How Does The 100 Envelope Challenge Work | Save $5000

When I first started saving money their wasn’t anything I wouldn’t try. I tried the get piggy banks without an exit, the save 10% when you get paid, and they all had one thing in common. They worked and once I got the money, I would spend it as a reward. Its like going to the gym once a week and then having 6 cheat meals as rewards.

But however this challenge is the 100 envelope challenge, and it takes 100 days to complete. And you could save a little over $5000. And I’m going to tell you how it works, and why it works, and what to do with the money.

Chapters:
0:00 Intro
1:27 What Is The 100 Envelope Challenge & How It Works
6:53 Why It Works
9:09 My Twist On The Challenge
13:07 Outro

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1. How it Works and How long it Takes
- The idea is for you to get 100 envelopes and then label them from 1 – 100$
- And the goal is simple, you put the specific amount in each envelope until you get to 100
- Now the idea is that you can start today and be done 100 days also know as 3 months and 9 days ( which in my opinion is not that bad but its also a long time )

This reminds of something a lot of Hispanic people do ( my mom, uncles and family members do something called a San )
- And they get this piece paper with all these numbers and every week when they get paid they have circle a number and give that amount of money until they run out of numbers
- And at the end of the game, you get the amount of money, sometimes its 1000 or 5000 or even 10,000 depends on what you choose

For example:
- Its like one of those numbers sheet you got in kinder garden
- So you have 1-100 and 1-200 ( now the 1-100 gives you $5,050 and the 1-200 give you 20,100)
- So you would print out the paper and circle or cross the numbers you’ve done

Warning: on rushing the process
- This usually last the amount of numbers in days
- But some people might want to do it faster
- I think the best way to do it is ( to use the big numbers during good times and save the smaller numbers during bad times )

2. Why it works ( habit )
- Scientifically proving this actually makes sense
- According to James Clear the Author of Atomic habits, the best way to develop a habit is to start small and take incremental steps
- And according to common practice, its takes around 21 days to 66 days to build a habit and for you brain to really get use to saving money
- So because of those two factors this works very well

3. What to do with the Money
- It makes me sad, when I see someone work very hard to save this much money, and the only ideas they have is to go on vacation or something like that
- or they stop saving and before you know it fall back into their normal bad habits

So Here is my advice:
- I would put a twist on this challenge if you are in debt. Use the envelopes or the number sheet, and commit to paying that much money extra towards your debt ( that’s going to save you a lot of money in interest and finally get you out of debt )
- Second Twist: If you are debt free, you can use the envelope method to save for your 3-6 months emergency fund ( once you’re don’t put the money into a savings account
- Third: use the envelope method to start investing money and saving up for a down payment on a home ( once you start investing and buy your home, keep using it to pay extra towards the home and finish early )

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*Some of the links and other products that appear on this video are from companies in which Tommy Bryson will earn an affiliate commission or referral bonus. Tommy Bryson is part of an affiliate network and receives compensation for sending traffic to partner sites. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available. I'm an Accountant but I'm not your Accountant, always review information with your Accountant/CPA and your Financial Advisor.

[gossman]

I went through 45 years saying that the most cash I ever had was $3700.00. But as the beginning of 2022 I'm saving $500.00 a month. and Right now, I'm glad to say I have $7, 880.00 so far saved up.

[jaylow]

I am 21 years old and started this challenge 3 days ago. I’m working towards saving enough to rent my own apartment 🤗😊

[KieshaSherrice]

My husband and I started this a few weeks ago. We numbered our envelopes 10-110. We shuffled them and pull 2 each on our paydays. We also created a bonus envelope for times we come across extra cash. Hoping to use the funds to put towards our first home.

[Jurneeme]

My husband and I did a money saving challenge. We used the money to pay off our 5 year car loan 3 years early. The rest we used for the down-payment on our home. We saved over 20 thousand, we did a 5 thousand challenge but double up on whatever they asked to put away.

