contribute to your expenses per paycheck is a key element to Cash Stuffing.

Anything that you can do with envelopes and binders and tabbed wallets, we can help you do with your savings and checking accounts. Managing your money and making it work for you are essentials, but equally as essential is keeping your money secure.

Call, visit, or make an appointment online today to explore your savings options. Our representatives will be happy to help you find the right services and accounts for you.

Headquartered in Winston-Salem, North Carolina, and founded in 1949 within the aviation industry, Piedmont Advantage Credit Union (PACU) serves member-owners, who reside, work, worship, attend school or operate a business in one of the six counties it serves in North Carolina or who are employed by one of its many employer companies. These six counties are Davie, Forsyth, Guilford, Iredell, Mecklenburg and Rockingham.

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