The Envelope Challenge + 9 Fun Money-Saving Challenges to Start Today (2024)

Money

Looking for a fun way to start saving money? We have an idea. The envelope challenge is a great way to making saving money actually fun.

Can saving money be...fun?

If you’re like us, you’re always looking for money-saving hacks that can help you put away a decent amount of money without much effort or organization.

Of course, there aren’t really any silver bullets for this—we’re proponents of creating and sticking to a good old-fashioned budget, keeping your expenses down, and bringing in extra income when possible.

We realize all of this can be really challenging—especially when many of us continue to feel financially uncertain due to student loans, inflation, and a stagnant job economy.

Table of Contents

  • How to Do the 100 Envelope Challenge
  • 9Other Fun Money-Saving Challenges to Try

But, research shows that millennials, in particular, are quite concerned with saving: in a report from Bank of America, about 73% are currently saving, and many started saving earlier than other generations. While it can be tough, there are some unique ways that you can use to challenge yourself to put aside some extra cash, no matter your current income situation.

The latest of these trends has gone viral on TikTok, which is not surprising because if you stick to it, you can save up to $5,050 in about three (!) months.

If you're looking to save up for a vacation, an emergency fund, a big purchase, or to pay off some credit card debt, this is actually a fun way to do it!

To that, we say: sign us up! Here’s how to do it. Grab yourself a bunch of envelopes and a Sharpie!

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How to Do the 100 Envelope Challenge

The 100 Envelope Challenge is super simple. There are actually a few ways you can play, but these are the basics.

  • Number your envelopes (on the inside of the envelope or on a piece of paper to put inside) from 1 to 100.
  • Seal + drop the envelopes somewhere and shake them around to randomize their order.
  • Each day, select any one envelope from the box.
  • Deposit that number (in dollars) into your bank account.
  • At the end of 100 days, you'll have $5,050!

Essentially, you take 100 envelopes and number them from one to 100. Then, you place these envelopes into a box or container. Each day, for 100 days, you draw an envelope from the box and place the amount of money that’s written on it inside the envelope.

Then, you continue the process until each one is filled up.

At the end of the 100 days, if you stay consistent, you can save $5,050.

The 100 Envelope Challenge Digital Version

In this game's "classic" version, you deal with the dollar amount in cash, but there are a few problems with that method. Like, if I draw $51 dollars, I have to get $60 out of the ATM. Am I not going to use the extra $9 to get a milkshake?

If I had to go to the ATM regularly to withdraw money for this, it would probably dampen my motivation. Luckily, it’s easy to do digitally, and you can watch that savings number get higher and higher as the weeks pass by. If you're not into the cash envelopes version of this savings game, no worries!

First, you’ll need a visual since you won’t be using the physical envelopes. These are easy to find with a quick Google search, but we like the mini envelopes on this free printable version.

Then, you’ll need a banking account that’s different from your “normal” account. You’ll transfer your “envelope” money into this account each day.

Use arandom number generator (or just choose the amount you prefer to save) to select the savings amount for each day.

Transfer that amount over to the savings account, and that’s it! If you love physicallychecking items off a to-do list (guilty), you’ll get satisfaction from coloring in or marking off those tiny envelopes as you proceed.

There are also lots offree printables out there to get you started. Use these cute printable trackers to keep yourself motivated.

Different Versions of the 100 Envelope Challenge

The original version of the 100 Envelope Challenge is straightforward—but it’s also a big savings goal. You have to be able to save the $5,050 for this to work in the original 100-day time span, which is $50.50 per day—not an insignificant amount.

But part of the fun of this challenge is that you can make it suit your unique needs and abilities.

If you’re paying down debt or are currently in a situation that doesn’t allow you to save as much as you’d like, you can alter it to make it challenging but still doable. Or if you want to up the ante to make it more challenging for yourself, you can do that, too.

Here are other challenge variations that are sure to be fun—and to leave you with at least a little extra money saved.

  • Make it a 50-day envelope challenge. If you’re sweating the amount of time involved, simply commit to a 50-day challenge instead...or any number of days you wish. If you save days one through 50 (chronologically), you’ll save $1,275.
  • Or make it a 200-day money challenge. Want to try to save $10,100? More power to you! Tack on an extra three months and double your savings. You could also do it every other day for 200 days. It would take longer, but you’d still end up with significant savings.
  • Do the envelope challenge with a partner. Choose a competitive friend or two for some friendly competition to see who ends up saving the most at the end of your allotted time. Use a little of your savings afterward to treat yourself to a celebratory dinner.
  • Do it with your partner. If you're saving up for your child's education or a retirement fund, do this challenge with your partner. See who ends up contributing the most to the pot! You can even put each of your earnings into separate savings accounts to save for now—and for later.
  • Create a weekly version of the envelope challenge. If a daily challenge seems overwhelming, scale it back. You could draw two or three envelopes per week. Sure, it will take longer, but once you get in the habit, it’ll become routine...and maybe eveninspire you to save that way for the long haul.
  • Do a monthly version of the challenge. Scale it way back if that makes it more doable. You could stick to the 100 number or create your own custom envelope challenge with fewer envelopes if you’d like.

