100 Envelope Challenge – Fun $5000 Money Saving Plan

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Let’s be honest… sometimes you just have to make saving fun because saving money for another day can get kind of boring after a while.

Here at Money Bliss, we have plenty of money saving challenges to help you find the perfect one for you.

Today, we are going to bring you one that is very unique.

Have you seen the popularity of this money saving challenge take off on TikTok? If not, then you are missing out.

This saving hack has been going viral and does not seem to be going away anytime soon.

In this post, we will break everything you need to know to start saving money today.

Here is the 100 envelope challenge you have been waiting for! With the money saving challenge you can save 5000 or 10000 in 100 days. This saving money hack will break the charts!

What is the 100 Envelope Challenge?

The premise of the 100 envelope challenge is a very simple hack to start saving money.

You start off with 100 envelopes and label them with the numbers 1 through 100. Then place all of the envelopes in a special place like a container box, basket, file folder, or bag.

Each day, you will choose a new envelope, and you must put that amount of money in the envelope.

For example, if you draw the number 33, then you would put $33 into that envelope and seal it. Then the next day, if you draw the number 72, you would put $72 into that envelope and seal it. Then, continue this challenge for over 100 days.

And the best part is by the end of the 100 envelope challenge, you have saved $5,050.

Now, after 100 days, I would call saving $5,000 a huge win.

100 Envelope Challenge Math

How much money do you save with the 100 envelope challenge?

You need to the numbers behind everything so you truly understand how the 100 day money challenge is set up.

Let’s break down how the math works with this 100 envelope challenge chart.

100 Envelope Challenge Math - Visual Layout

At the end of the 100 day money challenge, you will save $5,050!!

Here is the math if you randomly pick an envelope each day:

  • Most you save in one week: $679
  • Least you save in one week: $28

Even if you do not finish the entire 100 days and quit on day 50, you will save at least $950. More than likely, it will be a higher amount (unless you are great at just picking numbers under $50).

This challenge is great for somebody who gets paid with cash on a consistent basis, like servers, bartenders, drivers, caddies, etc – any tipped employee.

Drawbacks of the 100 Day Money Challenge

Photo of a lady counting cash for her 100 day money challenge.

There are a few drawbacks, just like there are with any money saving challenge.

The first one is if you do not have access to cash readily. This can cause a problem to stuff your numbered envelopes with cash. If you manage your finances digitally, then it is much harder for you to find ways to actually physically stuff those envelopes with cash.

Another drawback of the challenge is what would happen if you picked #98 and # 99 on back-to-back days, you must save $197. That may be a challenge to have the extra cash available to do so. Especially if you pick #97 on day 3!

For instance, even for a tipped employee as a server who maybe makes $160 in a shift. That means over half of their cash would have to go straight to the envelope challenge.

Another drawback of this challenge is if you are struggling on living paycheck to paycheck, then attempting this challenge may just get you down and defeated. There is a possibility you may get behind on stuffing the envelopes, as you would randomly pick them.

Instead of being disappointed, you need to change the frequency of picking from an envelope every single day to maybe picking envelopes one to three times a week; thus, stretching out the 100 days a little bit further.

Overall, I truly believe that any way to make saving money fun is well worth the effort.

Even if you only make it through, thirty percent of the way through the challenge… guess what, you have 30% more saved now than you did without doing the challenge.

If you make it to 65% of the way, then you are saving more than you would without the challenge.

Supplies Needed for the 100 Day Envelope Money Saving Challenge

Photo of someone gathering the supplies for the envelope money saving challenge

The supplies needed for the 100 Day Challenge are not complicated and you should have most of them around your house.

Supplies Needed:

  • Envelopes – Plain old white envleopes work, but colored envelopes makes everything more fun.
  • Sharpie or Marker Pens – You need something to write with in order to keep track of those envelopes.
  • Cash – You need to figure out where you have the extra cash to stuff those envelopes. You may need to run to the bank quite a few times.
  • Stickers or Rubber Stamps – To make sure you don’t cheat and reopen a finsihed envelope.
  • Box or Container – Just make sure you have enough space for your envelopes!

Related Read: Best Cash Envelopes – Pick Your Favorite

Don’t want to make your own? Then, pick up these handmade envelopes from Desire Your Curves. Check out these 100 mini envelopes!

Also, it is super helpful to have a free printable 100 day challenge to keep you accountable! Don’t worry… we have you covered!

At the bottom of the post, you have the opportunity to download a free 100 day challenge PDF.

100 Envelope Challenge App

Picture of someone completing the 100 day money challenge digitally.

As of right now, there is no $100 envelope challenge app developed to make this cashless. However, you can do this challenge digitally and we will show you how to do it virtually.

In case you utilize a cashless envelope system, you may be wanting to do this challenge, but are not sure the best way to do it.

Here is how to do the 100 day challenge digitally:

  • Instead of using 100 envelopes, you could write on 100 pieces of paper, fold them up, and put them into a bag or box.
  • Every day you would draw out a new number (just like the normal challenge).
  • Make sure you have a separate savings account for the challenge.
  • Instead of placing cash into the envelopes, you will move money from your checking account to that separate savings account.

For example, on the first day, you pull out the number 53. Well, that means you would move $53 from your checking account into your newly open 100 envelope challenge savings account.

You are taking money from your normal spending and moving it away and into a savings account.

That way you are setting aside money, virtually into a different account.

100 Envelope Challenge $10,000

Photo of a stack of cash for the 100 envelope challenge $10,000.

One of my most popular money saving challenges is my 52 week money saving challenge to save $10,000. By far, this is my reader’s favorite.

I think it is because you are saving five figures! That right there is something to be excited about.

Are you wondering how can I save $10000 in a year challenge?

For this one, we are going to up the ante quite a bit on this 100 envelope challenge and taking it to the popular Money Bliss money saving challenge of $10,000.

Now, obviously, this challenge is not meant for everybody.

This challenge will work best for those who have way more disposable and discretionary income than they know what to do with. Their spending is out of control and they really need to learn to rein their spending.

This is a fun challenge that will help them learn what they are capable of saving.

Instead of labeling envelopes 1-100, for the $10000 100 day challenge, you will label them from 50-150 and skip the number 100.

With this $10k money saving twist, you will save $10000 in 100 days.

With the accelerated 100 day money challenge, you will save $10,000!!

Once again, this accelerated money saving challenge is not for everyone. But, those reading this know if they should push themselves to save even more money.

Are You Ready for this Envelope Saving Challenge?

Photo of a lady being encouraging on completing the 100 envelope challenge on your money journey.

All in all, this is the one great thing that social media can offer.

It brought around a brand new challenge for you new hack for you to start saving money.

The 100 day envelope challenge is a fun way to kickstart your money saving journey.

The 100 day money envelope challenge may be too aggressive for what you can do right now, so here are two great options to build those saving habits:

If you like the idea of this challenge here are some other money saving challenge ideas that you may enjoy more:

Serious Way to Make More Money

One of the best ways to improve your personal finance situation is to increase your income. Here are a variety of side hustles that are very lucrative. With time and effort, you can start enjoying the lifestyle you want.

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Know someone else that needs this, too? Then, please share!!

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