A WOMAN has revealed how she turned a budgeting technique into a £630,000 a year business.
Jasmine Taylor found herself £54,000 in debt due to university fees and medical bills.
To get herself out of debt, the 31-year-old decide to start extreme budgeting, by using the cash stuffing method.
Cash stuffing is where you have different folders, labelled with things like “bills”, “rent”, “groceries” and fill these with the amount of cash you have budgeted for yourself for that particular cost each month.
By being able to physically see how much money you have allocated for each expense, it becomes easier to not go over budget.
Jasmine began to document her cash-stuffing journey on TikTok, to keep herself accountable and decided to start her own business when her videos went viral.
Speaking to CNBC’s Make It, she said: “Finances come off as really boring to me, but for some reason people were really engaging.”
Jasmine from Texas, decided to start selling folders to help people with their budgeting.
She called her business Baddies and Budgets and her binders come in a variety of different coloured designs, with each pocket labelled with a different expense.
To personalise your folder you can have your name engraved onto it, and can pick what you would like your pockets to be labelled with.
She also creates folders with different spending challenges in them, to encourage people to save a set amount of money.
Her last spending challenge sold out in just six minutes.
“We are out of stock a lot”, Jasmine said.
“People are literally waiting on the site at midnight on Satuday night for the restock.”
Jasmine said she never had any high expectations for the business, and is so shocked with how it has taken off.
The entrepreneur now has three members of staff working with her and her business brings in £630,000 a year.
Learning to budget is easier if you break it down into as much detail as possible
Despite now earn a large amount of cash, Jasmine still budgets carefully, and puts her money towards savings and investment.
“The same stuff that I teach my audience, I still use in my daily life”, she said.
Sharing advice to anyone thinking of setting up their own business, Jasmine said: “You’ve got to be willing to bet on yourself.
“If you don’t, how can you expect anyone else to?”
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