9 Other Fun Money-Saving Challenges to Try

If the 100 envelope challenge has you feeling inspired to save, there are a few other challenges that may intrigue you. First, start withthis list of unique ways to save that offers practical advice (a subscription audit, anyone?).

Then, try a money-saving challenge. Who knows, maybe this year will be the year you put aside way more savings than you anticipated...here’s to trying and getting one step closer to your financial goals!

The 52-Week Money Challenge

The 52-week savings challenge is great for people who’d benefit from a smaller savings goal. The consistency of this money challenge makes it worth the effort. Essentially, you save $1 per week of the year. So thefirst week of January 1, you’d save $1.

Thesecond week, you’d save $2. This means that the most you’d have to save at one time is $52. By the end of the year, you wind up with an extra $1,378 saved.

The 26 Paychecks Challenge

This is essentially the same as the 52-week challenge, but you go bi-weekly instead of weekly. So you’d do $1 for your first paycheck and then $2 for your next. This would be $3 for your first savings goal there. Then, it builds on itself in the same way that the 52-week challenge does.

Nickel Saving Challenge or $5 Bill Challenge

This challenge is better for people who tend to keep cash on hand. It’s simple: all you do is keep a jar where you save every nickel you have. If you do this consistently, you can imagine how it might add up.

Another way to up the savings amount for this one is to do it with a $5 bill. Every time you find yourself with five bucks in your wallet, place it in your savings jar. At the end of the year, count those up for an extra savings boost.

No Spend Month

While this one is a little less *fun,* it’s a great way to save money, create a new savings habit, and do so simply. Basically, you just cut out any unnecessary spending for one month.

This would mean only spending money on necessities like rent or groceries, and no spending on anything that’s frivolous, like shoes or concert tickets. This challenge also helps you see how much you spend on months that you don’t have a spending freeze. It can be eye-opening to get a close look at your spending habits.

No Spend Days Challenge

A very similar concept to the No Spend Month is the No Spend Day challenge—with a shorter time commitment. For one day, you only spend money on necessities. What's cool about this no-spend challenge is that it will let you notice right away any impulse purchases for non-essentials. That $6 latte isn't making you broke but also...do you really need it?

Another benefit of these two challenges is that you might change some of your habits in order to reach this goal. For example, meal planning so you can pack your lunch vs. buying lunch, parking somewhere without fees and walking, and more.

The Pantry Challenge

If you’re a good cook, this one’s for you. Basically, you commit to only using the pantry ingredients you have on hand and not buying any unnecessary groceries until you’ve used up those items.

It’s a great way to get rid of that dusty can of black beans that has been sitting on your shelf for a year. It’s also a great way to use the things you’ve already spent your hard-earned money on. And it forces you to be creative!

Salary Trim Challenge

The Salary Trim Challenge requires a little bit more math and deliberateness. First, you’ll note how much income you’re bringing in monthly. Then, take one percent of that number.

Once you have that amount,—let’s call it $100 for argument’s sake—make a list of where you can save that amount in your normal monthly expenses.

This might mean canceling some of your subscription services, ordering one less takeout order per month, or skipping a pedicure. This extra $100 saved per month adds up quickly—and you may not even miss the things you were spending on.

The Habit Jar

The Habit Jar trick combines money saving as well as motivation.

If you’ve watched New Girl, you know where we’re going. Have a habit you want to break or one you want to create? Set yourself up a savings account (or a physical container) to fill up when you work on that goal.

If you’re trying to commit to meditation, pay yourself $5 every time you do it. If you’re trying to order less takeout, add a dollar to the jar when you cook at home on Wednesday instead of ordering in. You’ll save money and do something good for yourself. A win-win.

The Spare Change Challenge

This challenge is straightforward. Collect your loosecoins from your pockets, your car, and around your house, and put them in a jar. You'd be surprised how muchyour pennies, nickels, dimes, and quartersadd up over 52 weeks. You can also round your purchases up to the nearest dollar every time you shop

In Conclusion

The thing about money, saving, and paying off debt is that it's rarely perceived as fun. As humans, we like a quick fix. However, the savings potential, in playing these (okay admittedly) somewhat silly savings games is huge.

More importantly, it helps those of us who aren't the best at saving money to get started—in a short amount of time.

Hopefully, in implementing daily savings goals, you'll create long-term saving habits that will make any piggy bank smile.

The Envelope Challenge + 9 Fun Money-Saving Challenges to Start Today (2024)

FAQs

How to save $10,000 in a year envelope Challenge? ›

Stay motivated and on track to reach your $10K savings goal by tracking your progress. In this version of the challenge, each envelope has a different amount for you to choose from. As you save, color in 1 envelope a day for 100 days or 2 per week for 50 weeks.

