![]() I have outline 12 of the best money saving challenges in this article. There are tons of challenges out there that can help you to get motivated and saving. This may be a lot to save in just under a year, so if you think this is going to be too much or you have big spending pressures coming up then reconsider starting. Use my free challenge tracker, available to download for free at the end of this article, to keep track of how you’re doing. Once you see how much you’ve saved after even just a month you will be inspired to keep going. Write down how much you save each day and add up the totals as you go. If you are struggling then seeing how far you’ve come can be a real boost. Remember that if you stick to the low pile only at the beginning you will face large amounts towards the end of the challenge, so try to spread them evenly over the course of the 100 days if you can. You can split the envelopes into two piles of 1-50 and 51-100 and alternate which pile you choose an envelope from each week, or pick from the low pile more than the high pile in weeks when you are struggling. Opening seven high value envelopes in one week may make it tough for you to manage. Tips for completing the 100 Envelope Challenge Split the envelopes into high and low amounts You could try doing a virtual version of the challenge, where you transfer the daily amount into a savings account online and keep physical track of your progress with a printable tracker like the free one I have at the end of this post. Pretty much everywhere prefers you to pay by card anyway! Now I don’t know about you but I don’t carry that much cash around these days. One big downside of the challenge is it involves withdrawing cash to make it work. Pop the filled envelopes into another box and once your challenge is over the amount in all of your envelopes will tally up to £5,050. If you pick number 4 then place £4 in the envelope and so on. Once you’ve picked an envelope place the same number of pounds as is written on the envelope. So if you pick number 62 place £62 in that envelope. Then you will take one envelope from the box twice a week. Give those envelopes a shuffle and place them at random in a box. You can just use plain white envelopes like these, or order some in jazzy colours like these ones here. In order to do the 100 Envelope Challenge you need to take 100 envelopes and label them with numbers 1-100. How does the 100 Envelope Challenge work? ![]() If you won’t be able to, then look at ways of boosting your income! There are lots of ways you can make a quick gain and earn some extra cash. Now figure out what money you have leftover after your outgoings and see if you will be able to take £5,050 out of that over the course of 12 months. Write down all of your monthly income and outgoings, including large bills coming up such as car MOT or insurance renewals. However you need to check your budget first to see if when you take these things away you actually will still be able to hit the £5,050 target. Now, part of the reason for using a savings challenge is it can make you cut back on unnecessary spending – such as your daily coffee, takeaways, beauty treatments, days out and shopping. Start by calculating whether there’s actually £5,050 going spare in your budget over the course of the entire year. That’s a pretty big goal so you will need to figure out first of all if £5,050 is actually a realistic total for you to hit in that time. The goal of the 100 Envelope Challenge is to save £5,050 in less than a year. So you could need to save £100 or you could just need to set aside £1 – the mystery is part of the fun! What is the total amount you can save with the 100 Envelope Challenge? You will pick two envelopes at random every week so you won’t know how much you need to set aside each time to meet the challenge. It can encourage you to cut back on excess spending so that you hit your savings goal. With any money saving challenge the idea is to get you motivated to save an amount you can actually afford. The 100 Envelope Challenge is a money saving challenge that involves numbering envelopes from 1-100 and filling those envelopes with the corresponding amount in cash. If it’s a realistic goal for you, then this could be a great way to boost your savings. The 100 Envelope Challenge is grabbing attention thanks to viral TikTok videos and the high amount you can save. Whether you want to save for a holiday, to boost your emergency fund or top up your housing deposit fund it can be both fun and practical. ![]() Savings challenges are a brilliant way to motivate and focus on hitting a target. ![]() If you want to boost your savings in a year or less then it’s a great way to focus your mind on the goal, as long as this total is realistic for you and your budget. The 100 Envelope Challenge to save £5,050 has taken TikTok by storm, but is it worth a try? ![]()
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