How to do the 100 Envelope Challenge (Free Printable Included)

Try the 100 Day Envelope Challenge!

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. Whether it is used to pay off debt or go on a luxurious vacation!

Here’s how to get started.

pictures of envelopes for the envelope challenge

What is the 100 Envelope Savings Challenge?

Mathematician Carl Friedrich Gauss organically created the 100-day envelope challenge in the 19th century. The challenge has since gained popularity across many social media platforms. People worldwide have been 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 to give it a try?

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.

That’s right! This simple 100-envelope money challenge is going to save you $5000!

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 for 100 days
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 possible.

Or you can choose to mix up all of the envelopes completely. You can close your eyes and pick an envelope from the box daily. 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 are Needed for 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 the following:

–100 envelopes

-Cash

-A place to keep your envelopes safe (a box, a drawer, etc.)

-A pen

-Grab our free 100 Envelope Challenge Chart

That’s it! It’s super easy to get started.

100 Envelope Money Challenge (Step By Step Guide)

Step 1.

First, get yourself a stack of 100 envelopes.

You can use any envelope, but getting ones with different colors or patterns might be fun! This will help you keep track of which envelope is for which day.

However, the cheapest option is to buy 100 white envelopes in bulk.

Step 2.

Next, label each envelope with a number from $1- $100. 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. Feel free to add stickers or whatever embellishments you choose!

The more fun you have with the process, the more likely you’ll stick to this envelope challenge.

Step 3.

Now it’s time to head to the bank and get some cash. You can use any denomination, 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.

However, if you carry cash on you, you might not have to visit the atm as often or at all.

Step 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.

Step 5.

Track your progress with our free printable 100 envelope challenge. Make sure you grab our free printable 100 day envelope challenge tracker below so that you can track your progress.

Use the tracker to color in an envelope each day you put money in an envelope.

Step 6.

That’s it! After 100 days, you’ll have roughly $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!

Useful Tips for Success

Okay, so we all want to walk into a challenge and be successful, right!? Here are a few tips to help you have a successful $5000 savings 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 100 day saving challenge ends.
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 to Save $5000 in 100 Days 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, 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 want extra cash, check out these free online jobs that pay daily. Or check out my top tips for making 100 dollars a day!

Here are our favorite side hustles that will have you earning money in no time:

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 20 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 daily. 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.

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.
Withdraw money from your bank account daily and send it to your savings account.
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 regarding the 100 envelope savings challenge. Here are just a few pros and cons when considering taking the envelope challenge.

Pros

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, a rainy day, or any other big purchase.

Cons

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 above. Color in an envelope each time you put money in one of your envelopes.

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 during this 100 day saving challenge!

Question and Answer

Need any answers to your questions about the 100 day money 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.

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