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Wisconsin(CoinChapter.com): Demand Sage states, “TikTok has over 1.5 billion monthly active users in the third quarter of 2022.” There is a strong trend on the social app among Generation Z (10-25 years old) to save cash. TikTok has 700 million views on “Cash Stuffing.”
Cash Stuffing, or better said in the simplest way possible, paying with cash, is not new. But now, the younger generation has caught on – and likes the good habit.
The most well-known promoter of the Cash Stuffing method is Dave Ramsey. Mr. Ramsey calls it the Envelope System. Instead of collecting a paycheck, buying what one wants, and worrying about bills later, one budgets their hard-earned money carefully.
There are no big secrets to saving money. Basic discipline will suffice to save money. If you find yourself eating out frequently, be aware of it, take a bit of money away from eating out, and put it in an envelope. Since you were going to splurge anyway, there is money to spare.
There are no “official” economic benefits to stuffing cash in an envelope, but you can turn it into one! If you normally budget $150 weekly for your family’s groceries, instead budget $125. Take the $25 a week and deposit it into a Roth IRA.
The average annual return for a Roth IRA is between 7%-10%. So plugging $25 into an online calculator with a 7%-10% return over a working career will reveal some impressive six-figure results – all by saving only $25 a week.
The average S&P 500 return over the past ten years is 13.32%.
Using the same calculator mentioned above will reveal even higher gains than the more-than-satisfactory Roth IRA. Cash stuffing can be for something other than lifetime investments. For example, one can save $25 a week when an emergency arises.
Some people have even been known to save better because, for them, giving cash away at a merchant is visually more difficult than using a plastic card.
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I began the financial industry in 1995 buying/selling mutual funds and US stocks. In 2007 I switched full-time to forex, later adding cryptocurrencies because of expanded interest in the field. I trade forex on the MT4 and write forex/cryptocurrency reports consisting of news and technical analysis. My writing has a nice balance of technical information for the seasoned trader, with plain enough language for a beginner.
Founded in 2015, Coinchapter.com has become one of the leading resources for the crypto asset community. Created by a small group of cryptocurrency enthusiasts, Coinchapter.com was built to provide new members of the crypto asset community with unbiased listings of cryptocurrency exchanges and retail options that would allow them to buy the crypto assets that they wanted, how they wanted and at the price they wanted.