I started Cash Stuffing to clear my £56k debt…it worked so well I turned it into a business & made £695k last year
A WOMAN who started Cash Stuffing to help clear her £56k debt has told how she turned it into a business and made a whopping £695k last year.
Jasmine Taylor, who is 31, from Texas, was concerned about how she’d get through each month after she lost her full-time job and had around £49k in student debt and £7.3k in medical and credit card bills.
While she initially managed to scrape by on different side hustles, Jasmine then began researching different ways to budget and was introduced to Cash Stuffing.
Since then, she’s been following the money-saving technique which involves cashing her paycheck and arranging it into several envelopes so she can keep a close eye on the money she’s spending.
Jasmine knows that when there’s no money left in the envelope, she has to stop spending money on that category for the rest of the month.
The savvy 31-year-old shared her budgeting journey on TikTok and has also spoken to CNBCMake It, where she revealed how in the first year, she managed to pay off £18.8k in student loan debt and clear her medical bills and credit card balance altogether.
It wasn’t long before social media users starting showing a huge interest in Jasmine’s money-saving method, so seeing an opportunity in the market, she decided to launch her business, Baddies and Budgets.
Jasmine then put a £981 stimulus cheque towards a Shopify account, shipping supplies and the necessary materials for Cash Stuffing products.
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Amongst the products she now sells includes a “simple budget binder,” where customers can personalise it with their name and choose six different categories.
Last year, her business made a whopping £695k, while this year’s earnings are expected to top a rather impressive £817k.
“I honestly didn’t have any expectations, I just went into it hoping that I would make my money back, but I had no idea,” Jasmine explains.
“Even to this day, sometimes I wake up and I’m like, ‘What is happening’.”
Now, Jasmine can afford to pay herself a £981 salary a week which she then reinvests in the business, which is continuing to go from strength to strength.