100 Envelope Savings Challenge
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advantages
Benefits of Doing the 100 Envelope Savings Challenge
Kickstart your savings habit
The repeated act of putting money 100 times in the envelope will ingrain the habit of saving money.
Do it your way
You can adjust how much and how often you save, making it fit just right for you. Do in 100 days or weeks.
Achieve your goals
A great way to pay down your student debt, save for a dream home, build an emergency fund, or save for that holiday.
Keep yourself accountable
Encourages making regular contributions to savings, promoting a habit of financial discipline and impulse control.
Understand your finances
Helps you practice & improve your budgeting skills. Encourages analyzing and reducing non-essential spending.
Improve your money skills
Provides a practical learning experience and helps in improving money management skills.
how to do
The Four-Step Process: 100 Envelope Savings Challenge
Set your savings goal
For the 100 Envelope Savings Challenge, the goal is to save $5,050 in 100 days. If you’re not able to save that much, I suggest doing a twice-a-week challenge, saving $100 every week. This will help you save $5,200 in one year – still an awesome goal!
Put the currencies into each envelope or binder pocket
If you have chosen to follow the serial number-based challenge (1-100), then start by saving $1 on day 1, $2 on day 2, and so on till day 100. Put this money into the envelope or binder pocket (if you’re using a binder). If you have decided to save $100 per week, put $50 each into envelope 1 and 2 on week 1, again $50 each into envelope 3 and 4 on week 2 and so on till week 52.
Think about the safety of your savings
$5,000 is a lot of money. Think about how safe your savings are when kept at home. If you’re unsure, deposit the money into your bank account every time it reaches about $1,000. Don’t wait till the challenge finishes. Or you can put this money into a stock or bond investment so it’s not idle. But if the markets are volatile, or you need this money soon (pay down debt, or buy something) – just keep the money in the bank.
Rinse & Repeat
Finished your challenge? Do this over and over and over again to save even more money and ingrain the savings habit into your brain.
Ready to Make a Change?
Are you ready to take on the challenge and kickstart your savings habit? Download the FREE 100 Envelope Savings Challenge Tracker to get started!