Do you want to save money but don’t know where to start? Try doing a 100 day envelope challenge! This is a great way to get into the savings mindset and start saving money without making any huge changes.
All you need is a stack of envelopes and some cash. Then, each day, put a certain amount of money into each envelope.
This 100 envelope challenge is a great money-saving challenge for anyone looking to save a little extra money. Wheather it is used to pay off debt or go on a luxurious vacation!
Here’s how to get started.
What Is The 100 Envelope Savings Challenge?
Mathematician Carl Friedrich Gauss organically created the 100 day challenge formula in the 19th century. The challenge has since gained popularity across many social media platforms. People worldwide are using it to save money since it went virtual on various social media platforms, firstly on Tiktok a few years ago.
Now people all over the world are attempting this money-saving challenge. Are you ready?
How Does The 100 Envelope Money Challenge Work?
The 100 envelope challenge is a simple money saving challenge that makes saving money fun. The goal of the envelope challenge is to save $5000 in as little as 100 days.
Here is a quick breakdown of the 100 envelope challenge:
- Number your envelopes 1 through 100
- Mix up the envelopes (if you choose to)
- Put the envelopes in a container
- Every day select an envelope
- Fill the envelope with the money amount on the front
- In 100 days, you’ll have over $5000
You can choose to keep things simple and, on day 1, fill the envelope with a dollar on it. Then on day two, you fill the second envelope. Yes, saving $5000 in a little over three months is simple.
Or you can choose to complete mix up all of the envelopes. Every day you can close your eyes and pick an envelope from the box. Never knowing which envelope you will choose and have to fill that day. This can be really exciting to some.
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What Supplies Do I Need To Complete The 100 Day Envelope Challenge?
The best thing about the 100 day envelope challenge is that you need very few supplies to start.
To do the 100 envelope challenge, you will need:
-A place to keep your envelopes safe (a box, a drawer, etc.)
That’s it! It’s super easy to get started.
How To Save 5000 In 3 Months (Step By Step Guide)
1. First, get yourself a stack of 100 envelopes.
You can use any envelope, but getting ones with different colors or patterns might be helpful. This will help you keep track of which envelope is for which day.
However, the cheapest option is just to buy white envelopes in bulk.
2. Next, label each envelope with the day number. So, the first envelope will be labeled “$1,” the second envelope will be “$2,” and so on. When labeling each envelope, feel free to get creative with them if you choose.
The more fun you have with the process, the more likely you’ll stick to this envelope challenge.
3. Head to the bank and get some cash. You can use any denominations you want, but $1 bills work great. Choose how often you will visit the bank or local atm for cash. Once a week usually works just fine.
4. Pick an envelope from the container and fill your envelope with the amount on the front. To keep things simple on day one, you can fill envelope 1 with $1. And on day two fill envelope 2 with $2. However, if you want, you can randomly choose an envelope from your container to fill.
All that matters is that you are saving money each and every day! It doesn’t have to be complicated.
5. Track your progress with our free printable 100 envelope challenge. Make sure you grab my free printable 100 day envelope challenge tracker so that you can track your progress. Use the tracker to color in an envelope each day you put money in an envelope.
6. That’s it! After 100 days, you’ll have $5050!
What do you think? Are you ready to give this challenge a try? If so, grab our free 100 envelope challenge tracker below and get started!
Some Tips to Help You Save Successfully
Okay, so we all want to walk into a challenge and be successful, right!? Here are just a few tips to have a successful money challenge.
-Keep your envelopes in a safe place. You don’t want to lose track of them or have them stolen! It’s best to have two boxes or containers for your envelopes. One with your empty envelopes and one for your envelopes once they are filled.
Seeing your envelopes disappear from the first box is super satisfying and will give you that push to keep saving.
-Don’t dip into your savings. Once the money is in the envelope, it’s off-limits until the challenge is over.
-Get creative with your envelopes. You can decorate them, use different colors for each day, or even make your own out of construction paper.
-Make it a family affair. Get your spouse or kids involved in the challenge. This is a great way to teach them the importance of saving money.
How Do I Save $5000 If I Don’t Have The Money?
I understand that not everyone has $5000 lying around to save. If this is the case for you, there are still ways to participate in the challenge.
-Start with small denominations. If $1 is too much for you, start with quarters or even pennies. The point is to get into the habit of saving money every day, no matter how small the amount
-Use a separate high interest savings account. Having a savings account allows you to transfer money into your account each day. This is great if you don’t have cash on hand.
