Cash saving challenges are a good way to focus in the direction of a aim and provides your financial savings a lift.
There are a great deal of cash saving ideas and challenges round – from the 1p problem to £1k in a single yr financial savings problem.
However, the 100 Envelope Problem is getting a variety of consideration proper now amongst the cash saving neighborhood. Particuarly because it took off on TikTok and many individuals have began to query if it’s value beginning.
It’s enjoyable and straightforward to do and might be a good way to avoid wasting a excessive amount of cash.
What’s the 100 Envelope Problem?
The 100 Envelope Problem includes numbering envelopes 1 – 100 after which stuffing these envelopes with the corresponding quantity in money. In case you pull envelope quantity 11, 38 or 75 – it is advisable to stuff that money inside (so £11, £38 and £75).
It’s a massive aim to have however think about how nice you’ll really feel once you hit your goal.
How a lot can I save?
The 100 envelope problem goals that will help you save £5,050 in a yr. That is round £420 per thirty days.
If this isn’t for you’ll be able to alter the problem or alter the time interval.
The concept of any cash saving problem is to have enjoyable, preserve your self motivated and hit your goal.
How do I begin the 100 envelope problem?
Work out whether it is sensible to avoid wasting that amount of cash. The place are you able to reduce? Can you’re taking packed lunches to work, or cycle somewhat than drive.
Maybe you’ll be able to give attention to a facet hustle to usher in a number of bob every week.
Begin by checking for those who realistically assume it can save you £5,050 in a yr. If you break it down, saving £5,050 works out at saving simply over £13 per day.
A straightforward approach to economize is to chop out unhealthy spending habits. Minimize out each day espresso takeouts, magnificence therapies and impulse procuring.
How does the 100 Envelope Problem work?
Use 100 numbered envelopes (numbered 1 – 100) and save the quantity on the corresponding envelope.
The problem is to choose two envelopes every week and attempt to discover that cash to avoid wasting. You may decide envelopes 15 and 82, or 44 and 12.
Some savers draw the envelope in the beginning of the week and problem themselves to search out some further kilos within the week.
You should buy colouring books (not envelopes) on Amazon (or seize a free printable to trace what you’re doing beneath).
When it comes to the envelopes themselves, you’ll be able to decide them up cheaply sufficient on Amazon or head to your nearest pound retailer.
Money or digital financial savings?
You are able to do this problem utilizing money in bodily envelopes or digitally.
Money can go well with some folks higher. Or you’ll be able to arrange a digital checking account comparable to Chip or Monzo and switch your envelope cash to that account.
Print off a tracker at dwelling to mark off how a lot you’ve gotten saved.
Ideas for finishing the 100 Envelope Problem UK
Break up the envelopes into two piles – excessive and low quantities, so you’re taking one envelope from every pile.
Selecting envelope 85 and 76 may a bit too ambitions in a single week!
Select the the envelopes at random or particularly – when you have simply received paid strive a better quantity and put that quantity away.
Make the cash saving problem enjoyable – for those who skip a takeaway or minimize down in your petrol use, use that cash to pop into considered one of your envelopes.
Improve your revenue
Take an excellent take a look at your family price range and realistically see if you can also make any financial savings. Cancel subscriptions, or do your personal hair at dwelling to avoid wasting cash.
Hold observe of your progress
Hold that motivation going – in case you are struggling then seeing how far you’ve come is usually a actual increase. Saving cash might be enjoyable.
Use a verify listing and tick off every quantity you handle to avoid wasting.
Right here’s a free printable so you’ll be able to observe your progress.
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An excessive amount of? Attempt the 50 Envelope Problem
In case you don’t assume you’ll be able to afford to avoid wasting this quantity, one other cash saving hack is to finish the 50 envelope problem.
Merely minimize the problem in half – utilizing 50 envelopes and label them from 1 – 50 and open only one per week, and place the corresponding quantity in there.
With the 50 Envelope Problem you’ll nonetheless save a large £1,275 in just below a yr!
Or, slim down extra and check out the 25 envelope financial savings problem.
Or, save £2 cash, or pop all of your 50p’s in a jar.
Why not give this a go – you is perhaps stunned at how a lot it can save you.