How to save money using the envelope challenge

by Dideka Njemla

This savings challenge is an easy to follow method that has gone viral on social platforms such as TikTok and YouTube and it remains spoken of by many people.

This easy to follow method starts off easy and encourages both discipline and money management skills in the lives of many young adults who are looking to save money for their year end goals.

According to Fidelity Smart Money – a website that provides financial news and financial tips – the key takeaways of this 100 envelop challenge is to introduce an element of fun to saving money. This hack that originated on TikTok has helped people save over R50 000 within the duration of year.

While everyone wants to reap these benefits, many people find it hard to begin with this challenge and maintain discipline throughout the year.

Now that we are facing the last few months of 2023, the beginning of this upcoming year would be a great time to begin this challenge and set a great investment aside for whatever goal you are hoping to achieve.

We are quite aware that the inflation rates and high cost of  living can catch one off guard. However, maintaining discipline in this 100 envelop challenge will definitely reap you benefits. The savings achieved in this challenge can aid towards solving all your debt problems and even be used for emergency funds and so much more.

Picture: Pexels

The 1oo envelope challenge goes as follows:

  • Gather 100 envelopes.
  • Label each one of these envelopes from R10 to R1000.
  • Start off the challenge by placing R10 into the envelope labelled R10.
  • The time you fill your envelope place a R20 and follow the consecutive order after each fill.
  • The goal of this challenge is to reach the final envelope which is labeled R1000.
  • Keep a notebook aside and keep track of your calculations.

TikTok user Frans Motloung explains and gives a visual representation of the 100 envelope challenge.

WATCH: 

@fransmotloung 100 envelope challenge on progress… #piggybank #savings #bank #100envelopechallenge #money #finance #SAMA28 #savingchallenge2023 #savingchallenge #cashstuffing #cashstuffingenvelopes ♬ original sound – Frans Motloung

Get saving, remain focused and watch your investment grow.

Also see: Money saving 101: Steps to help you save more