-Get a side hustle. If you really want to save $5000 in 100 days, you might need to get a part-time job or start a side hustle. This extra income will help you reach your goal much faster.
If you are looking for extra cash, check out these free online jobs that pay daily.
Our favorite side hustles that will have you earning money in no time:
- Make and sell printables on Etsy
- Become a virtual assistant
- Do freelance writing work
- Walk dogs in your free time
- Become a proofreader
- Flip items for a profit
Also, check out how you can get paid to workout! You’ll have money in no time with all these ways to make extra money.
How Long Does The 100 Envelope Challenge Take?
The 100 envelope challenge takes 100 days to complete. After the 100 days, you’ll have $5050 saved in your envelopes.
If you want to save more than $5000, you can keep going after reaching your goal. Or, you can start over and see how much money you can save in 200 days, 300 days, or even one year in your money envelopes.
Or you can try and take on a different money challenge! Here are 11 other money challenges you must try while you are at it. Some are for beginners, and some are more advanced.
Can I do a 100-day money challenge in six months?
Yes, if your savings goals are super lax or you don’t have $5050 to save, try only filling your envelopes every other day. This will extend your challenge to six months.
You can really tweak this challenge to meet your needs. Saving regularly should be the goal in mind for this 100-day money challenge, especially if it’s your first money-saving challenge.
What are other ways to use the 100 envelope savings challenge?
Once you have completed your first 100 day money challenge, why not use it as a jump start to your next 100 envelope challenge.
- Try a more aggressive savings plan. Save $100 per day for 100 days. This will net you 10,000 dollars at the end of your challenge! Grab our $10,000 envelope challenge printable here!
How To Do A 100 Envelope Challenge Without Cash?
So maybe you don’t like the thought of withdrawing money from your bank account every single day. And filling envelopes isn’t your thing..
This is where digital envelopes come into play. Digital envelopes are just another name for saving online. Here is how you can do the 100 envelope challenge online using our free envelope challenge printable.
1. Open a separate savings account of your choosing. Preferably one with a high-interest rate, like CIT, so you’ll be making money off the money you will be saving.
2. Withdraw money from your bank account daily and send it to your savings account.
3. Use our free printable 100 envelope challenge tracker to track how much money is being sent to your savings. Color in an envelope on our envelope tracker every day you move money over.
This simple process can be easier than filling envelopes if you don’t like dealing with cash.
Pros And Cons Of The 100-Day Envelope Challenge
Thankfully there are far more pros than cons when it comes to the 100 envelope savings challenge. Here are just a few pros and cons when it comes to considering taking the envelope challenge.
- You’ll have $5000 (or more) saved in just 100 days
- This is a great way to jumpstart your savings
- The 100 envelope challenge is flexible and can be tailored to fit your needs
- This is a fun way to save for a down payment, rainy day, or any other big purchase.
- You’ll need to have cash on hand to fill your envelopes every day
- You’ll need to keep track of your envelopes
- You won’t be earning interest on your money sitting in the envelopes
If those cons didn’t scare you away, it’s time to jump on board and start your first 100 envelope challenge.
Free Printable 100 Envelope Challenge Tracker
Are you looking for an easy way to keep track of your filled envelopes? Grab our free envelope challenge tracker!
How does this free printable 100 envelope challenge tracker work?
There are 100 envelopes on the envelope tracker below. Color in an envelope each day that you put away money in one envelope.
Question and Answer
Need any answers to your questions about the 100 envelope challenge? Below are answers to some of the most popular questions you might have.
Does the 100 envelope challenge work?
Yes, if you are motivated, the 100 envelope challenge works! The 100 envelope challenge is a great way to save. It’s flexible and can be tailored to your needs. Once you have filled envelopes, you’ll have over $5000!
Why do the 100 envelope challenge?
If you are looking for a fun way to fill your piggy bank, this is it! This saving challenge isn’t only genius; it’s FUN! If you are looking to save a decent amount of money quickly. This is for you!
How can I save $5,000 in 6 months with envelopes?
If you want to save $5000 in 6 months with envelopes, you can do the 100 envelope challenge every other day. This will allow you to reach your goal and extend it simultaneously.
100 Day Challenge – Final Thoughts
The 100 envelope challenge is a fun and easy way to jumpstart your savings. It’s perfect for anyone who wants to save money but doesn’t know where to start.
So what are you waiting for? Get started today and see how much you can save!
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