9/6/2023 0 Comments 100 envelope challenge monthly![]() ![]() But there are things you can do to make saving money easier. You’ll need to stay focused and probably give up a few lattes in the process. Saving an average of $50 a day over 100 days is not easy! All you need are some envelopes and the willingness to set aside money every day.ĭon’t let the challenge’s simplicity fool you. Tips to be successful with the 100-day money challengeĪs mentioned before, the process to do the 100-day money-saving challenge is simple enough. But, over time, you’ll experience the benefits of saving more money and be successful with any money-saving challenge you take on! Swapping out expensive, discretionary expenses for lower-cost options may feel inconvenient and uncomfortable at first. Using an over-the-counter hair color kit instead of going to the salon.Giving your fur baby a bath at home instead of taking her to the groomer.Selling that third vehicle to save on insurance and registration.Learning to cook more homemade meals you can enjoy instead of dining out.Choosing to work out at home and cancelling your gym membership.Looking for an outfit at a thrift store instead of buying new.Streaming a movie on your TV instead of going to the theater.Taking your lunch to work instead of going out with your co-workers.Making your coffee at home instead of going through the Starbucks drive-thru.And, you might have to make a few sacrifices along the way. You must be committed and be disciplined enough to save your money. However, as with any other money-saving challenges, you must be consistent. The short answer: YES! The 100-envelope saving challenge does work to help you save over $5,000 in under 4 months. Once you’ve accomplished these challenges, you’ll have the financial security to save more money. Getting in the habit of saving money is always wise and beneficial, but make sure you’re taking care of debt and emergency savings first. Also, if you have significant, high-interest credit card debt, you should definitely focus on paying that off before you start the 100 envelope challenge.įinally, it’s always a good idea to have an emergency fund established before you start saving for unnecessary expenses like vacations or a new big screen TV. This may not be realistic for your financial situation, depending on your budget. This would equal $358 in savings over 4 days! With some quick mental math, you can realize that this 100-day challenge could potentially require you to save hundreds of dollars within a few days.įor example, let’s say you randomly select envelope #98 on Monday, #83 on Tuesday, #100 on Wednesday, and #77 on Thursday. Is the 100-day envelope challenge for me?Īlthough the 100-envelope saving challenge is a great way to save a lot of money in a short amount of time, it’s not for everybody. All you need is a box of envelopes and the commitment to set aside money every day. This savings strategy became popular on the social media platform TikTok. There are many options available to you when you get in the habit of saving thousands of dollars.īut, how do you do it? In this post, I’m going to tell you about the 100-envelope challenge, and how you can save over $5,000 in as little as 100 days. Or you’re on a quest to achieve financial freedom. ![]() Or perhaps you’d like to take your family on a summer vacation. Maybe there’s a persistent credit card balance that you’d really like to get rid of. How does an extra $5,050 in your savings account sound? What could you do with this extra money? Use the 100 Envelope Challenge to save over $5k The 100 Envelope Challenge: How To Save $5,050 in 3 Months. ![]()
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