Can saving money be...fun?
If you’re like us, you’re always looking for money-saving hacks that can help you put away a decent amount of money without much effort or organization.
Of course, there aren’t really any silver bullets for this—we’re proponents of creating and sticking to a good old-fashioned budget, keeping your expenses down, and bringing in extra income when possible.
We realize all of this can be really challenging—especially when many of us continue to feel financially uncertain due to student loans, inflation, and a stagnant job economy.
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But, research shows that millennials, in particular, are quite concerned with saving: in a report from Bank of America, about 73% are currently saving, and many started saving earlier than other generations. While it can be tough, there are some unique ways that you can use to challenge yourself to put aside some extra cash, no matter your current income situation.
The latest of these trends has gone viral on TikTok, which is not surprising because if you stick to it, you can save up to $5,050 in about three (!) months.
If you're looking to save up for a vacation, an emergency fund, a big purchase, or to pay off some credit card debt, this is actually a fun way to do it!
To that, we say: sign us up! Here’s how to do it. Grab yourself a bunch of envelopes and a Sharpie!
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How to Do the 100 Envelope Challenge
The 100 Envelope Challenge is super simple. There are actually a few ways you can play, but these are the basics.
- Number your envelopes (on the inside of the envelope or on a piece of paper to put inside) from 1 to 100.
- Seal + drop the envelopes somewhere and shake them around to randomize their order.
- Each day, select any one envelope from the box.
- Deposit that number (in dollars) into your bank account.
- At the end of 100 days, you'll have $5,050!
Essentially, you take 100 envelopes and number them from one to 100. Then, you place these envelopes into a box or container. Each day, for 100 days, you draw an envelope from the box and place the amount of money that’s written on it inside the envelope.
Then, you continue the process until each one is filled up.
At the end of the 100 days, if you stay consistent, you can save $5,050.
The 100 Envelope Challenge Digital Version
In this game's "classic" version, you deal with the dollar amount in cash, but there are a few problems with that method. Like, if I draw $51 dollars, I have to get $60 out of the ATM. Am I not going to use the extra $9 to get a milkshake?
If I had to go to the ATM regularly to withdraw money for this, it would probably dampen my motivation. Luckily, it’s easy to do digitally, and you can watch that savings number get higher and higher as the weeks pass by. If you're not into the cash envelopes version of this savings game, no worries!
First, you’ll need a visual since you won’t be using the physical envelopes. These are easy to find with a quick Google search, but we like the mini envelopes on this free printable version.
Then, you’ll need a banking account that’s different from your “normal” account. You’ll transfer your “envelope” money into this account each day.
Use a random number generator (or just choose the amount you prefer to save) to select the savings amount for each day.
Transfer that amount over to the savings account, and that’s it! If you love physically checking items off a to-do list (guilty), you’ll get satisfaction from coloring in or marking off those tiny envelopes as you proceed.
There are also lots of free printables out there to get you started. Use these cute printable trackers to keep yourself motivated.
Different Versions of the 100 Envelope Challenge
The original version of the 100 Envelope Challenge is straightforward—but it’s also a big savings goal. You have to be able to save the $5,050 for this to work in the original 100-day time span, which is $50.50 per day—not an insignificant amount.
But part of the fun of this challenge is that you can make it suit your unique needs and abilities.
If you’re paying down debt or are currently in a situation that doesn’t allow you to save as much as you’d like, you can alter it to make it challenging but still doable. Or if you want to up the ante to make it more challenging for yourself, you can do that, too.
Here are other challenge variations that are sure to be fun—and to leave you with at least a little extra money saved.
- Make it a 50-day envelope challenge. If you’re sweating the amount of time involved, simply commit to a 50-day challenge instead...or any number of days you wish. If you save days one through 50 (chronologically), you’ll save $1,275.
- Or make it a 200-day money challenge. Want to try to save $10,100? More power to you! Tack on an extra three months and double your savings. You could also do it every other day for 200 days. It would take longer, but you’d still end up with significant savings.
- Do the envelope challenge with a partner. Choose a competitive friend or two for some friendly competition to see who ends up saving the most at the end of your allotted time. Use a little of your savings afterward to treat yourself to a celebratory dinner.
- Do it with your partner. If you're saving up for your child's education or a retirement fund, do this challenge with your partner. See who ends up contributing the most to the pot! You can even put each of your earnings into separate savings accounts to save for now—and for later.
- Create a weekly version of the envelope challenge. If a daily challenge seems overwhelming, scale it back. You could draw two or three envelopes per week. Sure, it will take longer, but once you get in the habit, it’ll become routine...and maybe even inspire you to save that way for the long haul.
