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.
Yeah it's a good method but the "envelope" budgeting systemn has existed for decades.
Sitting money in different savings accounts is better though since it will earn interest
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 nowhere close to new. People have been doing this for centuries. It was called the envelope method a couple generations ago
