52-Week Money Challenge (Save $5000 + Free Printable) (2024)

FAQs

How can I save $5000 with the 52-week money challenge? ›

The 100-envelope challenge is pretty straightforward: You take 100 envelopes, number each of them and then save the corresponding dollar amount in each envelope. For instance, you put $1 in “Envelope 1,” $2 in “Envelope 2,” and so on. By the end of 100 days, you'll have saved $5,050.

You can save over $5,000 in just over three months with the 100 envelope challenge. It works like this: Gather 100 envelopes and number them from 1 to 100. Each day, fill up one envelope with the amount of cash corresponding to the number on the envelope. You can fill up the envelopes in order or pick them at random.

If you saved $1 a day for a year, do you know how much money you'd have? Roughly $30,000. This is totally 100% true.

If you want to save $5,000 in one year, you'll need to save approximately $417 a month. That's about $97 a week.

The first thing we need to know is how much $100 per week works out to on an annualized basis. There are 52 weeks in a year. That means that, after a full year of saving, $100 per week adds up to $5,200.

Sticking with the "$2,500 in six months" example, you know it will take you $417 a month to save that amount. If you can already save $150 easily, you'll need to save only an extra $267. That money will come from reducing expenses or adding to your income – or a combination of both.

What is the envelope budget trick? ›

To begin, a good rule to follow is the 50/30/20 method: 50% of funds go to needs, 30% wants and 20% to financial goals. Make an envelope for each category that applies: rent, utilities, phone bill, gas, groceries, emergency, savings and leisure. Put aside cash in each envelope corresponding to the amount used.

There are no complicated rules to remember. Week 1, you save $1.00. Week 2 you save $2.00, and it continues through the year, adding one more dollar to each week's savings goal. By Week 52, you'll set aside $52.00, which will bring the year's total savings to $1,378!

Key takeaways. The 100-envelope challenge can make it fun to dedicate more cash to savings. Using envelopes labeled 1 to 100, you could set aside more than $5,000 over 100 days. If you can't afford to stash that much, you could halve the amount of cash you set aside or stretch out the number of days the challenge lasts ...

If you save $11-12 every weekday, for 52 weeks of the year, you get about $3,000. Now, if you also eat out a lot for dinner, eating in for dinner would save you just as much. And if you eat out on weekends, your total amount saved by cooking for yourself could reach $7,500 or more.

Week 1, you save $1.00. Week 2 you save $2.00, and it continues through the year, adding one more dollar to each week's savings goal. By Week 52, you'll set aside $52.00, which will bring the year's total savings to $1,378!

Benefits of the 52-week savings challenge

Helps you identify your spending habits as you find ways to save each week. You can start it at any time of the year, although aligning it with the New Year can make it a productive resolution.

With this challenge, you save weekly rather than daily. And this amount goes up incrementally. Essentially, you save £1 for each week you are on in the year. So week one = £1 and week 52 = £52.

Set aside an envelope or wherever you would like to save your money in. The first week, put $1 in it, the following week put $2, continue adding an extra dollar each week until you get to week 52 adding $52. You will end up with a total of $1378 at the end of the year. This is a Digital Download - No Physical Product…