I’m saving £5,050 in a year with the 100 envelopes challenge – it lets you save from £1 & I’m not tempted to spend
DO you want £5,050 by the end of the year but find it hard to save?
A savvy woman has shared how she swears by using the 100 envelopes saving challenge in order to put money aside.
In a clip on her @emjaynee account, she shared how she has a chart which has circles with the numbers one to 100.
She then has pouches which correspond to each circle, and you have to put the number on the circle into your “envelope”.
This means putting £1 in for the first circle, £10 in for the tenth circle, all the way up to £100 for the 100th circle.
Once you have ticked off all the circles, you’ll be left with £5,050.
More on saving
Em explained: “If you find it hard to save money then you need to try this.
“I don’t know what it is, but this saving challenge just makes saving so much more fun.
“For me I think it was just seeing and holding the money instead of seeing a number in my bank account.
“Saving doesn’t have to be boring.
“The best part of this challenge is you will have £5,050 at the end.
“Just think of all the things you could do with that money.”
She showed herself ticking off the circles for £100, £60, £30, £10, £5 and £1 which she thought was “pretty good” for her first time.
In total, she added £206 to the pouches, which Em explained was money she had been given for Christmas.
And she has a clever trick to prevent her spending the cash when she is tempted.
Em continued: “As you can see, I have used tape to secure that money just in case I do get a little bit tempted.
“But I honestly don’t think I will because I’m really excited for this challenge and I’m determined to finish it.
“This was week one for me, I only went in and filled the biggest amount first which was £100.
“I thought I have it now, I might as well get it in there.
“I’ve seen a lot of people do this in order when it’s £1, £2, £3, as much as it looks better to colour in the numbers, I can’t be a***ed.”
While £5,050 could be great to go towards a house deposit, car or even Christmas at the end of the year, Em shared her exciting plans for the cash.
She shared: “I think this money is going to go towards my dream trip to New York.”
If you are inspired by this, there are a number of other cash-saving tricks to try.
Another saving method that has been making waves is the penny challenge, which means you’ll have £667 by the end of the year to pay for Christmas.
READ MORE SUN STORIES
One woman shared her easy 5p challenge which helps you to save £3,000 in a year.
Meanwhile, here are six savings challenges to take in 2024 and how you could save thousands.