- Do a monthly version of the challenge. Scale it way back if that makes it more doable. You could stick to the 100 number or create your own custom envelope challenge with fewer envelopes if you’d like.
9 Other Fun Money-Saving Challenges to Try
If the 100 envelope challenge has you feeling inspired to save, there are a few other challenges that may intrigue you. First, start with this list of unique ways to save that offers practical advice (a subscription audit, anyone?).
Then, try a money-saving challenge. Who knows, maybe this year will be the year you put aside way more savings than you anticipated...here’s to trying and getting one step closer to your financial goals!
The 52-Week Money Challenge
The 52-week savings challenge is great for people who’d benefit from a smaller savings goal. The consistency of this money challenge makes it worth the effort. Essentially, you save $1 per week of the year. So the first week of January 1, you’d save $1.
The second week, you’d save $2. This means that the most you’d have to save at one time is $52. By the end of the year, you wind up with an extra $1,378 saved.
The 26 Paychecks Challenge
This is essentially the same as the 52-week challenge, but you go bi-weekly instead of weekly. So you’d do $1 for your first paycheck and then $2 for your next. This would be $3 for your first savings goal there. Then, it builds on itself in the same way that the 52-week challenge does.
Nickel Saving Challenge or $5 Bill Challenge
This challenge is better for people who tend to keep cash on hand. It’s simple: all you do is keep a jar where you save every nickel you have. If you do this consistently, you can imagine how it might add up.
Another way to up the savings amount for this one is to do it with a $5 bill. Every time you find yourself with five bucks in your wallet, place it in your savings jar. At the end of the year, count those up for an extra savings boost.
No Spend Month
While this one is a little less *fun,* it’s a great way to save money, create a new savings habit, and do so simply. Basically, you just cut out any unnecessary spending for one month.
This would mean only spending money on necessities like rent or groceries, and no spending on anything that’s frivolous, like shoes or concert tickets. This challenge also helps you see how much you spend on months that you don’t have a spending freeze. It can be eye-opening to get a close look at your spending habits.
No Spend Days Challenge
A very similar concept to the No Spend Month is the No Spend Day challenge—with a shorter time commitment. For one day, you only spend money on necessities. What's cool about this no-spend challenge is that it will let you notice right away any impulse purchases for non-essentials. That $6 latte isn't making you broke but also...do you really need it?
Another benefit of these two challenges is that you might change some of your habits in order to reach this goal. For example, meal planning so you can pack your lunch vs. buying lunch, parking somewhere without fees and walking, and more.
The Pantry Challenge
If you’re a good cook, this one’s for you. Basically, you commit to only using the pantry ingredients you have on hand and not buying any unnecessary groceries until you’ve used up those items.
It’s a great way to get rid of that dusty can of black beans that has been sitting on your shelf for a year. It’s also a great way to use the things you’ve already spent your hard-earned money on. And it forces you to be creative!
Salary Trim Challenge
The Salary Trim Challenge requires a little bit more math and deliberateness. First, you’ll note how much income you’re bringing in monthly. Then, take one percent of that number.
Once you have that amount,—let’s call it $100 for argument’s sake—make a list of where you can save that amount in your normal monthly expenses.
This might mean canceling some of your subscription services, ordering one less takeout order per month, or skipping a pedicure. This extra $100 saved per month adds up quickly—and you may not even miss the things you were spending on.
The Habit Jar
The Habit Jar trick combines money saving as well as motivation.
If you’ve watched New Girl, you know where we’re going. Have a habit you want to break or one you want to create? Set yourself up a savings account (or a physical container) to fill up when you work on that goal.
If you’re trying to commit to meditation, pay yourself $5 every time you do it. If you’re trying to order less takeout, add a dollar to the jar when you cook at home on Wednesday instead of ordering in. You’ll save money and do something good for yourself. A win-win.
The Spare Change Challenge
This challenge is straightforward. Collect your loose coins from your pockets, your car, and around your house, and put them in a jar. You'd be surprised how much your pennies, nickels, dimes, and quarters add up over 52 weeks. You can also round your purchases up to the nearest dollar every time you shop
In Conclusion
The thing about money, saving, and paying off debt is that it's rarely perceived as fun. As humans, we like a quick fix. However, the savings potential, in playing these (okay admittedly) somewhat silly savings games is huge.
More importantly, it helps those of us who aren't the best at saving money to get started—in a short amount of time.
Hopefully, in implementing daily savings goals, you'll create long-term saving habits that will make any piggy bank smile.
