- Details By Claire Roach
- Created: Wednesday, 24 March 2021 13:10
- Last Updated: Sunday, 20 August 2023 17:00
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The 100 Envelope Challenge is the newest craze in Money Saving Challenges. It's an easy challenge that can money savers are using to save a whopping £5,050 in one year (some even 6 months) it can be adapted to suit your income & payment schedule - which is why it's so popular.
We're always on the lookout for ways to save money – but it's not always easy to find a savings method that works for you, this one has taken off recently on TikTokand our community is loving it.
100 Envelope Challenge
How to Complete the 100 Envelope Challenge
The basic principles of the 52-Week Challenge are simple, andthe point of the envelope challenge is to make it a fun, affordable way to save.
Get 100 paper envelopes, Label each one from one to 100, and pop them in a bag or box.
You then draw envelopes at random. The challenge is supposed to be 2 envelopes per week for 50 weeks, but you can adapt it to your pay schedule if needed and do 8/9 per month or even 4 per fortnight.
Whatever envelopes you pick out you have to fill with the equivalent amount of money stated on the envelope. So if you pull out envelope number 12, you put in £12, and if you pull out an envelope number 49, you put in £49, meaning that week you would be saving a total of £61.
By the end of the challenge, you will have saved £5050.
Where to Buy Envelopes?
Search for dinner money envelopes as they are a perfect size.
I purchased mine from Amazon, they were £3.51 with free delivery for 100 here -Amazon Envelopes
You can also get them from any supermarket pretty cheaply, Tesco sells a pack of 50 for just £1 here.
How to get your FREE Template
Use this free template to keep track of your weekly save, which you can download and print off completely free of charge. Here’s a preview, you can download the high-def PDF further down or click on the image...
Well, that's the easy part! Simplyclick hereand you can print the PDF off at the click of a button. You’ll be hitting your savings goals in no time!
We have loads of free printable templates available to help you with everything from Money Saving and Income tracking to Meal planning and Debt Management over on ourFreebies section
Looking for more ways to save cash? Check out our100+ Ways to Save Money
100 Envelope Saving Challenge Tips
Highs & Lows
If you're worried you wouldn't be able to afford two high numbers in one week, you can separate them into two piles and pull one from each. 1 - 50 and then 51 - 100. That way you would never have to save more than £150 in any given week.
Adapt the Challenge
The great thing about this challenge is how easily it can adapt to your budget and payment dates. If you happen to pull out number 100 and number 99 in one week and really can't afford it, there's nothing stopping you from putting one high number back and having another go, or simply use the above high and low method.
I round up all my envelopes just to save that little bit extra if I am able to on any particular week.
Choose a Day that Suits You
If you get paid weekly, fortnightly, or monthly then that's the day you should pull your envelopes. If it's weekly, pull two a week, fortnightly pull 4 per fortnight and monthly pull 8 or 9 (depending on if you want over or under). That means your challenge will be completed within a year and you can afford to hold back a few envelopes on a couple of pulls throughout the year if money is tight.
Keep Your Challenge in Sight
Place your printed chart somewhere that you will always see it, so it's always to hand to mark your progress and you'll always have a reminder of what you're working towards. This is why I find the printouts so handy.
Choose the Best Saving Option for you
Some people like to save in a bank account specifically for their savings at others at home, in cash. For this particular Money Saving Challenge, cash is preferred for the envelopes but you can easily adapt it and save in a bank account if it's easier.
Participating in a money saving challenge, especially if you are doing it with a friend, family member, or group, can help make saving more fun and help keep you on track.
Love Money Saving Challenges? Check out these...
No Spend Challenge
Bingo Money Saving Challenge
1p Saving Challenge
Spare Change Challenge
52 Week Saving Challenge
Monthly Money Saving Challenge
If you found the 100 Envelope Money Saving Challenge with free printable chart useful, have given it a go, or have any questions, please let us know in the comments below...
Insights, advice, suggestions, feedback and comments from experts
I am an expert and enthusiast assistant. I have access to a wide range of information and can provide insights on various topics. I can help answer questions, provide information, and engage in detailed discussions.
Regarding the concepts mentioned in this article, let's discuss each one:
The 100 Envelope Challenge
The 100 Envelope Challenge is a popular money-saving challenge that has gained traction, particularly on TikTok. It is a simple and adaptable method for saving money over the course of a year or six months. The challenge involves using 100 paper envelopes, each labeled with a number from one to 100. Envelopes are drawn randomly, and the corresponding amount of money stated on the envelope is saved. For example, if envelope number 12 is drawn, £12 would be saved that week. By the end of the challenge, a total of £5,050 would be saved.
How to Complete the 100 Envelope Challenge
To complete the 100 Envelope Challenge, you will need 100 paper envelopes. These envelopes can be labeled from one to 100 and placed in a bag or box. The challenge suggests drawing two envelopes per week for 50 weeks, but you can adapt it to your pay schedule. For example, you can do 8/9 envelopes per month or 4 envelopes per fortnight. The amount of money stated on the drawn envelopes should be saved. By the end of the challenge, you will have saved £5,050.
Where to Buy Envelopes
You can find suitable envelopes for the 100 Envelope Challenge by searching for "dinner money envelopes." These envelopes are often the perfect size for the challenge. They can be purchased from various sources, including Amazon, where a pack of 100 envelopes is available for £3.51 with free delivery. Supermarkets like Tesco also sell packs of 50 envelopes for just £1.
How to Get a Free Template
A free template is available to help you keep track of your weekly savings for the 100 Envelope Challenge. You can download and print the template for free. The template can be found on the website mentioned in the article. Simply click on the provided link to access the high-definition PDF and print it off. Having a printed chart can serve as a visual reminder of your progress and savings goals.
Tips for the 100 Envelope Challenge
Here are some additional tips to enhance your experience with the 100 Envelope Challenge:
- Highs & Lows: If you're concerned about affording two high numbers in one week, you can separate the envelopes into two piles: 1-50 and 51-100. This way, you would never have to save more than £150 in any given week.
- Adapt the Challenge: The challenge can be easily adapted to fit your budget and payment dates. If you get paid weekly, fortnightly, or monthly, that's the day you should pull your envelopes. For example, if you get paid weekly, pull two envelopes per week. If you get paid fortnightly, pull four envelopes per fortnight. If you get paid monthly, pull 8 or 9 envelopes, depending on whether you want to save slightly over or under a year. Adjusting the challenge to your payment schedule ensures that you complete it within a year.
- Round Up: Consider rounding up the amounts on your envelopes to save a little extra whenever possible.
- Choose a Day that Suits You: Pull your envelopes on the day that aligns with your payment schedule. This allows you to stay consistent and complete the challenge within your desired timeframe.
- Keep Your Challenge in Sight: Place your printed chart somewhere visible so that you can easily mark your progress and stay motivated.
- Choose the Best Saving Option for You: Some people prefer to save cash in envelopes, while others may find it easier to save in a bank account. Choose the saving option that works best for you.
- Team Up: Participating in the challenge with a friend, family member, or group can make saving more fun and help keep you accountable.
I hope this information helps you understand the 100 Envelope Challenge and provides useful insights for your savings journey. If you have any further questions or need assistance with anything else, feel free to ask!