![]() ![]() Or you can set up a digital bank account such as Chip or Monzo and transfer your envelope money to that account. You can do this challenge using cash in physical envelopes or digitally.Ĭash can suit some people better. In terms of the envelopes themselves, you can pick them up cheaply enough on Amazon or head to your nearest pound store. You can buy colouring books (not envelopes) on Amazon (or grab a free printable to track what you’re doing below). Some savers draw the envelope at the beginning of the week and challenge themselves to find some extra pounds in the week. You might pick envelopes 15 and 82, or 44 and 12. The challenge is to pick two envelopes each week and try to find that money to save. Use 100 numbered envelopes (numbered 1 – 100) and save the amount on the corresponding envelope. ![]() How does the 100 Envelope Challenge work? Cut out daily coffee takeouts, beauty treatments and impulse shopping. When you break it down, saving £5,050 works out at saving just over £13 per day.Īn easy way to save money is to cut out bad spending habits. Start by checking if you realistically think you can save £5,050 in a year. Perhaps you can focus on a side hustle to bring in a few bob each week. ![]() Where can you cut back? Can you take packed lunches to work, or cycle rather than drive. Work out if it is realistic to save that amount of money. How do I start the 100 envelope challenge? The idea of any money saving challenge is to have fun, keep yourself motivated and hit your target. If this isn’t for you can alter the challenge or adjust the time period. The 100 envelope challenge aims to help you save £5,050 in a year. It’s a big goal to have but imagine how great you’ll feel when you hit your target. If you pull envelope number 11, 38 or 75 – you need to stuff that cash inside (so £11, £38 and £75). The 100 Envelope Challenge involves numbering envelopes 1 – 100 and then stuffing those envelopes with the corresponding amount in cash. It’s fun and easy to do and could be a great way to save a high amount of money. Particuarly as it took off on TikTok and many people have started to question if it’s worth starting. There are loads of money saving tips and challenges around – from the 1p challenge to £1k in one year savings challenge.īut, the 100 Envelope Challenge is getting a lot of attention right now amongst the money saving community. Money saving challenges are a great way to focus towards a goal and give your savings a boost. ![]()
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