What does an additional $5,000 sound like right now? You are not the only one who thinks that this could transform your life. In fact, you could have that money in just 100 days. It’s actually $5,050. You’re likely to have heard of the 100 Envelope Challenge, which is the latest trend in money management and finance. This is exactly how you would get your $5,000.
This money hack is a hit lately. It will give you an extra $5,050 to live your life. This is a great way to save on a down payment for a house or pay off debt. It also makes it easy to save for vacations. There are many options!
What is the 100 Envelope Challenge and how can you participate?
The 100 envelope challenge is a money-saving challenge. Start with 100 envelopes. Each envelope should have a number between 1-100. Then, you shuffle the envelopes before placing them in a basket or bucket. You draw an envelope each day and, depending on the number drawn, you put that amount of cash inside. This continues for 100 days.
If you draw the number 67 on day 1, you would deposit $67 in that envelope and seal it. You would deposit $3 to that envelope if you draw the number 3 on day 2. Seal it and you can continue this process for 100 days. You will have $5,050 saved by the end of this challenge
What is the 100 Day Money Challenge?
Although the 100-day money challenge is a different name for the 100-day envelope challenge, it’s still the same money challenge.
How can I save $5K in six months using envelopes?
The same challenge applies. You can adjust the 100-day envelope challenge to take slightly longer as there are 182.5 days in six months. You can also do the 100-day envelope challenge as is and have it completed in 3.5 months.
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How to complete the 100 envelope challenge
- Envelopes I love the bright colors because they make everything so much more fun
- Black Sharpie This is for writing the numbers on the front
- Cash (you have the option to withdraw a specific amount every paycheck, or you can go to the bank as often as you need).
- Stickers This is an optional, but fun way to seal your envelopes
- Container to Store them In – I love to use a decorative box for photos
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Apart from the supplies mentioned above, I felt it was only fair to have a visual to help you keep track of how many days you have completed.
I made a 100-Day Envelope Challenge Printable which you can color as you fill each envelope full of cash. You can find that .
