Saving money has become a game. The new trend is as follows: You get 100 envelopes. You number each envelope – from 1 to 100. Then, you choose an envelope daily and put that amount of dollars into it. You can either start with a $1 envelope or leave it to chance.
So why is this method so popular? Because the excitement increases as you fill the envelopes. Although 100 days may seem like a long time, it is fun to fill an envelope every night. It is possible to start with a small amount of money and reach large amounts.
You can adjust the numbers according to your budget. For example, you can divide the large amounts in half or fill one envelope per week. The important thing is to save regularly. Some people even fill 3-5 envelopes every payday.
100 Envelope Challenge Templates
What is the 100 Envelope Challenge?
This is the business of saving money with envelopes with numbers on them. You get 100 envelopes. You number each one. Then you pick an envelope every day and put the amount of money in it. So, envelope number 7 puts $7, and envelope number 83 puts $83.
If you’re looking for a fun way to save money, this is for you because you put a different amount in every day. Sometimes less, sometimes more. You can choose the big numbers on payday, for example.
Think of it like a water bill – you pay it every month, but the amount changes. That’s the same thing. It’s a different number every day. But it ends up being a nice savings.
How Much Money Can You Save with the 100 Envelopes Method?
The math is simple actually – the lowest is $1, the highest is $100. If you add up all the envelopes, it makes $5,050. Just think, you choose the easy envelopes for the first week – $1, $5, etc. Then when payday comes, you turn to the big envelopes.
If you put the same amount of money in every day, you have to put in more than $50 a day to reach the same amount of money. But the good thing here is – some days you put less money, some days you put more money in. For example, today there was a $3 envelope, tomorrow maybe there will be a $95 envelope.
In the end, good money adds up. If you don’t eat fast food once a week, it’s $20; if you drink coffee at home every day, it adds up little by little. The important thing is to start.
100 Envelope Challenge: Pros and Cons
The 100 Envelopes challenge method that everyone has been talking about lately makes saving money very interesting. While many people say, “It’s hard to save so much in such a short time,” financial advisors praise it as “A great start.” While some people say it’s impossible to save money regularly every day, others argue that this is the most effective method. So, what are the real pros and cons of this much-discussed method? Is it suitable for those who want to save or not? Let’s take a look together.
Pros:
With this method, you can make significant savings in three months. It is possible to arrange large envelopes for pay periods and choose small envelopes on difficult days of the month. Restricting daily expenses and directing them to envelopes is easier than you think. It is an ideal opportunity, especially for those who have debt payments or vacation plans.
It turns saving money into a game. Choosing a different envelope every night, putting money in it, seeing the amount saved… Just like doing a puzzle, you add a new piece every day. Moreover, you can even make it a competition with your friends.
It provides financial education opportunities for children. Let them save from their weekly allowance, number the envelopes, and count the money. In this way, they both learn math and gain the habit of saving. Contributing to the family budget excites them, too.
Cons:
Some days you have to put in serious money. It can be difficult to fill envelopes with $80-$90-$100, especially at the end of the month. When it comes to rent and bills, allocating these amounts is not suitable for every budget.
Keeping large amounts of cash at home creates risks. Aside from theft, your money can be at risk in cases such as fire or flood. Depositing money into the bank every week also requires extra effort.
It requires daily discipline and determination. You should not forget to open an envelope and put money in every evening. You may neglect it because you are on vacation or busy at work. This can also decrease your motivation.
Get Started With Your 100 Envelope Challenge Today
You can use our free 100 Envelope Challenge templates to start saving money right away. The forms we have prepared in Excel format make it easy to keep track of your daily savings. You can mark each 100 Envelope Challenge and see your total savings.
100 envelope challenge templates are designed to be blank and fillable. You can follow them on your phone or print them. There is a separate page for each envelope – we added special areas where you can write the date, amount and notes.
You can find all the files to start your money saving journey in the download section of our website. Work in Excel or PDF – whatever suits you. Get started, maybe after three months you will tell us your success story.
