AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |
Back to Blog
Envelope money challenge12/20/2023 ![]() Plus, you’ll also be able to enjoy peace of mind knowing that you’re covered. Having cash on hand for a rainy day can help to make sure that you’re prepared to handle any financial emergencies. This is a killer choice! Start an Emergency Fund If you want to make your money work for you, why not invest it in a Roth IRA? This magical investment vehicle allows your money to grow tax free, and also you can withdraw everything tax free at the age of 59 ½. Here are a few ideas on what you can do with the money from your challenge. And since it’s your challenge, YOU get to decide where to put your $5k. The best part of any challenge is deciding what to do with all of your extra savings at the end. What should you do with your extra money? Encourage your friends and family to save more by joining you in this money challenge. Money challenges are ALWAYS more fun when done with others. If you really want to save a higher amount of money, you could do this challenge for a full year (that equates to $66,795 btw!!!) Challenge Your Friends Just adjust the envelopes so that the highest amount is equal to the number of days for the challenge. You can do this challenge for as many days as you want. Just make digital transfers each day to your High Yield Savings Account to earn some extra interest on that resting cash. Not everyone likes to carry cash these days, myself included! But that doesn’t mean you can’t participate in this challenge. Pulling 2 envelopes per week means you’ll have just over 5k in one year instead of 100 days. If you don’t quite have the cash to fund 7 envelopes a week, you can totally cut down to 1 or 2 envelopes a week. Here are a few fun variations of the envelope challenge to try… Pick Fewer Envelopes You are the game commissioner, participant, and also the judge! (and hopefully – winner!) The best part about money challenges is that with a little creativity, you can totally make them your own. After you’ve slipped cash into all 100 of the envelopes, the challenge is complete! Variations of the envelope challenge to try: Select 1 new envelope from the original pile, put cash into it, and move it to the completed pile. Whatever the number is on the envelope, stick that amount of cash into the envelope, and set it aside in another box. On the first day of the challenge, select 1 envelope and look at the number on the front. You could also place them in a box and shake it up. Randomly shuffle all the envelopes and place them face down. You can even get your kids involved if you have them! Turn it into a fun activity with some colored pencils or glitter pens. You can get as creative here as you want. ![]() ![]() ![]() ![]() Grab your envelopes and label them 1-100. It’s probably one the easiest money challenges to set up… You can get everything ready in about 15 minutes, and all you need are some envelopes, a savings account, and a good attitude! It gives you something to weigh your purchases against, resulting in more mindful spending! Plus, having a fun challenge to work for forces you to think about your money every day. We’re all about gamifying your finances, and the 100 envelope challenge helps you save just over $5,000 ($5,050 to be exact) over the course of 100 days! It’s a self-directed game people use to accelerate progress on any of their biggest money goals. The 100 envelope challenge is a fun way to save money quickly. So what if I told you that there was a way that you could save up to $5,000 in 100 days, all while spicing up your personal finance life? What is the 100 envelope challenge? Most of the time, us money nerds love crunching numbers, clipping coupons and enjoying our budget date nights. Paying bills on the same day each month, balancing spreadsheets, and lots of math… I’m getting sleepy just thinking about it! □ Sometimes, getting your personal finances sorted out can leave you feeling bogged down. ![]()
0 Comments
Read More
Leave a Reply. |