100 Envelope Savings Challenge: Save $5,000!
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Are you ready to save some serious cash? It could be that you’re tired of spending every penny you earn, or maybe you have a big financial goal looming in the future, and you want to be prepared.
Whatever the case, the 100 envelope challenge can make the difference between having savings or an empty bank account. Find out what this challenge is and how to get started here.
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What’s a 100 envelope savings challenge, anyway?
The 100 envelope challenge is a really fun way to save some money. It is great for new savers and people who have never tried a money challenge like this before.
How many days does it take to do the 100 envelope challenge?
As you might have guessed, this challenge takes 100 days to do. Which is a little over three months.
This is a good amount of time to form a new savings habit and also enough time to save a significant amount that makes you feel like it was all worth it.
100 Envelope Challenge Tracker (Printable)
Save your way to over 5000 with the 100 Envelope Challenge! This money-saving challenge is a fun way to create a new savings habit over 100 days.
How much money do you save in the 100 day challenge?
This is the really great part – the 100 envelope challenge allows you to save $5050 in just 100 days. Whoa!
It’s a great technique that can really help you to pile up cash quickly or reach any sort of financial goal. The awesome thing about it is that it’s fun and not too restrictive.
How can I actually save $5,000 in 3 months with envelopes?
Saving up $5000 is a big goal, and it can definitely help you out with savings. $5000 can buy a lot of things.
You might use this money to fund your investments for the year, create an emergency fund if you don’t have one, pay for an expensive upcoming home repair, etc.
While there are many reasons to do the 100 envelope challenge, what you don’t have to worry about is a complicated savings method that makes the process no fun. Here are the basics of how you can save this money without stress.
100 days is approximately 3 months.
That means that at the end of a three-month period, you’ll have $5050 more than you had before. The challenge takes long enough that you have time to save a good amount, but not so long that you lose focus.
You will save $5050 in 3 months with the 100 envelope challenge
The 100 envelope challenge will help you save more than $5000. And all this in a relatively short amount of time.
Ready to get started? Here are the supplies you’ll need.
What you need in order to do the 100 envelope challenge
This challenge requires some supplies, so make sure you go over this list before you begin. That way, you’ll have all the things you need to get started immediately.
1. Envelopes
You will need a total of 100 envelopes. They can just be regular ones if that’s what you have on hand. But using envelopes of various colors or drawing on the envelopes can make things more fun. Pair it with this coloring chart to create a visual motivation for yourself to keep you focused as you save.
2. Ink pen, marker, or sharpie
You’ll need something to write with that will easily show up on the envelopes.
3. Container to store your envelopes
You really do not want to lose these envelopes, so instead of stashing them just anywhere, you can put them all together in one place. A container, a larger envelope, or a box will work well.
4. Stickers
Having stickers can make the process more fun and creative. Use fun, brightly colored stickers to seal envelopes or decorate them.
5. 100 Envelope Challenge Printable
You’ll need your 100 envelope challenge printable to keep track of how much money you’ve stored away. Keep the printable with your envelopes, or hang it up somewhere you can see it, so it will motivate you to continue the challenge.
6. Cash for your envelopes
Last, the most important part of all. You’ll need cash to fill your envelopes with. Though you can actually get cash as you go along, going to the ATM or getting cash back as needed.
Since $5,050 is a lot, you don’t want to take this whole amount from your bank account at once. You’ll likely want to split this savings amount amongst the paychecks over the 3 months.
How to do the 100 envelope challenge
Now that you have all the supplies, how do you complete this challenge? What are the rules? Find out here.
1. Number your envelopes from 1 to 100
Take your newly decorated envelopes and a marker or pen, and number them from 1 to 100. Easy, right?
2. Shuffle the envelopes and place them in their storage container
Mix up all the envelopes for a minute and make sure they’re in a random order. Then set them aside in their designated container.
3. Each day, pick one envelope at random
Every day, choose an envelope. Try to do this at the same time each day, so you make a habit and don’t forget.
4. Put the designated amount of money in the envelope
Whatever envelope you draw, check the number on it, and add that amount of cash to the envelope.
5. Seal the envelope
You can seal it like normal or use stickers or tape if you prefer.
6. Place the envelope in a secure spot
Find a safe place to store the envelopes that have cash in them. This could be a safe in your home or a box or drawer that locks. Wherever is convenient and secure.
7. Use the printable to keep track of your progress
Every day, after you place the money in an envelope, use your printable. Track your progress, so you know precisely how much you’ve saved so far.
8. Continue for 100 days
Keep up with this process for 100 days, a little over 3 months. Then you can enjoy the benefits of all your hard work.
100 Envelope Challenge Variations
Do you love this idea but are wondering if there are other ways to complete the challenge? Here are some suggestions.
Pull 2 envelopes a week
Maybe you don’t want to commit to filling an envelope with cash every day. However, you’d still like to save up some money.
If you fill two envelopes per week instead, you can still save up $5,050.
It will take you almost a year to save up the money, but you can still complete the challenge if you don’t mind it being a slower process.
Pull 2 envelopes a paycheck
Instead of saving every day, save when you get paid. You can pull two envelopes for every paycheck.
Obviously, the time it takes to finish the challenge will depend on how often you get paid, whether it’s twice a month, monthly, or even weekly. Your savings will be slower, but it can also be more manageable and less stressful.
Should I do the 100 Envelope Challenge?
Wondering if this savings challenge is a good idea? Honestly, it’s not the easiest thing to do.
You’re saving up quite a bit of money in a relatively short time, depending on which version you choose to do. However, it can help you start a savings habit, and $5,050 is a great amount to jump-start your goals.
You can always start with an easier version of this challenge, taking a year or so to save instead of a few months. Once you’re used to it, you might do the challenge again in a shorter amount of time.
The 100 envelope challenge is an exciting way to save a decent amount of money in a short period of time.
The 100 envelope challenge is definitely demanding, but it is a great way to save up money fast. If you don’t mind being extra dedicated to your savings for a while, or you have a reason that you need to save money quickly, this challenge can be ideal.
At the end of it, you’ll have saved thousands of dollars, and you’ll have a sense of accomplishment. You can then move on to doing even more with money than you ever have, saving more, earning more, and completing more challenges.
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