Author: Geoffrey Rush
When it comes to saving money, many of us need as much help as possible. So the 100-day envelope challenge is here to help us save $5,050 in just 100 days.
How does the 100-day envelope challenge even work, and what are the pros and cons? Keep reading to find out.
What is the 100-day Envelope Challenge, and how does it work?
The 100-day envelope challenge went viral on TikTok as a challenge to help people save $5,050 within 100 days.
To achieve this, you need 100 envelopes individually marked with a unique number from 1-100. Then every day for the next 100 days, you pick a random envelope, check the number written on the envelope, and fill the envelope with the same amount in cash.
How to do the 100-day Envelope Challenge: Step-by-Step Guide
Follow the simple steps below to start saving with the 100-day envelope challenge:
Step 1:Â Get 100 envelopes that can contain cash
Step 2:Â Write a number from 1-100 on each envelope
Step 3:Â Shuffle the envelope and store them in a container like a box or a basket.
Step 4:Â Randomly pick an envelope and check the number on it, then put the same amount of cash in that envelope. For example, if you select an envelope with the number 50, you should put $50 in that same envelope.
Step 5:Â Separate all the filled envelopes from the empty ones. At this point, you can start tracking your savings to help you stay motivated.
Step 6:Â Repeat the steps above until you’ve filled the 100 Envelopes.
Pros and Cons of the 100-day Envelope Challenge
ProsÂ
- This challenge helps you save $5,050 in 100 days
- It can help you develop a good saving habit
- You can easily access your cash when needed
Cons
- You may not always have enough money to save on certain days
- Keeping cash of up to $5,000 in a container lying around your house may be risky
- You have to buy 100 envelopes
Modifications to The 100-day Envelope Challenge
Here are a few modifications that you can make to the 100-day envelope challenge:
Take Some Days Off
Saving money every day may not always be convenient, so you can save on some days while you take the remaining days off. For example, you can save money from Monday to Friday, but not on weekends.
The days you save cash can be adjusted to meet your financial needs. However, beware that any breaks during this challenge will make it take longer than 100 days to achieve your goal.
Change the Variables
Once again, your financial situation may require you to change some variables, like reducing the amount saved in each envelope or increasing the number of envelopes to be filled. But these changes can also increase the time it takes to save $5,050 from this challenge.
Use Digital Envelope
Using digital envelopes for this challenge will save you the trouble of buying and managing 100 paper envelopes. Also, digitally storing money is safer than keeping it in a paper envelope.
Final Thoughts
The 100-day envelope challenge is one of many money-saving challenges out there. But this challenge can help you to quickly save $5,050 in 100 days, while you work on your saving habits.
So what are you waiting for? Give the 100-day envelop challenge a try to see if it works for you.
