What's wrong with TikTok's viral savings challenges

[@peggyseabrun4829]

Cash stuffing helps with budgeting and teaching financial discipline. I have an envelope for savings in my binder.

[@1213LB]

FYI cash stuffing (the envelope method) is mostly for budget purposes to put your monthly $ where you plan for it to go; groceries, fuel, utilities, etc.

[@1stgenhustle461]

The cash stuffing videos I’ve seen have been people putting aside cash to buy necessities like groceries, not to replace a savings account at a bank. I heard that people spend less when they use cash instead of card, so I support cash stuffing, if it’s to help budget for basic needs like groceries. Generally speaking, I don’t think banks are likely to lose customers due to cash stuffing-they might have less money under their management, but that’s okay if it means people are spending more mindfully with cash rather than spending beyond their limits with a card.

[@IlIlIlIlIlIlIlIl-v9h]

The “critics” are missing the point of cash stuffing. We DON’T want to play your game. We tired of it. It’s funny how the people who benefit the most from having you deposit your money into their game are the “critics”.

[@alexha2884]

What “game” is there behind a savings account? I’d love to hear some more of your nonsense please

[@peter-peter5929]

💯 on point. I checked out yesrs ago and were doing better than ever imagined.

[@Mr.Deko86]

Testing comment

[@vanessaandreatta9098]

Yesss... Save money means I can touch them, I can pet them, I can see where they are. Sorry, not sorry😅 Does it work? Yes. Investing is not saving. Why ppl want Gold to save money? Because you can touch it. Simple

[@Letsgo44444]

A tik tok savings trend? That's gotta be a first for a trend. 😂😂

[@Saltpeanutss]

I think you colored outside the lines with your lipstick 💀

[@ivoryrobinson269]

LMAO......

[@peter-peter5929]

Cash was, is and always will be king. In today's climate I... trust...NO one.😂

[@Mr.Deko86]

Yes sir.

[@25447carepear]

They just want our money. You save more putting it in your mattress.

[@thegrinderman1090]

That doesn't make sense. Even though financial institutions benefit from you depositing you money with them, you also benefit massively. If you keep all your money in physical cash, you're essentially burning several percent of it every year due to inflation.

[@replay7776]

Put your money in a bank - said by the bank , bro that’s the point I want control over my money, so the envelope it is

[@thegrinderman1090]

You're screwing yourself over in the long run if you hold lots of physical cash. You're constantly losing money to inflation, without utilising the miracle of compound interest.

[@SrinidhiAithal]

What’s Tik Tok about this? 🤔

[@Zelousfear]

Lol high earning savings is 1.5% and inflation is 3%. And I have high speed lead protection.

[@tnpoetry]

Online savings accounts (such as Ally Bank) offer 5%. They’re out there.

[@gururg3933]

1.5% is sad bruh!!! Ally, Marcus, Vanguard, OnJuno offers ~5% these day

[@marcusvision]

​@@tnpoetry op is saying you're basically only making 0.50% APY after inflation and earnings.

[@tnpoetry]

@@marcusvision thanks for clarifying. It’s worded a bit funny if that was the point. Thankfully, for others that read our interaction, they’ll get information from all of us. 🙂