Want to have $5 thousand in cash by the end of summer?
A new hack might be the way.
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It's called the 100 envelope challenge, and although the concept has been around a long time, this adds a good visual.
It starts by labelling 100 envelopes from 1-100.
Every day, you put in the amount corresponding to that envelope number.
Day 1, you deposit $1
Day 2, you deposit $2
Day 3, you deposit $3 and so forth.
By the time you reach the end, you're supposed to have $5,050 put aside.
In an interview with the Huffington post, budgeting expert Andrea Woroch says tips like these can help because it turns saving into a game, and you have a clear path and goal to follow, which reduces the mental load of planning and staying focused."
You're more likely to put the cash in the envelope than use your spare bills for coffee or something you don't need.
Using physical cash is great for more visual people, but you can also make the method digital by transferring cash from your chequing to your savings account.
The envelope method was made popular by content creator Milly (@budgetwithmilly) on TikTok, where she has a treasure trove of budget-saving tips.
@budgetwithmilly I loved doing this challenge with my boyfriend 💕
♬ original sound - Budget With Milly
Feature Image from Pexels by Karolina Grabowska