[alisakagen]

you can also do this challange based on when you get paid as opposed to daily. So it will take longer but you save from each paycheck instead of everyday

[imgonnagetyoazz]

I cant do the 100 envelope challenged because I am on a very tight fix budget but I decided that if I did it as a month to month challenged for example day one is one dollar and day 31 is $31.00 but when the next month hit I start back at day one is one dollar. Do this for the whole year I can save as much as the 100 day challenged. And for someone who doesn't make a great amount of money I find it would be easier to collect smaller amount over bigger amount of money.

[gossman]

I have been doing a savings plan, where I save 100 notes of every money denomination. So 100 notes
of the ones, 100 notes of the fives and so on. By the time you collect 100 of every denomination
you'll wind up with $18, 600. I just started and all I have so far is 100 notes of the ones, and
100 notes of the Fives and started on the tens. Then once I accumulated 100 notes of a particular
denomination, I'll put a money label around it. Can't wait to save. It's addictive.

[blakeyoung]

This way of saving is great!!!! I did 10 envelops ($50-$950) I’ve saved $70k so far

[starwars]

I just began this challenge this month.
I already save $200 a month, goes into emergency savings, but decided to try this to build up a down payment. Hope it works out.
I decided to go the 1-100 and put money into X envelope every four days.
Tip; get a calendar and write the envelope days down. Helps you keep track and stay motivated.

[NarinEmre-dcup]

><>This is a very interesting and informative video.
Are you someone who reads as much as possible about potential investments and asks questions about them? If so, maybe you don't need investment advice. However, if you are busy with work, children, or other responsibilities, or if you feel that you are not knowledgeable enough to invest on your own, seek professional investment advice.<>

[charminbutterfly]

I did something similar to this. I wrote down the number of weeks in a year. I was waitressing at the time. Depending on what I made, I'd check off what I put aside. Did this for about 6 months. I was able to save enough to pay for a new used car, title, tags, new tires, gave it a tune up, tented windows and still had a few thousands $$ left. I did have to displine myself as like to spend money 😉😉 I managed it. It was easier since I was waitress. If I made 100 $ if I didn't need gas or cigarettes I'd put in most of it and kept at least 20 $. Did this twice and second time bought a truck. Then I stopped.

[robertpearce-bailey]

I'm starting this challenge in the new year with a few little tweaks. I'm going to spread it out over the course of the year so every 3 days rather than every day.

[jeromeangelina]

Hit 120k today, Thank you for all the knowledge and nuggets you had thrown my way over the last months . Started with 14k in January 2021.🍾🍾🍾🍾🍾🍾💰💰💰

[fabelafamily]

Thank you so much for this video! I have been so confused with other videos. You broke it down perfectly. I am starting this Friday.

[TrendSettaRico]

I saw this elsewhere month's ago on Facebook and took a screenshot thinking about it. Then today your video popped up and I take that as confirmation of a sign that i need to listen to so my household will be doing this. Thank you and continued blessings to you and yours! Subscribed

[LoniLoni]

In Jamaica it’s called a partner or pardna where people come Together in a group and give their part of the group savings. I believe for Haitians it’s called a Susu

[tinabranch]

Thank you young man 😊I’m going to take this challenge and use it to pay off my credit cards. So happy I found this. I love a good challenge and this is great. New subbie 😊

[omi-omivansulli]

I'm starting this tomorrow
Ive been making lots of money over the years and have nothing to show for method your explaining how to save and also develop positive habits sounds like a challenge I'm interested in....im actually feeling inspired to challenge myself !

[FingersCrossed]

I just started this challenge last week. I'm retired and debt free. Haven't figured out yet what to do with the money yet. Love your positive energy.

[BlooMadame]

Just started the challenge today 🥰I cant wait to pay off the rest of my small debts and start my investment account... so glad I found your channel It's onward and ioward from here thank you so much