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A12 BUSINESS
Tuesday 18 July 2023

What to consider before budgeting

with the cash-stuffing method

By KIMBERLY PALMER of
NerdWallet
When Giovanna “Gigi”
Gonzalez wanted to cut
back on her food spend-
ing, the finance expert
and money coach ap-
plied what is known as the
“cash-stuffing” method
of budgeting. She put the
cash she allotted to food
for the week into an en-
velope and limited her
spending to that amount.
“I could see when I had just
20 bucks left for the week,
so it was really helpful,” she In this June 15, 2018 photo, twenty dollar bills are counted in
North Andover, Mass.
says. Associated Press
Popularized through TikTok
videos, cash stuffing has
brought back the old-fash- secure it, says Bruce Mc- house down payment into
ioned envelope system of Clary, senior vice president a bank account. “I don’t
budgeting: You divide up of membership and com- want that money sitting in
your cash into different en- munications at the Nation- an envelope,” she says. q
velopes, each dedicated al Foundation for Credit
to a category of spending Counseling. “There are
or saving. “It’s a tried and all kinds of risks involved
true method,” says Gonza- if you’re stuffing cash in
lez, who also founded The places where you might
First Gen Mentor, a money forget it or heaven forbid Professional unisex massage
course where she pro- something happens and do you want to be in good
motes financial literacy. the cash burns,” he says. hands to relax your body, mind
If you’re considering join- Tim Melia, a certified finan- and activate your energy?
ing the cash-stuffing move- cial planner and founder Pls call +297 562 6172
ment yourself, here are at Embolden Financial appoinment hours 9am / 7pm
some guideposts: Planning in Seattle, sug- +297 630 8450
SET ASIDE PLANNING TIME gests keeping the cash en- ________________________________216820
Cash stuffing requires an velopes in a fireproof safe La Quinta Beach Resort
upfront time commitment that locks. He adds that eagle Beach
because you need to plan while news about bank 2 BR 2 Bath Week 29 and 30
your spending, withdraw collapses likely contribut- Room # 2307
your cash and then “stuff” ed to the appeal of cash, Price : $ 10 K each
it into labeled envelopes. an FDIC-insured bank ac- Call : 011-297 -630-1307
That process could eas- count is still the safest place johnnypaesch@gmail.com
ily take an hour or two to to store money. (The Feder- www.halleytimetravelaruba.
get prepared for the week al Deposit Insurance Corp. online
ahead. insures up to $250,000 per
“It’s an additional time depositor, per bank and House For Sale
commitment,” Gonzalez per ownership category.) Noord 10 min drive to palm
acknowledges, but the CONSIDER A HYBRID AP- beach
upside is that “you imme- PROACH super market , gas station
diately feel more in control Gonzalez likes the idea of 3 BR 2 Bath
of your money.” cash stuffing for everyday Price : $ 350 K
KEEP YOUR CASH SAFE expenses but then mov-
With so much cash on ing larger amounts for sav- Call : 011-297-630-1307
johnnypaesch@gmail.online
hand, it’s important to ings or something like a
www.halleytimetravelaruba.
online

Great investment opportunity
2656 m2 lease land on eagle
beach
12 office spaces approved to
build
Next to Gloria
Price $ 750 K
Call : 011-297-630-1307
Johnnypaesch@gmail.com
________________________________216821