![]() Cancel pricey subscriptions or memberships. Make a list of what you pay for streaming services, the gym, and other monthly expenses.If you tend to eat out with friends, find out if they’d be open to a potluck dinner at one of your homes. Cooking at home and meal prepping at the start of each week could lead to significant savings. Opt for groceries over restaurants. The costs of eating out and ordering delivery can add up fast.To hit your goal, consider ways to reduce your spending. While it might be pretty easy to fill up envelopes 1 through 10, you could have a tougher time with envelopes 50 through 100. The 100-day envelope savings challenge is no cakewalk. But once you’ve completed the money saving challenge, consider depositing that cash in a high-yield savings account to keep it safe and help it grow over time. If using envelopes and cash is more motivating to you, by all means, use that approach. If you stash your money in a high-yield savings account instead, you could earn interest each year. ![]() Second, cash doesn’t earn interest, so it will lose value each year due to inflation. For one, saving a large amount of cash can be risky, as you could misplace it or lose it in a flood, fire, or burglary. This online approach is more practical to using cash in a couple of ways. Once you’ve selected your envelope number, transfer that amount to your savings account. Check off the “envelopes” in order or use an online number generator to pick a random number each day. But you can complete this savings challenge digitally if you prefer.įor instance, you could download a 100 envelope challenge printable that’s numbered from 1 to 100. The 100 envelope challenge takes an old-school saving approach with envelopes and cash. You’re still working toward your savings goal - it just will take a little longer to reach. That can mean filling up two envelopes per week instead of one envelope per day. If you struggle to make ends meet, you can always adjust the challenge to fit your budget. Of course, saving $5,050 in 100 days isn’t possible for everyone. If you fill up one envelope per day, you’ll complete the challenge in 100 days or just over three months. That way, you can alternate between low and high cash amounts throughout the challenge. Keep in mind, though, that the final weeks of the challenge will require putting aside more money than in the first few weeks.Īlternatively, you can shuffle the envelopes, throw them in a bucket, and pick one randomly each day. If you want to start small, you can fill up the envelopes in order from 1 to 100. You put $1 into envelope #1, $2 into envelope #2, $3 into envelope #3, and so on. All you need is 100 envelopes numbered 1 through 100.Įach day, you pick an envelope and fill it with the amount of cash corresponding to its number. The 100 envelope challenge is easy to set up.
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