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How To Do The 100 Envelope Challenge and Save $5,000 In Less Than A Year

How does an extra $5,000 sound right about now? If you say that could change your life, you are not alone. The reality is, that money could truly be yours in as little as 100 days from now. Actually, $5,050 to be exact.

100 envelope challenge

By now, it’s likely you’ve heard about the 100 Envelope Challenge which is the newest trend in the money management and finance world and is precisely how you’d get your $5,000.

This money hack has gone viral lately (and with good reason) because it leaves you with an extra $5,050 in your life.

This trend is perfect for saving on a down payment for a house, paying off debt, saving for a vacation, etc. The possibilities are endless!

100 envelope challenge

What is the 100 Envelope Challenge?

The 100 envelope challenge is a money saving challenge. You start with 100 envelopes and write one number from 1-100 on each envelope. You then shuffle the envelopes and place them into a bucket or basket.

Each day you draw an envelope and whatever number you draw, you place that amount of cash inside and you do this for 100 days until the envelopes are filled.

For example, if on day one you draw the number 67 you would deposit $67 into that envelope and seal it. If on day two you draw the number 3, you’d deposit $3 into that envelope and seal it and continue this for 100 days.

By the end of the challenge, you will have saved, $5,050!!

100 envelope challenge

What is the 100 Day Money Challenge?

The 100 day money challenge is just another name for the 100 day envelope challenge but it’s the same money challenge.

How can I save $5,000 in 6 months with envelopes?

This is also the same challenge. There are 182.5 days in 6 months so you can adjust the 100 day envelope challenge to take a little longer to complete. Or you can do the 100 day envelope challenge as-is and complete it in about 3.5 months.

100 envelope challenge

How Can I Save $5,000 in 3 months?

You can save $5,000 in 3 months by completing the 100 day money saving envelope challenge because that is about how long it takes to complete this challenge.

Now that you know what the 100 day envelope challenge is, I want to express that I find this a fantastic idea. However, I understand why this may not be a feasible option for many.

The idea of saving $5,000 in under 4 months sounds amazing and who wouldn’t want that?

But the reality is, not everyone has that extra money at their disposal (especially right now).

With that being said, I am currently working on another idea that will help make this challenge more obtainable but in the meantime, if you want to give it a try, here are some things you will need to get started.

100 envelope challenge

What You Need To Do The 100 Envelope Challenge

  • Envelopes – I really love the colorful ones because it just makes everything more fun
  • Black Sharpie – This is to write the numbers on the front
  • Cash (you can withdraw a certain amount each paycheck or run to the bank each day as needed)
  • Stickers – This is optional but is a fun way to seal your envelopes
  • Box or Container to Store Them In – I like to use a decorative photo box

In addition to the above supplies, I decided that it only made sense to have some sort of visual that will help you keep track of how many days you’ve completed.

So, I created a 100 Day Envelope Challenge Printable that you can color daily as you fill each envelope with cash! You can get that here.

100 day envelope challenge chart

Want another money saving challenge idea? Check out my 52-Week Money Saving Challenge with a free printable chart!


Sunday 27th of November 2022

What me and my wife have been doing is we take $20 each week in envelopes and we race to see who can finish before Christmas every year...basically a challenge of who can save more...we have an extra $2080 every year around the holidays


Monday 28th of November 2022

That is a great idea!


Sunday 16th of October 2022

My income would not work for this. It's good if you have extra money.


Friday 24th of June 2022

For people with less it in change! Nothing greater than $20.... Some people just pay cash and whatever change is left they save in a jar no matter what it is just pay each time with $10s or 20s


Friday 4th of March 2022

Those of you who are worried about the daily aspect of it another way to go about it is this. Still do 100 envelopes or write on 100 little pieces of paper (like if you were to draw from a hat or a bowl). If you get paid weekly, then on your pay day draw 7 envelopes or 7 slips of paper. If you're paid monthly pull 30 envelopes or papers, paid bi-monthly, pull 14. Easy, same principle, same process just do it all at once on your payday. P.S. whoever mentioned the piggy bank, brilliant! I don't trust myself with envelopes either :)


Wednesday 19th of January 2022

For the 100 envelope challenge I would number my envelopes 1-100 and just start saving from #1 to me that seems more easier than just randomly picking an envelope...


Sunday 16th of October 2022

@Sneha, thanks for that idea, that makes it more doable for me!!genius!


Wednesday 28th of September 2022

It’s a good idea but saving anything above $50 every day becomes tedious I have divided the 100 envelopes in 5 different sections like 1-20,21-40, 41-60,61-80,81-100 in different colors. I pickup 7 envelopes every week from 5 different colors and 2 from any color to balance my contribution. Cos anything above $50 daily would be difficult for me. Sometimes I have extra money.


Saturday 22nd of January 2022

You can totally do that! It doesn't matter how you save, it just matters that you save :)