While the traditional approach is to use physical envelopes, you can also create digital envelopes using budgeting apps or spreadsheet tools.

Use a mix of cash and digital envelopes:.

Related Article: Create a simple budget in under 10 minutes.

Analyze your spending habits and identify areas where you can cut back or save money.Ī budget will help you allocate funds to your envelopes. It’s important to have a clear understanding of your income and expenses. Whether it’s for a specific purchase, an emergency fund, or a future vacation, having a goal will help motivate you throughout the process. Here are some tips, both common and unusual, to effectively do the challenge:ĭetermine why you’re doing the challenge and what you hope to achieve. Tips to use FREE 100 Envelopes Tracker Challenge Printable Make use of any envelopes you have at home and write the amount you want to save on them as shown in the image above.Get our 100 Envelope Challenge Tracker Excel Worksheet in the shop.If you want to change the amount, you have two options. So if you pick up Envelope #37 on Day 1 of the challenge, you will save $37 in that envelope ( and then mark it as done). In this FREE 100 Envelope Challenge printable, I have set aside $1 for Envelope #1, $2 for Envelope #2, and so on. You can customize the amounts for the envelopes according to your preferences and financial capability. Can I customize the amounts for the envelopes? If you want to save for different goals such as $10,000 to $20,0000, get our Tracker Printables in the Shop. The goal is to save $5,050 in 100 envelopes. It has the amount listed in $1 increments. To keep things simple, use our 100 Envelope Challenge Tracker Printable. You can customize the amounts to fit your needs, whether it’s smaller increments like $1 or larger ones like $100. It depends on your financial situation and goals. The amount of money you assign to each envelope is flexible.

How much money should I assign to each envelope? This is the amount you save in each envelope. If your goal is to save $5200 this year, divide this amount by 100. The challenge works by assigning specific amounts to each envelope and contributing that designated amount regularly.Īs you progress, you save increasing amounts of money in each envelope, gradually building your savings over time.Į.g. How does the 100 Envelope Challenge work? The 100 Envelope Challenge is a savings technique where you use 100 envelopes to represent different amounts of money as a way to save and reach a financial goal.