What is the envelope hack for saving money? ›

Each day, for 100 days, you draw an envelope from the box and place the amount of money that's written on it inside the envelope. Then, you continue the process until each one is filled up. At the end of the 100 days, if you stay consistent, you can save $5,050.

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

You can save over $5,000 in just over three months with the 100 envelope challenge. 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.

What is the envelope savings method? ›

The idea is to split up your money according to how much you want to spend in each category—and then only let yourself spend until the cash in each envelope is gone. Envelope budgeting works best for variable expenses, like groceries and dining out, which change slightly every month depending on your spending habits.

How to save $10,000 in 3 months? ›

How To Save $10,000 in 3 Months
  1. Budgeting for Better Savings. With all of your daily expenditures, saving money may seem like a daunting task. ...
  2. Set a Goal and a Budget. ...
  3. Pay Down Your Debt. ...
  4. Evaluate and Limit Spending. ...
  5. Increase Income Streams. ...
  6. Make Lifestyle Edits.
Jan 4, 2023

Is the 100 envelope challenge worth it? ›

My Experience with the 100 Envelope Challenge

In the end, I didn't make it to the goal of $5,050. But the good news is that after 42 days of actual saving, I did squirrel away $1,627 without really feeling the burn. I started strong. I'd take $300 or so out from the real bank in varied denominations each week.

What is envelope trick? ›

Billet reading, or the envelope trick, is a mentalist effect in which a performer pretends to use clairvoyance to read messages on folded papers or inside sealed envelopes. It is a widely performed "standard" of the mentalist craft since the middle of the 19th century.

What is the envelope budget trick? ›

Put simply, with a cash stuffing system you allocate monthly budgets for certain expenses and put the corresponding amounts of cash into envelopes. Often, these envelopes will be contained within a large binder, and the required money for each purchase will be taken out of the binder as needed.

How can I save $5000 in 3 months? ›

If you are looking to save $5,000 in just 3 months, here are some tips to help you achieve your goal.
  1. Track Your Expenses. The first step to saving money is understanding where your money is going. ...
  2. Create a Budget. ...
  3. Reduce Unnecessary Spending. ...
  4. Increase Your Income. ...
  5. Automate Your Savings. ...
  6. Save on Utilities and Subscriptions.
Jan 22, 2024

How to do the 100 day cash envelope challenge? ›

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.

How to save $100,000 in 3 years? ›

Five tips to help you save $100,000 faster
  1. Live below your means and cut frivolous spending. ...
  2. Be hyper-aware of every monthly expense and ruthlessly cut back to save faster. ...
  3. Pay down high-interest debts like credit cards first. ...
  4. Find the financial institution that will get you the highest interest rate.
Mar 27, 2024

How to save $1,000 in 30 days? ›

Here are some fast steps you can take to turn your goal of saving $1,000 in one month into a financial reality.
  1. Track Your Expenses. ...
  2. Automate Your Savings. ...
  3. Cancel Your Subscriptions. ...
  4. Cancel Amazon Prime. ...
  5. Press Pause on Eating Out and Date Nights. ...
  6. Sell Your Unwanted Items. ...
  7. Start a Side Hustle To Bring in Extra Cash.
Sep 26, 2023

What is the cash stuffing method? ›

How does cash stuffing work? The basic premise of cash stuffing is that you set aside cash for different budgeting categories at the beginning of each month. The goal is to spend no more than that cash you've set aside for each category.

What is the envelope system in Dave Ramsey? ›

What Is Dave Ramsey's Envelope System? The envelope system is a way to force yourself to accurately budget discretionary expenses every month. It demands honesty, discipline and commitment, but the reward is that you gain control of your finances.

What is the envelope saving method 52 weeks? ›

There are no complicated rules to remember. Week 1, you save $1.00. Week 2 you save $2.00, and it continues through the year, adding one more dollar to each week's savings goal. By Week 52, you'll set aside $52.00, which will bring the year's total savings to $1,378!

How much money can you save doing the envelope challenge? ›

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.

How to Save $20 000 in a year challenge? ›

If you want to save $20,000 in a year, you'll need to save $1,666.67 each month to reach your goal. Does it feel smaller by breaking it into bite-sized nuggets? For me, it always helps to break down a big money goal (like when I paid off $8000 in under 90 days) into monthly or even weekly morsels.

How to save $5,000 in a year challenge? ›

Here are seven ways to save $5,000 by the end of the year.
  1. Break It Down Into Months. ...
  2. Track Your Spending. ...
  3. Cut Your Expenses. ...
  4. Take Advantage of Windfalls. ...
  5. Join an Accountability Group. ...
  6. Get a Side Hustle. ...
  7. Try a No-Spend Challenge. ...
  8. Make Savings Automatic.
Feb 17, 2023

How to do a 52 week money challenge? ›

Week 1, you save $1.00. Week 2 you save $2.00, and it continues through the year, adding one more dollar to each week's savings goal. By Week 52, you'll set aside $52.00, which will bring the year's total savings to $1,378! LGFCU offers free financial planning services to help you navigate your personal finances.

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