woman with first envelope for money saving challenge

Save Over $5,000 Following The 100-Envelope Money Saving Challenge

When it comes to challenges that help you save money, one of them is the 100-envelope money-saving challenge. If you’ve never tried this challenge before, you might be a bit confused about how it works.

It’s an effective challenge geared at helping you save potentially a good amount of money, so we here at Wisconsin Auto Title Loans, Inc. have put together some tips to help you. So if you are interested in saving up to $5,000 with this money-saving challenge, keep reading.

How Does The 100-Envelope Challenge Work?

If you’ve never heard of this before, you might be a little confused about how this challenge works. You are saving a predetermined amount of money each day for 100 days – and if you do it correctly, by day 100, you should have saved up to $5,000.

That’s a good amount and a good way to learn how to manage your personal finances. How? Well each day you are depositing a specific amount of money and putting it aside instead of spending it. Here is a breakdown of how you will get ready for this challenge:

1. Label Your Envelopes

The first step of the challenge involves numbering 100 envelopes with the numbers 1 through 100. You can purchase envelopes already numbered, make them yourself using construction paper, or just buy some white envelopes and use a marker pen to write the numbers on yourself.

No matter which way you decide to number your envelopes, it is just important that you use each number once. You shouldn’t have any envelopes with the same number on them when you are done numbering.

2. Put The Envelopes In A Container

Next, you’ll need to find a container you can put the envelopes in. Some people like to keep them in the right order, and if so, you can place them in a ring binder or another folder to organize them.

Alternatively, you can mix them up and pick the envelopes out at random. If you choose to take this option, you can place the envelopes in a large box and shake them up. Whatever you choose, make sure you choose a place that is easy for you to access and safe.

money and envelope for challenge

3. Pick An Envelope Per Day

Each day, you’ll take an envelope out of the mix and read the number on it. Then you’ll just place however much money that matches the number on the envelope. If the envelope has a number 2 on it, for example, you will put in $2.

If the envelope has a number 30 on it, you’ll put in $30. Once you have added the money, put the envelope in a safe place. If you stick to this method, you’ll be amazed by how quickly this can add up!

4. Take Stock

Once you reach the end of your 100 days, if you follow this strategy, you will have $5,050 set aside – a very impressive amount of money. You can then deposit this money in a bank account.

Of course, not everybody can afford to follow this challenge in exactly the way described, but you can adjust it to suit your needs and your income. This is meant as a way to help you change your spending habits and make reaching your financial goals a little bit easier.

What Happens If You Need Emergency Cash During The Challenge?

If you follow the challenge, by the last day you should have a good amount of money saved up. And once you have that money, you are free to use it however you need. But what happens if you run into an emergency before the 100 days are up? While you are free to dip into the envelopes, you don’t want to make it a habit. Instead, you can come to Wisconsin Auto Title Loans, Inc. for a loan to help you out with your urgent financial issue.

We have online title loans and signature installment loans, meaning that we are able to provide money to people in different situations. Both of these loan options will give you fast access to cash if you are eligible for them, and you could have the money within two business days, making them a very quick option. This renders them preferable to traditional loans in some situations because they are so much faster.

Additionally, you don’t need to have amazing credit in order to be eligible for one of our loans. Although a credit check is an important part of the process, we work with people in many different situations, and you might be able to get a loan even if your credit rating isn’t very good. To find out more about our loans, you can use our online form, which requests some basic details about you, and then you’ll be in our system and we can get in touch and start the process.

person with money and envelope for challenge

Make A Start Today With This Challenge

As you can see, the 100-envelope money-saving challenge can get you the extra money you need, and hopefully, you can start implementing these tips. There are many ways you can use the principle to build up some savings, putting you in a better position to handle financial challenges.

If you need quick money before the challenge is over, remember we offer you online title loans and signature installment loans. To learn more, reach out to one of our agents so they can assist you.

 

Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.

Mason Roberts

Mason Roberts is a seasoned economics writer and blogger with a knack for breaking down and simply communicating the ever-changing world of finance. He is philosophically committed to the premise that financial knowledge equals financial freedom.