![]() However, breaking it down into smaller daily goals can make the task feel more manageable and less overwhelming. Setting a goal to save a large sum of money can be daunting. It makes saving money feel more manageable. Here are some benefits that can come from completing the challenge: It helps you learn discipline and consistency in saving money.īy committing to saving a specific amount of money each day, you’ll develop a consistent savings habit that will help you save money over time. Benefits of the 100 envelope savings challenge If you want something different than the orginal $5050 in 100 days you totally can do that. The beauty of this challenge is that it is customizable. Or you could pick a savings goal and divide that buy the number of envelopes to know how much you need to save each day. Or you could double up on the envelopes and save $10,100. You also could just do 50 envelopes and save $1,3474. If you want to complete it in 3 years or one month or some other time frame- pull out an envelope as you can. You will save $5050 in a little bit less than two years. To do this, everything is still the same except instead of pulling out an envelope per day you would pull out one per week. This way may be less daunting than finishing it it 100 days. Here are some ideas on how to do that: Complete the challenge in 100 weeks instead of 100 days No matter where you are at with your financial goals and needs this challenge can be customized to fit your life. ![]() On the other hand, you may be wondering if there is a way to save more, or complete the challenge in less time. Depending on your income or other life situations completing the challenge in 100 days may seem impossible. The 100 envelopes saving challenge can be a fun and motivationg way to save- and saving $5050 in just 100 days is pretty impressive, but that might not work for you. Variations to the 100 envelopes saving challenge You may need a second box, or a divider in the original box so you aren’t having to move a lot of filled envelopes to find an empty one. (In this next section we are going to talk about how you can customize the challenge to fit your needs if 100 days is not feasable for you.) Each day you would pull out an envelope from the box and put the labeled amount of cash into it. The original challenge was meant to be completed in 100 days. That way you can keep it exciting and keep up your motivation. Mixing up the envelopes is often recommended so you’re not overwhelmed saving the big amounts all at the end. However, even though days 4, 5, and 6 are simple enough to save money in, once you get to envelop 97, 98, and 99 it might be harder to save that much right in a row. If you wanted to you could go in order and save the corresponding amount in numerical order depending on what envelope you are on. Step 2: Mix up the envelopes and put them in the box ![]() Be sure to be clear so you don’t mix up a 6 or a 9, etc. Step 1: Label the envelopesįirst label each envelope 1-100. Where should you startĪfter you’ve thought about your why, gotten the envelopes, marker, and box, here is what you are going to do. Whatever you are trying to save for it is important to keep that in mind as your why to stay motivated to complete the challenge. Maybe you are trying to save for a vacation, a new car, a down payment on a house, an extra cushion for emergencies, or a rainy day fund. ![]() It is really hard to be motivated to save money if you don’t have a reason to save.
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