Any time of year can be a good time to start saving money. Sometimes though when a vacation for example may be coming up, the desire to want to save money may increase. One way to try saving money is by doing the 100 envelope money saving challenge.
There are different types of money saving challenges to try. This particular one can be just as fun as another. It does take goal setting and determination to help make it work.
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What is the 100 Envelope Money Saving Challenge?
The 100 envelope money saving challenge is a system that can be implemented to help you reach a savings goal. This particular challenge allows you to save approximately $5000 in 100 days. Although it can be changed up to save that same amount in a different amount of time for example.
How Much Money can You Save with the 100 Envelope Money Saving Challenge?
After 100 days of saving, you will have $5050 saved by doing the 100 envelope money saving challenge.
Steps to Implement a 100 Envelope Money Saving Challenge
There are steps to implement to allow you to start your money saving challenge in little time.

Length of time
How much time do you want to save your money in? You will want to set a realistic time frame. By doing so can help to eliminate some stress.
Will you save for 100 days? How about 6 months or a year? Take a little bit of time to make sure that you choose the one that will work best for you.
Gather items needed
- 100 envelopes
- Marker
- A box
Directions
- Number the envelopes 1-100.
- Mix them all up. Once they are out of order, place them into a box.
- Each day choose an envelope randomly. No peaking. The number that is on your envelope will be the amount of money you place into it for that day. Some examples are, 1 = $1, 5= $5, and so on. There will be days when you will pull a small number and days when you will pull a larger number such as 100.
- Seal and put away. Place your envelopes once they are filled and sealed into a safe place. They could be placed back into the box the empty envelopes are in, or you could place them in another box.
- Track your savings. To help you keep track of how much you have saved, write down how much you fill your envelopes with each day.
- Enjoy what you have accomplished. Once your challenge is complete, you will have saved a little over $5,000. That is a big accomplishment. Be proud of yourself.
Ways to Save Money
When money may already feel tight the idea of saving money may not seem possible. Here are some ways to possibly come up with money to save.
Going through our budget with a fine-tooth comb sometimes shows areas we could be saving money in. One example is our electric bill. Does it tend to run high? Could you be turning out the lights more often when you are not in a room for instance? Small changes can add up to big savings.
- Extras
Do you enjoy a daily coffee out? Or buying lunch everyday rather than packing your lunch? These things may seem small but, in all actuality, they can add up fast.
Examples: Buying a $4 coffee 5 times a week equals out to be $20 a week or $80 a month. Purchasing lunch out for $6 a day is $30 a week or $120 a month. And these may be numbers on the lower side.
- Extra hours
Would you be able to work some extra hours at your current job? Or perhaps would you be able to work a second job for a little while to save money?
Changing it up
If you may not feel like this challenge is doable, perhaps changing it up may work out better. That is the great thing about this challenge, it can be changed to fit your needs. Here are some examples.
- Spread out over 6 months
You can still have 100 envelopes, but rather than picking a number each day, you could pick one every other day.
- A year of saving
This way you would be picking an envelope about every fourth day.
Pros and Cons of the 100 Envelope Money Saving Challenge
There are both pros and cons to the 100 envelope money saving challenge. Here is a list of some of them.
Pros
- You save money
In the process of this envelope money saving challenge, you are saving a lot of money. That takes hard work.
- Learning to delay gratification
If there are things that you would like to purchase, but instead save that money, you are delaying gratification. Even if you do not buy the item(s) you may have wanted to, you are growing your savings. In turn you are also delaying the gratification of using that money.
- Becoming more disciplined.
When saving money, you are being disciplined by not spending it. This challenge can help us to become more disciplined when it comes to saving money.
Cons
- Can be hard to save
There may be times when it is hard to save the amount of money that is marked on the envelope. Some envelopes have a large number written on them. If your intent is to save the full amount within 100 days, then it may take longer than you had planned.
- Extra cash
Although you are saving money, it may be very tempting to spend the cash that you will have in your envelopes. It is very important to remember why you are saving and to stay focused. It is not extra cash to spend.
- Not gaining interest
By keeping your money at home, it is not growing interest.
Conclusion
Anytime you save money is great. Regardless of the amount you save you should take pride in your hard work and efforts. Have you tried the 100 envelope money saving challenge? Please share in the comments.
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