Especially if you pick #97 on day 3!įor instance, even for a tipped employee as a server who maybe makes $160 in a shift. That may be a challenge to have the extra cash available to do so. 2- Figuring out the Budget with High Number DaysĪnother drawback of the challenge is what would happen if you picked #98 and # 99 on back-to-back days, you must save $197. If you manage your finances digitally and don’t carry various dollar bills around, then it is much harder for you to find ways to actually physically stuff those envelopes with cash. This can cause a problem to stuff your numbered envelopes with a dollar each day. The first one is if you do not have access to cash readily. There are a few drawbacks, just like there are with any money saving challenge. 3- Improve your Cash Situation in 3 Months!

With each envelope, you are building a habit of saving money and paying yourself first. That is why the 100 envelope challenge is amazing. When we build good habits, we’re more likely to do the same things in the future without having to think about them. Habits are a helpful thing, as they can make our lives a lot easier. One of the advantages of building good habits is that they become easier and more automatic with time – this is proven by my favorite book, Atomic Habits. All you need is 100 envelopes and some willpower! 2- Makes Savings A Habit You can start the challenge at any time and with any amount of money. The challenge is a great way to save for your emergency savings, pay off your debt, or save for a vacation. You can save a lot of money in a short period of time with this challenge. This 1-100 saving plan is simple and easy to follow. Most importantly, the 100 envelope challenge is a great way to save money. When I was a waitress, this challenge would have been a fun way to save money with my tips! Oh, what an inspiring money-saving journey that would have been! This allowed me to stay on top of my savings without worrying about having enough cash. Consequently, I opened a separate savings account, and I could easily make a transfer from my checking account. So this was the hardest part of the envelope saving method. On the downside, we don’t have cash around as much. I was also able to stay on track with my saving goals and could adjust if needed.I was able to see my progress as I went along, and it was nice to have a visual reminder of how far I had come.Once I was done I would close the envelope and stamp it with a sticker.Īs a very visual person, I found that this challenge was incredibly rewarding and gave me a sense of accomplishment. My kids loved to pull out the envelope for that day and stuff it with cash. This was a great way to kickstart my short term goal. I recently started the 100 day envelope challenge because I wanted to save more money. Real Life Example For With 100 Day Envelope Challenge Then place all of the envelopes in a special place like a container box, basket, file folder, or bag.Įach day, you will choose a new envelope, and you must put that amount of money in the envelope. You start with 100 envelopes and label them with the numbers 1 through 100. The 100 day envelope challenge is a straightforward hack to start saving money. Are You Ready for these Envelope Saving Challenges?.Shop for Supplies Needed for the 100 Day Envelope Money Saving Challenge.

100 Envelope Savings Challenge will Be Helpful.

2- Figuring out the Budget with High Number Days.Drawbacks of the 100 Day Money Challenge.3- Improve your Cash Situation in 3 Months!.How the 100 day Envelope Savings Challenge Works:.Is the 100 envelope Challenge worth it? My Personal Experience.Real Life Example For With 100 Day Envelope Challenge.

100 envelope challenge box