A money-saving challenge went viral on TikTok and other social media platforms with many users claiming that it helped them save a large amount of cash in a short amount of time.
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The 100 envelope challenge is a way to save $5,050 in 100 days, as previously reported by GOBanking Rates. To do the challenge, label 100 envelopes with the numbers 1 to 100. Each day, pick an envelope and put the amount of money written on the envelope inside. Not only is this a good way to start saving before the holiday season, but it’s also a fun savings tool to help you reach your financial goals. It’s simple and straightforward, but can you do it?
Collect 100 envelopes. They can be of any size or color but make sure the bills can easily fit inside.
Grab a pen or marker and label each envelope from 1 to 100. This is the dollar amount going into each envelope.
Store the envelopes in a box. There’s also a 100-envelope challenge kit available through Amazon, Kind Frugal reports, which includes the envelopes, a storage box, a space to write down your saving goal and a chart for tracking.
Pick an envelope at random every day.
Look at the number written on the envelope and put that amount of cash inside. If you draw a 10, then put $10 inside the envelope.
Keep track of your progress every day.
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TikTok user @baddiesandbudgets saved $20,000 in 2021 by doing savings challenges and side hustles. If you can’t afford to fill an envelope every day, she advises filling a few every paycheck.
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This article originally appeared on GOBankingRates.com: TikTok’s 100 Envelope Challenge Helps You Save Over $5,000 in 100 Days – Can You Do It?
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