Money Saving Challenge (2024)

FAQs

How to save $5000 in 3 months with 100 envelopes? ›

The 100-envelope challenge is pretty straightforward: You take 100 envelopes, number each of them and then save the corresponding dollar amount in each envelope. For instance, you put $1 in “Envelope 1,” $2 in “Envelope 2,” and so on. By the end of 100 days, you'll have saved $5,050.

It works like this: Gather 100 envelopes and number them from 1 to 100. Each day, fill up one envelope with the amount of cash corresponding to the number on the envelope. You can fill up the envelopes in order or pick them at random. After you've filled up all the envelopes, you'll have a total savings of $5,050.

The plan is refreshingly easy, even for the math-challenged: set aside $3 in the first week and put it into a savings account. Then add another $3 each week after, so $6 is saved in week two, $9 in week three, and so on.

26-week biweekly savings challenge

In the 26-week biweekly money-saving challenge, you can save $1,404 in a year by depositing an increasing amount every other week. Start with $4 on the first week and $8 on the second. Add an extra $4 every two weeks until you deposit $106 on week 26.

You'll end the challenge with over $1,300 saved If you successfully complete the 52-week money challenge, you'll have $1,378 set aside. You may have that earmarked for a specific financial goal —or you may choose to put it in a high-yield savings account as the start of emergency savings, if you don't already have one.

The idea behind this challenge is to divide your savings goal into 100 parts and save a set amount each day for 100 days. To get started and do this the analog way, you will need 100 envelopes, a pen, and a container to store your envelopes.

The benefit of the 100 Envelopes Challenge is that it starts small and encourages constant, conscious saving that builds quickly. But the trend—and the internet's obsession with buying “aesthetic” envelopes for it—may not be the most effective way to put away money, according to financial experts.

Match each week's savings amount with the number of the week in your challenge. In other words, you'll save $1 the first week, $2 the second week, $3 the third week, and so on until you put away $52 in week 52.

What is the $10 savings challenge? ›

"Save $10 a week with this 52 Week Savings challenge will help you to meet all of your savings goals. Each week you tick of each amount in order to save the full 520 in the amount of weeks in a year. Saving can be hard but with this you can make it a fun challenge. Safe enough a week to add to the savings pot.

The 365-Day Penny Challenge: With this challenge, people make a daily savings deposit and increase their deposit by a penny a day. At the end of a year, they have $667.95 of savings.

The 100-envelope challenge is a way to gamify saving money. Each day for 100 days, you'll set aside a predetermined dollar amount in different envelopes.

The concept is simple: Take a few envelopes, write a specific expense category on each one — like groceries, rent or student loans — and then put the money you plan to spend on those things into the envelopes. Traditionally, people have used the envelope system on a monthly basis, using actual cash and envelopes.

The $20 Savings Challenge is a great way to easily save $1,040 this year without noticing! All you have to do is save $20 each week for a year, and then you'll easily have $1,040. If you start this now and do it just until the holidays, you will have a nice chunk of change as well!

Take stock of your savings At the end of 100 days, you'll have 100 envelopes containing $5,050. That's right—1 + 2 + 3 + 4 and every other number through 100 equals just over $5,000.

There are 12 weeks in a 3-month timeline, which means there are 6 bi-weeks. In order to save $5,000 in three months, you'll need to save just over $833 every two weeks with your biweekly budget. If you're paid bi-weekly, you can easily compare your bi-weekly savings goal with your paycheck.

If you want to save $5000 in 3 months, you'll need to save $1,667 per month, $416 per week, or $60 per day. While these numbers might seem overwhelming at first, by sticking to your financial plan you can reach your goal faster than you think.