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The 100 Envelope Challenge is a way to gamify saving money. Each day for 100 days, you'll set aside a predetermined dollar amount in different envelopes. After just over 3 months, you could have more than £5,000 saved.
Specifications:
Size: A5
Package:
1 PC * Budget Binder Book
1. Label 100 envelopes from 1 to 100 You can be as creative with this as you wish.
2. Put your envelopes in a container You can either keep them in numeric order or mix them up. Many people prefer to pick envelopes randomly to make the amount they save each day a surprise.
3. Pick 1 envelope each day The number on the envelope you choose is the amount of cash you should stick inside of it. For instance, you'd put £3 inside envelope 3 and £98 inside envelope 98. After you put the proper amount of money in the envelope, seal it up and place it somewhere safe.
4. Take stock of your savings At the end of 100 days, you'll have 100 envelopes containing £5,050. That's right 1 + 2 + 3 + 4 and every other number through 100 equals just over £5,000.
5. Make good use of your envelope cash You could use your savings from this challenge to start your emergency fund, if you don't already have one, to finance a special savings goal (vacation), or as the start for a large financial goal, like a home down payment, kid's college fund, debt repayment, or retirement savings.