![]() ![]() If things are that tight, I suggest trying some of these ideas instead: You’re living paycheck-to-paycheck already. Trying to squeeze in a savings challenge when you’re already hand to mouth isn’t a great idea and could jeopardize your living situation if you aren’t able to pay rent or buy food.Or, you’re behind on debts that affect multiple angles of your life, including unpaid parking tickets. You have high-interest debt, like credit cards. You’re better off paying off any high-interest debt (over 6ish percent) before you jump into a savings challenge.There are a couple of reasons that it might not work for you: ![]() The 100 envelope challenge isn’t for everyone. Is this Money Saving Challenge Right for Me? That’s a great kick start to a downpayment on a house, a fantastic vacation, or a nice chunk of your emergency fund. If you have a free 100 envelope challenge tracker, don’t forget to mark that number off the tracker so you can see your progress! How much money do you get after the 100 envelope challenge?Īfter you complete the entire savings challenge, you’ll have saved $5,050. Once your challenge is complete, you’ll have $5,050 saved up! Step 6: Repeat step 5 until you’ve gone through all the envelopes. If having cash is too tricky, transfer that amount to a savings account instead. For example, if you grab an envelope with a 52, you’ll add $52 to that envelope. Step 5: For each envelope you draw, you’ll add that the envelope number amount of money to it. You can choose to pull one daily, weekly, every payday, monthly – whatever you think will help stretch your savings abilities without putting your household in jeopardy. Step 4: Decide how often you’ll draw an envelope. Step 3: Place all the envelopes in a box, basket, or container. Part of the fun of the challenge is the random amounts you’ll draw each time! Step 2: Shuffle the envelopes so that they’re mixed up and no longer in order. Feel free to get creative and fun by decorating them with stickers or hand-drawn images to make it even more fun. Step 1: Label your envelopes, 1 through 100. Once you’ve gathered your supplies, you’ll need to do the following steps: ![]() You can also buy a 100 envelope challenge box from Amazon with prelabeled envelopes and a container if you want a very orderly and organized look.
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