This is because you will get the benefit of seeing how much physical money you've saved to keep you motivated. What if I don't use cash?ĭespite very few people carrying cash around nowadays, it is the recommended way to do the challenge. Some TikTok users recommend picking a third envelope to reach your target faster if you're having a good week or month financially. If you pull two envelopes a week, you should be able to complete the challenge in 50 weeks. The aim is to hit the 5k in less than a year. With 50 envelopes, your savings would total £1,275 at the end of the challenge, and you can pick just one envelope a month and still finish the challenge in under a year. You can also adjust the number of envelopes to make a more realistic goal for you. You will have saved £5,050 in total, in less than a year, when all the envelopes are filled. It might be an idea to split the envelopes into two piles, one labelled 1-50 and the other 51-100, and pick one from each every week to ensure you don't get two low numbers or two high ones at the same time. Whichever two you pick out, you put whatever amount of money in that the label calls for, and stow them away until the end of the challenge. Make sure to shuffle them up and every week, you will pick two envelopes out at random. So, for example, you should put £1 in the envelope labelled one, and £2 in the one labelled two. The number of the envelope will dictate how much cash you put inside it.
To complete you challenge, you will need 100 envelopes - each numbered 1-100.
100 ENVELOPE CHALLENGE TOTAL AMOUNT HOW TO
Here's everything you need to know about the challenge, including how to take part if you don't use cash, how it works, how much you can save, and how long it takes. READ MORE: Kids can eat for £1 at Hungry Horse and Farmhouse Inn pubs across Lancashire this month The challenge has gone viral on TikTok as people share their money saving techniques, reports the MEN. You can do this by putting cash away in different envelopes each week.
Following the envelope challenge can help you to save more than £5,000 in less than a year. The start of the new year can be a difficult time for people financially as they recover of the costs of Christmas.įor this reason, people may be looking for different ways to add to their savings.
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