![]() What is important is finding the appropriate savings plan that you can be consistent with for the entire year. There are various savings challenges available that can help you build your savings. Instills discipline with your funds, strengthening your focus and consistency towards preserving money. If you can save 6 - 12 months as emergency funds, the better. how can I afford it as opposed to it is too expensive.Įnables funds to be available for emergencies - build an emergency fund covering 3 - 6 months of your living expenses, or the reverse, 3 - 6 months of your current income. Opens up possibilities and thinking from a perspective of excess and opportunities. ![]() ![]() The goals should be SMART - Specific, Measurable, Achievable, Relevant, Time-bound. It allows you to plan your funds for future endeavors - setting goals for your money. It gets you in the habit of putting money aside and not spending your entire monthly salary. You can attempt to organise your finances using the 50/20/30 rule - 50% should go towards fixed expenses - necessities, 20% towards savings and investments and 30% should be reserved for any additional costs that vary such as petrol, groceries, entertainment, eating out, etc - lifestyle choices. This plan would last two weeks at best for me, as-is.) But that doesn’t mean that you don’t want to save some extra money.Savings - the act of putting money away in a safe place to use it in the future.Įvery individual should endeavor to have some form of savings and an understanding of a budget - the exact amounts of monthly financial expenses & deductions, so that you can clearly deduce income and expenses, as well as funds remaining or not at the end of the month. Now, I know some of you are out there thinking, “I don’t want to deal with weekly trips to the ATM or buying a bunch of envelopes.” (I know that because you are my people. It’s okay to make this a 52-week money challenge instead! No Envelope Challenge Variation Since there are 52 weeks in a year, you have two weeks of wiggle room-you could put an envelope back in the box on a week where you can’t fill it, or take a week off for vacation. Unless you make a video of yourself doing that.īut if your luck runs the other way and you pull two easy amounts, consider going into “expert mode” and pull a third envelope, if you can.Īlso, this challenge has you finishing the challenge in 50 weeks when done as planned. And you might make an “uh-oh” face and drop one back into the box in order to choose another one, like Hannah does in the video. If you pull out envelope number 92 and 99, you might wonder why you ever thought this was a good idea. Now, obviously, some weeks are going to be easier than others. That’s a nice amount of money! Tips for making the 100 Envelope Challenge Work At the end of the challenge, you’ll have 50 filled envelopes containing a grand total of $5,050. Place your full cash envelopes in a second box, envelope, safe, or underwear drawer. Or if your printer is uncooperative it happens.) (You could also create a 1-100 checklist on a sheet of paper if you are averse to helpful and adorable printable worksheets. Once you’ve filled that week’s envelopes, color in a coin on YNAB’s free 100 Envelope Challenge Printable Tracker. Maybe you’ll just take that amount of cash from your bank account, or maybe you’ll work a little harder to reduce your expenses by that amount for the week (bye-bye, Dominos, hello DiGiornos), or perhaps you’ll post stuff you don’t need on Facebook Marketplace-make “finding” the money part of the fun. That number on the front? That’s the dollar amount you’re going to stick inside and you have all week to do it. Step Four:ĭraw two random envelopes from the box at the beginning of each week. Shuffle/mix/rearrange your envelopes and toss them all into a shoebox. ![]() Label each envelope with a number between one and 100. Here’s how it’s done: Step One:īuy 100 Envelopes (This part cost Hannah $10.49, for the record.) Step Two: It’s just a way to save money, really, but the method used makes it more like a game. The 100 Envelope Money Saving Challenge (also known as the Cash Stuffing Saving Challenge) is a fun personal finance trick that’s been going viral on TikTok and beyond. Would you rather watch than read? Learn more about the cash stuffing saving challenge on Heard it From Hannah What is the 100 Envelope Challenge? ![]()
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