Like every other month, I would spend money on unnecessary things like clothing and shoes (check!) or expensive meals out for one person (double check!). Honestly, we spend because we truly don’t know what to do with our money.Ī simple way to save over $5000 in a mere 100 days or about 3.5 months!įor most of us, we realized our spending habits needed work. Here’s a free printable so you can track your progress.Today, I received an email from a reader, who said, “I struggle with controlling my spending and being able to save.” Use a check list and tick off each amount you manage to save. Keep that motivation going – if you are struggling then seeing how far you’ve come can be a real boost. Cancel subscriptions, or do your own hair at home to save some money. Take a good look at your household budget and realistically see if you can make any savings. Increase your incomeĭo some extra side hustles, sell unwanted clothes or take part in online paid market research and focus groups to increase your income. Make the money saving challenge fun – if you skip a takeaway or cut down on your petrol use, use that money to pop into one of your envelopes. Split the envelopes into two piles – high and low amounts, so you take one envelope from each pile.Ĭhoosing envelope 85 and 76 might a bit too ambitions in one week!Ĭhoose the the envelopes at random or specifically – if you have just got paid try a higher number and put that amount away. Tips for completing the 100 Envelope Challenge UK Print off a tracker at home to mark off how much you have saved. Or you can set up a digital bank account such as Chip or Monzo and transfer your envelope money to that account. You can do this challenge using cash in physical envelopes or digitally.Ĭash can suit some people better. In terms of the envelopes themselves, you can pick them up cheaply enough on Amazon or head to your nearest pound store. You can buy colouring books (not envelopes) on Amazon (or grab a free printable to track what you’re doing below). Some savers draw the envelope at the beginning of the week and challenge themselves to find some extra pounds in the week. You might pick envelopes 15 and 82, or 44 and 12. The challenge is to pick two envelopes each week and try to find that money to save. Use 100 numbered envelopes (numbered 1 – 100) and save the amount on the corresponding envelope. How does the 100 Envelope Challenge work? Cut out daily coffee takeouts, beauty treatments and impulse shopping. When you break it down, saving £5,050 works out at saving just over £13 per day.Īn easy way to save money is to cut out bad spending habits. Start by checking if you realistically think you can save £5,050 in a year. Perhaps you can focus on a side hustle to bring in a few bob each week. Where can you cut back? Can you take packed lunches to work, or cycle rather than drive. Work out if it is realistic to save that amount of money. How do I start the 100 envelope challenge? The idea of any money saving challenge is to have fun, keep yourself motivated and hit your target. If this isn’t for you can alter the challenge or adjust the time period. The 100 envelope challenge aims to help you save £5,050 in a year. It’s a big goal to have but imagine how great you’ll feel when you hit your target. If you pull envelope number 11, 38 or 75 – you need to stuff that cash inside (so £11, £38 and £75). The 100 Envelope Challenge involves numbering envelopes 1 – 100 and then stuffing those envelopes with the corresponding amount in cash. It’s fun and easy to do and could be a great way to save a high amount of money. Particuarly as it took off on TikTok and many people have started to question if it’s worth starting. There are loads of money saving tips and challenges around – from the 1p challenge to £1k in one year savings challenge.īut, the 100 Envelope Challenge is getting a lot of attention right now amongst the money saving community. Money saving challenges are a great way to focus towards a goal and give your savings a boost.
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