Saving money can be easier said than done. You may want to increase your savings, but it’s easy to get in trouble with your life. Sometimes the savings challenge is the best way to go, and the 200 Envelopes Challenge is a great option.
Explore what the challenge is and how you can tackle it.
What is the 200 Envelope Challenge?
The ultimate goal of the 200 Envelopes Challenge is to save $5,100 in 200 days. As you progress through the challenges, you’ll develop a habit of saving money every day.
Usage
The process begins by labeling four sets of 50 envelopes with numbers from 1 to 50. Choose a random envelope during each day of the challenge. The number on the envelope represents the amount you should save for the day.
For example, let’s say you draw an envelope with the number 20 on it. You can save $20 on the day. You can put your cash funds in the envelope.
At the end of 200 days, you will have saved $5,100.
Benefits of the 200 Envelope Challenge
Saving money isn’t always easy. The 200 Envelopes Challenge offers a way to start a savings habit.
more time
As opposed to the 100 envelope challenge, you have more time to raise funds throughout the process.
The 100 Envelopes Challenge is popular, but it is also challenging for many people. If you number 100 envelopes, the top edge of those envelopes can weigh on your wallet.
For example, saving $51 to $100 per day is difficult for most people.
In contrast, the 200 Envelopes Challenge only saves you up to $50 per day. This gives you more time to spread out your savings goals.
not aggressive
Choosing 200 Envelopes makes the challenge less aggressive than the 100 Envelopes Challenge. But over $5,000 saved, the result is the same.
If you’re worried about getting it working in just 100 days, don’t be afraid to act.
Either option will put you on your way to savings. But with extra time, you’re more likely to stay on course.
slow build up
Building savings over $5,000 isn’t always easy. It’s natural to find it difficult to save money.in fact almost Half of Americans are under $1000 Saved.
Spreading your savings goal over 200 days allows you to build up your savings relatively slowly.
It’s tempting to choose a compressed timeline, but that’s not always a viable option. Consider your savings capacity.
If you’re struggling to save, the 200 Day Challenge may give you the relief you need while increasing your savings.
Make progress and develop a habit of saving
Saving money is an essential habit for building a bright financial future. You can save money no matter what timeline you choose.
The savings challenge you choose is temporary. But the lessons you learn along the way will help you build lasting savings habits.
What you need to set up the 200 envelope challenge
If you want to get started, this challenge is easy to set up.
Supplies needed for traditional methods
Savers who prefer physical envelopes start by collecting 200 envelopes. You also need a marker. Also, a sticker or tape to seal the envelope may come in handy.
With your materials handy, number 4 sets of 50 envelopes, numbered 1 through 50.
Consumables required for digital methods
If you prefer the digital route, that is also an option.find random number generatorAt the start of the challenge, have the website generate random numbers for 50 days at a time.
You can deposit the appropriate amount into your savings account each day. Every 50 days, you have to run the sequence of numbers again or create another string of random numbers.
Either way, you can save money. The choice of digital or physical challenge is entirely yours.
Tips for Successful 200 Envelopes Challenge
Everyone loves the feeling of completing a challenge. Here are some ideas to help you reach the finish line.
don’t stress too much
Please remember that this is completely optional when completing the challenge. This challenge should provide a fun and motivating way to save money over time. Don’t let the challenge stress you out.
Instead, use it as a positive motivation to move toward your savings goals.
If you find yourself under too much financial stress, consider extending your challenge. For example, we may skip a few days to regroup before resuming the challenge. Even if it took you over 200 days to save this money, it’s a great feat.
Withdrawal from Discretionary Spend
discretionary spending Includes purchases you can live without.
For example, having a roof over your head or paying for transportation to work are non-negotiable costs. However, upgrading your phone or buying new clothes are considered discretionary spending.
The first place to find funding for your challenge is at your discretion. Look for things you can temporarily give up as you tackle challenges.
get creative and get money
Cutting your discretionary spending might only get you so far. As you tackle this challenge, you’ll need to be creative to reach your savings goals.
Some ways to make money include selling things around the house, picking up extra time at work, or starting a new side business. is the most accessible option. But my favorite option is to start the side hustle.
Starting a side business can change your financial situation. Topside hustle options include freelancing, bookkeeping, dog walking, and selling handmade products.
stay positive
A positive attitude can change everything. Even if you find it difficult to save money, staying positive can give you the motivation you need to keep moving forward.
One way to stay positive is to take the 200 Envelope Challenge as an opportunity. Instead of thinking of challenges as resource strains, think of them as stepping stones to a brighter economic future.
It’s okay if you can’t clear it within 200 days! Life can get in the way of completing your challenges. Instead of giving up completely, consider giving yourself extra time to reach your savings goals.
Be realistic about your situation. And remember, saving money is better than skipping challenges.
200 envelope savings chart
Use this chart to track your first 50 days of the challenge and repeat 3 more times until you reach your goal.
Days 1 to 10 | $1 | $2 | $3 | $4 | $5 | $6 | $7 | $8 | $9 | $10 |
D.Days 11 to 20 | $11 | $12 | $13 | $14 | $15 | $16 | $17 | $18 | $19 | $20 |
Days 21 to 30 | $21 | $22 | $23 | $24 | $25 | $26 | $27 | $28 | $29 | $30 |
Days 31 to 40 | $31 | $32 | $33 | $34 | $35 | $36 | $37 | $38 | $39 | $40 |
Days 41 to 50 | $41 | $42 | $43 | $44 | $45 | $46 | $47 | $48 | $49 | $50 |
Save 5,000 and reach your money goal!
The 200 Envelope Challenge will help you make a decent amount of money. For many, a challenge is an opportunity to start a long-term savings habit.
Stay positive when overcoming challenges. Be proud of what you’ve raised, regardless of how much you’ve saved.