South Koreans are now putting their own spin to “cash stuffing,” a viral TikTok trend in which people are encouraged to save money by hiding them in binders, envelopes or folders.
Going viral: “Cash stuffing,” which went viral in the United States last year, is now being referred to by millennial and Gen Z South Koreans as the “cash challenge” after it gained traction on South Korean Instagram and TikTok.
How it works: After withdrawing a month’s worth of expenses, one divides and places them in binders, envelopes or folders for safekeeping and later use. Money that has not been used will be put in another binder as savings.
Context: While “cash stuffing” gained internet popularity last year, the personal finance strategy has been around for decades and is known as the “envelope” method.
Why it matters: Lee Young-ae, a consumer studies professor at Incheon National University, told the Chosun Daily that the new South Korean trend has a positive psychological effect on people, noting, “It’s appealing because it offers dual benefits of cutting down expenses and the psychological reward of watching the money accumulate through savings.”
What people are saying: In an interview with the Korea Herald, YouTuber Choi Su-ji, who runs QQ_Studio, a channel that highlights budgeting efforts, noted that the inconvenience of having to call a shop when ordering food — since she only has cash now — has helped her save money. She even gradually shifted to cooking at home.
“With cash, it is hard to count on delivery staff having exact change, so I would travel to the shops to pick up the food. This extra travel I have to make made me think twice before spending,” Choi said.
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