This saves you $5,050 over the course of the year!Īnd that’s the 52-week envelope challenge. Each week, you’ll select two envelopes to fill with that amount. Simply take 100 envelopes and label them $1-$100.
But keep those goals in front of you and align them with your financial purpose to make this challenge that much more achievable. How about freeing up some income by paying off debt? I’m willing to bet $5,000+ could go a long way there. So, what are some things you might decide to work toward?ĭid you know the max IRA contribution is (at the time of this writing) $6,000? You could almost max out a retirement fund just from this challenge!
You’ll need some motivation to make this happen, of course. Definitely enough to cover some vacation expenses. In 25 weeks (6 months or so), you’ll have saved $1,275. Label them with dollar amounts of $1-$50.Īgain, choose two envelopes per week and fill with the corresponding dollar amounts. How does an easy $1,275 sound?įor this variation, you’ll just use 50 envelopes.
#100 envelope savings challenge how to
Want to take a vacation in June but not sure about how to pay for it? Or just not sure about those envelopes with dollar amounts over $50? No sweat. Giving yourself a realistic goal on a weekly basis breaks earning and saving this money down into manageable chunks that can be done almost entirely through some side gigs.įind Great Extra Income Sources Variation: The 25-Week Envelope Challenge This is one of my favorite parts of this challenge. Just about anyone can earn that much money delivering food, shopping for people’s groceries, or teaching online in a week. Now you know what to work toward by the end of the day Saturday. Maybe you draw your envelopes on Sunday morning. That’s one of the nice things about this method. Okay, the example above looks easy and sounds nice, but maybe randomly pulling out $78 from your budget isn’t that easy for you. You’ve just set aside $78 for this week! Where Does The 52-Week Envelope Challenge Money Come From? Put $14 in the first and $64 in the second. You pick the $14 envelope and the $64 envelope. Say you decide to draw your envelopes at random for our example. It’s also worth pointing out that there will actually be four weeks where you could potentially choose to only fill one envelope (100 envelopes into 52 weeks is not actually an even two envelopes weekly).Īlternatively, build in two weeks off. Bonus Option: Mix it up week to week as needed.You may purposely choose two envelopes each week based on the funds you have available.You may choose to put your envelopes in some sort of container and randomly select two envelopes per week.There are a couple of possible ways to go about this: Now that you’re done with set up, it’s time to save! Each week for the next 52 weeks, you’ll pick two envelopes to fill with the dollar amount written on the envelopes. The next step may take a minute, but you’re going to write a dollar amount on each envelope from $1-$100. After all, the point is to save money, not spend it. I’d make a trip to the dollar store for this. The first thing you’ll want to do is get yourself 100 envelopes. Let’s go into some detail on this challenge, and look at a variation as well.
This saves you $5,050 over the course of the year!
The 52-week envelope challenge is simple. This has had me thinking about more creative ways to jumpstart some savings goals. Specifically, I’ve been focusing on building out the site’s “Save & Invest” Category. I’ve been doing a lot of writing on here about saving money lately.
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