Looking for a fun way to save more money? Need an extra $5,000? In this article we’re going to tell you about a fun savings challenge you can do called the 100 envelopes saving challenge. Keep reading to learn what it is, how to do it, and get a free printable to get you started.
What is the 100 envelope savings challenge?
The 100 envelopes savings challenge is a simple and effective way to save money and reach your financial goals. The challenge involves taking 100 envelopes and labeling them with numbers 1-100.
Each day, you will pull out an envelope and put the corresponding amount of money inside. For example, on the first day, you will put $1 in the first envelope you will put $2 in the second envelope, $3 in the third, and so on until all the envelopes are filled. By the end of the challenge, you will have saved $5,050!
Overall, the 100 envelopes savings challenge is a fun and engaging way to kickstart your savings, and can help you reach your financial goals. With the help of our step-by-step guide, tips and tricks, and printable tracker, you’ll be on your way to achieving your savings goals in no time.
What do you need for the savings challenge?
To complete the 100 envelopes savings challenge you just need 4 things:
- 100 envelopes
- A marker or pen
- A box to keep the empty and filled envelopes in
- Our free printable tracker to track your progess (See end of article)
- A “why”
It is really hard to be motivated to save money if you don’t have a reason to save. Maybe you are trying to save for a vacation, a new car, a down payment on a house, an extra cushion for emergencies, or a rainy day fund. Whatever you are trying to save for it is important to keep that in mind as your why to stay motivated to complete the challenge.
Where should you start
After you’ve thought about your why, gotten the envelopes, marker, and box, here is what you are going to do.
Step 1: Label the envelopes
First label each envelope 1-100. Be sure to be clear so you don’t mix up a 6 or a 9, etc.
Step 2: Mix up the envelopes and put them in the box
If you wanted to you could go in order and save the corresponding amount in numerical order depending on what envelope you are on. However, even though days 4, 5, and 6 are simple enough to save money in, once you get to envelop 97, 98, and 99 it might be harder to save that much right in a row.
Mixing up the envelopes is often recommended so you’re not overwhelmed saving the big amounts all at the end. That way you can keep it exciting and keep up your motivation.
Step 3: Fill the envelopes
The original challenge was meant to be completed in 100 days. Each day you would pull out an envelope from the box and put the labeled amount of cash into it. (In this next section we are going to talk about how you can customize the challenge to fit your needs if 100 days is not feasable for you.)
You may need a second box, or a divider in the original box so you aren’t having to move a lot of filled envelopes to find an empty one.
Variations to the 100 envelopes saving challenge
The 100 envelopes saving challenge can be a fun and motivationg way to save- and saving $5050 in just 100 days is pretty impressive, but that might not work for you. Depending on your income or other life situations completing the challenge in 100 days may seem impossible.
On the other hand, you may be wondering if there is a way to save more, or complete the challenge in less time. No matter where you are at with your financial goals and needs this challenge can be customized to fit your life. Here are some ideas on how to do that:
Complete the challenge in 100 weeks instead of 100 days
This way may be less daunting than finishing it it 100 days. To do this, everything is still the same except instead of pulling out an envelope per day you would pull out one per week. You will save $5050 in a little bit less than two years.
Complete the challenge as you can
This one is super customizable. If you want to complete it in 3 years or one month or some other time frame- pull out an envelope as you can. You also could just do 50 envelopes and save $1,3474. Or you could double up on the envelopes and save $10,100. Or you could pick a savings goal and divide that buy the number of envelopes to know how much you need to save each day.
The beauty of this challenge is that it is customizable. If you want something different than the orginal $5050 in 100 days you totally can do that.
Benefits of the 100 envelope savings challenge
Here are some benefits that can come from completing the challenge:
It helps you learn discipline and consistency in saving money.
By committing to saving a specific amount of money each day, you’ll develop a consistent savings habit that will help you save money over time.
It makes saving money feel more manageable.
Setting a goal to save a large sum of money can be daunting. However, breaking it down into smaller daily goals can make the task feel more manageable and less overwhelming.
It helps you prioritize your savings goals.
By allocating money to different envelopes, you’ll be able to see which savings goals are most important to you and prioritize them accordingly.
It can help you identify and address overspending habits.
By setting aside cash for specific expenses, you’ll be able to see where your money is going, which can help you identify and address overspending habits.
It encourages you to find creative ways to save money.
As you progress through the challenge, you may find that you need to come up with creative ways to save money, such as cutting back on expenses or finding ways to earn extra cash. This can be a great way to learn more about personal finance and develop new money-saving strategies.
It’s easy to adapt to your lifestyle and financial situation.
As you continue to use the challenge, you can adapt it to fit your lifestyle and financial situation. For example, you can adjust the amount of money you save each day or change the envelopes’ labels to better match your savings goals.
It’s flexible, you can start the challenge whenever you want, you can also adapt it if you fall behind, or if you want to save more.
By using the 100 envelope challenge, you’ll be taking a proactive step towards achieving your financial goals, and developing good savings habits that will benefit you in the long run.
By clicking here, you can download our free 100-day savings tracker to help you on your journey. For each envelope you fill with the marked amount of cash, you will color in the corresponding envelope on the printable chart. When all your envelopes are filled, and all the envelopes on the chart are colored in, you will have saved $5,050!
In conclusion, the 100 envelope savings challenge is a simple and effective way to save money and reach your financial goals. By dividing your money into 100 envelopes, each representing a different savings goal, you’ll be able to see your progress in a tangible way, which can be a powerful motivator.
By following the step-by-step guide and using the printable tracker provided in this article, you’ll be able to start the 100 envelope savings challenge and stay on track with your savings plan.
Remember to be consistent, stay flexible, and adjust the challenge as your financial situation and priorities change. With discipline and commitment, the 100 envelope savings challenge can be a great tool to help you reach your financial goals and improve your overall financial well-being.