I am very much enjoying this cute phase Zoomers are going through at the moment where they “discover” things we all did 10 - 20 years ago and turn it into a social media trend. Like the dumb phone one that’s also happening at the moment, with some young people rejecting smartphones in favour of flip phones Millennials used in high school.

But in all seriousness, this is actually a useful life hack if you are trying to restrict spending or live on a budget.

I haven’t used cash for anything except dodgy Facebook and Gumtree buys in a decade. I currently have the better part of $1000 in cash in my wallet that has collected because I just never use it. I haven’t entered a bank branch in probably a similar time frame, and they (BankWest) closed the branches near here so I’m not even sure where to deposit it if I wanted to.

You know what I like about bank accounts? You don’t get drunk and leave your bank account in the back of a taxi home. And a house fire doesn’t burn down your bank account. There’s also a slightly less chance that people will break in to your home and steal your bank account, though it’s probably a coin flip compared to scammers and what not.

This is the best summary I could come up with:

Most people use a binder with individual pockets or sleeves, with a label for each expense — for example, groceries, petrol, and eating out.

Financial expert and CEO of WeMoney Daniel Jovevski said the rise in popularity of cash stuffing took him by surprise.

“Having that physical product and that cash in my hand, that makes it a lot more easier to use, and for my mind to comprehend what I’m saving per week.”

Mr Jovevski adds the lack of transparency means consumers “probably don’t know the total fees they’re paying”.

He also raises the point that there are some risks involved in carrying around a lot of cash, such as theft, but he acknowledges that “everyone’s situation is unique”.

It not only lowers the risk factor of having large sums of money at home, but it also means you can still accrue interest on your savings.

The original article contains 893 words, the summary contains 145 words. Saved 84%. I’m a bot and I’m open source!

Sitting money in different savings accounts is better though since it will earn interest

This is nowhere close to new. People have been doing this for centuries. It was called the envelope method a couple generations ago

I’ve been wondering if there’s a way to do this with actual bank accounts. I know with ING I can only have like 2 savings/transactional accounts (1 joint, 1 personal).

I’d like to be able to spin up accounts for these categories and use them as the “envelopes” instead of relying on cash.