Inflation is impacting all of us, regardless of age. To help make ends meet, millennials and Gen Z’s are turning to TikTok for budgeting advice.
CNBC discovered that young people are saving money and paying off debt by “cash stuffing.” The name may be new, but the idea has been around for years. Originally called “envelope budgeting,” the premise is simple — stop using credit cards and debit cards and pay for everything with cash. Use separate envelopes for all of your expenses, such as rent/mortgage, utilities, groceries, gas, etc.
The cash stuffers taking the internet by storm swear by this method, saying they’re able to stick to a budget and, in some cases, save money. That’s something we can all appreciate, no matter our age.
The Seniors Trust is committed to improving the financial well-being of America’s retirees through passage of The Social Security Expansion Act. It will give retirees an immediate benefits increase of about $65 a month, a fair annual cost-of-living adjustment (COLA), increased minimum benefits, and this bill will ensure the long-term solvency of the Social Security program.