![]() After filling all 100 envelopes, you will have cash equal to $5,050. ![]() After filling envelopes 1-75, you will have $2,850 saved.After filling envelopes 1-50, you will have $1,275 saved.After filling envelopes 1-25, you will have $325 saved.After filling envelopes 1-10, you will have $55 saved.To give you an idea of what your savings would look like, here is a general breakdown of the 100 envelope challenge savings: When you’re down, you’ll have $5050 you can use to pay off debt, use it as a downpayment toward a car, pay off credits cards, put toward retirement accounts, create an emergency fund, or any other of the many ways to spend money wisely! Simply have a bunch of envelopes and put money in. That’s it, the 100 day envelope challenge is that easy. Put that filled envelope aside (somewhere safe!).Whatever number is on that envelope, put that much cash in it.Pick a random envelope each day(you can use a random number generator too).Write the numbers 1-100 on them, one number per envelope.The idea behind the 100 envelope challenge is straightforward to do. Ok, time to get into the 100 envelope challenge (sometimes called the 100 day money challenge, too), how it works and helps save money. How Does the 100 Envelope Challenge Work? Then, once those envelopes have enough cash, anything extra can go toward non-essential or impulse spending. The idea is to focus on essential living expenses such as your mortgage, utilities, and food first. ![]() If an envelope does not have enough cash to pay the bill when the time comes, you don’t pay the bill or must take the money you would have spent elsewhere. Using cash to pay these bills, in theory, will help you spend less than you make. Then, you put cash into the envelopes for these bills each paycheck. The premise of the envelope budgeting system is to have an envelope for each bill you need to pay each month. The 100 envelope system is a budgeting method to help you spend less money, commonly promoted by its creator, Dave Ramsey. The inspiration for the 100 envelope challenge comes from the envelope budgeting system. Related: How Paying Off Your Student Loans Could Save You Money What Is the Envelope Budgeting System? The important part is to form any kind of money-saving habit when doing your money challenge, like the 100 envelope challenge. It sounds excellent to see how much you could save in theory, but if the money isn’t there, you can always tweak any challenge a bit. When doing a money challenge, it’s essential to find one that fits your personality, budget and saving strategy.
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