Financially, things are stressful out there. There’s the unstable economy, inflation, and the continuously rising price of eggs. It’s not easy for the average person to stay afloat. One Texas woman found a way to take back control and put herself on the road to financial stability.
In 2001, Jasmine Taylor found herself in a tight spot. She lost her job, had $60,000 in student loan debt, and carried another $9,000 in medical and credit card debt. She was struggling to stay afloat until she discovered "cash stuffing" on social media. This would forever change her life.
Cash stuffing is a budgeting money management tool where you place a certain amount of cash into envelopes for the month. You might have a gas envelope, a grocery one, a savings one, and more.
“I put aside money for bills in envelopes. I put money aside for variable expenses, which is weekly spending. Then you also put money aside for ‘sinking funds,’ which are like little short-term or long-term savings accounts. It was life-changing for me. I was not managing my money. I needed to take accountability for my previous financial mistakes,” Jasmine explained.
“I went from swiping a credit card and not really understanding where my money was going to having to tangibly handle the cash. There’s this money that’s unaccounted for that I was wasting frivolously, impulsively spending,” she continued.
In her first year using the system, she saved $1,000 and paid off $32,000 of her debt. She began posting TikToks to share her journey.
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Jasmine used her stimulus check to start her own business, Baddies and Budgets, during the health crisis. She sells budget binders, planners, labeled envelopes, and more to help people take control of their finances. She made $850,000 last year and is on track to make $1 million by the end of 2023.
