How does an extra $1,275 sound? If you say that would life changing right now, then this is for you. You can have that extra $1,275 in less than a year and I’m going to show you just how to achieve your savings goal.
You’ve likely heard of the 100 Envelope Savings Challenge or even the 200 Envelope Savings Challenge. Both are designed to help you physically save money.
This Envelope Savings Challenge has been a popular way to save money in a way that is fun and different than just throwing money into an online savings account.
This money savings challenge makes it easy to save for a down payment on a house, an emergency savings, for a vacation, a wedding or nearly anything you need extra cash for.
What Is The 50 Envelope Challenge?
The 50 envelope challenge is a money saving challenge. You start with 50 envelopes and write one number from 1-50 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 50 days until the envelopes are filled.
For example, if on day one you draw the number 17 you would deposit $17 into that envelope and seal it. If on day two you draw the number 8, you’d deposit $8 into that envelope and seal it and continue this for 50 days.
By the end of the challenge, you will have saved, $1,275!!
How much money do you save with the 50 envelope challenge?
If you save chronologically with each envelope, you will save $1,275 doing the 50 envelope challenge.
What You Need To Do The 50 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
- Money – Make a budget and try to come up with extra money.
In addition to the above supplies, I created a 50 Envelope Challenge printable that will help you keep track of how many days you’ve completed.
It helps you keep track of how much each envelope will have and how much money you have as you complete the challenge. You can simply cross off each envelope as you fill it with that amount.
Want another money saving challenge idea? Check out my 52-Week Money Saving Challenge with a free printable chart!