52 Week Money Saving Challenge + Printable Sheet - Plain Everything (2024)

FAQs

How to save $5000 in 3 months with 100 envelopes? ›

The 100-envelope challenge is pretty straightforward: You take 100 envelopes, number each of them and then save the corresponding dollar amount in each envelope. For instance, you put $1 in “Envelope 1,” $2 in “Envelope 2,” and so on. By the end of 100 days, you'll have saved $5,050.

Match each week's savings amount with the number of the week in your challenge. In other words, you'll save $1 the first week, $2 the second week, $3 the third week, and so on until you put away $52 in week 52.

Setting realistic savings goals is essential to ensure that you don't set yourself up for failure. One way to do this is by breaking down your target amount into smaller milestones. For example, if you aim to save $10,000 in three months, you can divide it into monthly targets of $3,333.

If you saved $1 a day for a year, do you know how much money you'd have? Roughly $30,000. This is totally 100% true.

The 52-week savings plan

If you're new to the 52-week money challenge, the first month or so you might wonder if it will take 52 years to see progress because you start so small. But know that this savings plan is effective, and it can help you sock away more than a thousand dollars in a year — $1,378 to be exact.

There are no complicated rules to remember. Week 1, you save $1.00. Week 2 you save $2.00, and it continues through the year, adding one more dollar to each week's savings goal. By Week 52, you'll set aside $52.00, which will bring the year's total savings to $1,378!

It works like this: Gather 100 envelopes and number them from 1 to 100. Each day, fill up one envelope with the amount of cash corresponding to the number on the envelope. You can fill up the envelopes in order or pick them at random. After you've filled up all the envelopes, you'll have a total savings of $5,050.

How to save $5000 in 100 days? ›

The 100-envelope challenge can make it fun to dedicate more cash to savings. Using envelopes labeled 1 to 100, you could set aside more than $5,000 over 100 days. If you can't afford to stash that much, you could halve the amount of cash you set aside or stretch out the number of days the challenge lasts.

Having a limited budget isn't a good enough reason not to save. With the 365-day penny challenge, you'll set aside a penny amount based on the day. For instance, day 1 – one penny, day 2 – two pennies, so on a so forth until the end of the year. At which point, you'll have almost $668 in the bank.

It's easy to save a penny, right? Save $0.01 on day one and $0.02 on day two, continuing to add another penny to your savings goal each day. The penny challenge can save you over $600 in just a year!

Instead of thinking about saving $10,000 in a year, try focusing on saving $27.40 per day – what's also known as the “27.40 rule” because $27.40 multiplied by 365 equals $10,001. If you break this down into savings per day, week, and month, here's what you're looking at in terms of numbers: Per day: $27. Per week: $192.

After you put the proper amount of money in the envelope, seal it up and place it somewhere safe. 4. Take stock of your savings At the end of 100 days, you'll have 100 envelopes containing $5,050. That's right—1 + 2 + 3 + 4 and every other number through 100 equals just over $5,000.

You can save over $5,000 in just over three months with the 100 envelope challenge. It works like this: Gather 100 envelopes and number them from 1 to 100. Each day, fill up one envelope with the amount of cash corresponding to the number on the envelope. You can fill up the envelopes in order or pick them at random.

The time it takes to save $5,000 depends on your income, expenses and how much you can realistically set aside each month. For the three-month challenge, it requires saving around $1,667 per month.

You'll need to save approximately $1,667 per month to reach your three-month goal. A monthly goal is a great place to start when setting larger financial goals. Because a month feels like an incredibly natural timeline for many of us.