It works like this: Gather 100 envelopes and number them from 1 to 100. Each day, fill up one envelope with the amount of cash corresponding to the number on the envelope. You can fill up the envelopes in order or pick them at random. After you've filled up all the envelopes, you'll have a total savings of $5,050.
The 100-envelope challenge is a way to gamify saving money. Each day for 100 days, you'll set aside a predetermined dollar amount in different envelopes. After just over 3 months, you could have more than $5,000 saved.
Or you can do the 100 day envelope challenge as-is and complete it in about 3.5 months.
On day one, put $1 in envelope 1. On day 2, put $2 in envelope 2. Continue this way until day 100, when your final savings deposit of $100 will bring you to a grand total of $5,050.
This challenge, which has gone viral on TikTok, is supposed to help you save $5,000 in just one year. Label 100 envelopes with the numbers 1 to 100. Then, every week pick two random envelopes and put the amount of money written on the envelopes inside.
It works like this: Gather 100 envelopes and number them from 1 to 100. Each day, fill up one envelope with the amount of cash corresponding to the number on the envelope. You can fill up the envelopes in order or pick them at random. After you've filled up all the envelopes, you'll have a total savings of $5,050.
The 100 Envelope Challenge is super simple. There are actually a few ways you can play, but these are the basics. Number your envelopes (on the inside of the envelope or on a piece of paper to put inside) from 1 to 100. Seal + drop the envelopes somewhere and shake them around to randomize their order.
There are 12 weeks in a 3-month timeline, which means there are 6 bi-weeks. In order to save $5,000 in three months, you'll need to save just over $833 every two weeks with your biweekly budget. If you're paid bi-weekly, you can easily compare your bi-weekly savings goal with your paycheck.
Trying to save $5,000 in one year is near impossible if you wait until the last few of the 52 weeks to actually start saving. If you take advantage of the whole 52 weeks, however, you can do it by just saving $416.67 a month, $192.31 biweekly, $96.16 a week, or $13.70 a day.
You can save $5000 in 6 months with 100 envelopes by extending the 100 day envelope challenge to every other day. Instead of picking one numbered envelope and adding savings every day, pick an envelope every other day to save $5,050 over 200 days (which is a little over 6 months).
With this 10k in 100 days, you will save $10000 at the end. You can use this method to help improve your budget or savings goals. To start, grab a bunch of envelopes and label them with different amounts of money. Then, over the course of 100 days, add money to each envelope until you reach the goal amount.
If you break down $10,000 into a daily savings goal, you would need to save about $27 per day to reach $10,000 in one year. Alternatively, if you prefer a weekly savings goal, you would need to save about $192 per week to reach $10,000 in one year.
Want to have $30K set aside? Make saving fun and easy with this $30,000 Envelope Challenge. Stay motivated and on track to reach your $30K savings goal by tracking your progress. As you save, color in 1 envelope a day for 100 days or 2 per week for 50 weeks.
Make a plan
If you want to save your $1,000 in 3 months, you'd need to be saving $11 a day or about $83 a week. If you wanted to reach your savings goal in 6 months, you could pull it off by saving about $5.50 a day or $42 a week.
The longer you wait to start saving, the more cash you'll have to put aside each month to reach your goal. If you wait until retirement is 20 years away, you will need to save $1,382 per month to hit the million-dollar mark, assuming a 10% return. At 6% you will need to save $2,195 per month!
$50 weekly is how much per year? If you make $50 per week, your Yearly salary would be $2,600. This result is obtained by multiplying your base salary by the amount of hours, week, and months you work in a year, assuming you work 40 hours a week.
If you can afford to put away $1,400 per month, you could potentially save your first $100k in just 5 years. If that's too much, aim for even half that (or whatever you can). Thanks to compound interest, just $700 per month could become $100k in 9 years.
Cash stuffing is a trendy name for the envelope system. It's an alternative budgeting method where one simply withdraws money from their bank account and allocates predetermined amounts toward specific expenses based on an overall spending plan.
The "100 Envelopes Challenge" is TikTok's latest savings hack. It promises to help users save up to $5,000 by stashing cash in labeled envelopes over the course of 100 days.
The hack is simple: You just take the last digit from the amount of money in your checking account and move it to your savings each day. So, if you have $1,254 in your checking account, you move $4 to your savings account at the end of the day.