Have you seen those viral videos of people saving money in envelopes labeled 1-100?
If so, then you probably have a good idea of what the 100 Envelope challenge is.
But, if not, you can read all about the 100 envelope challenge here.
Today, I want to share a way to level up the 100 envelope saving challenge, so you can save even more!
Say hello to the “Double or Nothing” 100 Envelope Savings Challenge.
What is the Double or Nothing 100 Envelope Savings Challenge?
The Double or Nothing envelope savings challenge is a fun savings game to help you stay motivated to save a good chunk of change, in a short amount of time.
In the original 100 envelope saving challenge, you label the envelopes 1-100 and then save the amount of money on that envelope.
In the double or nothing version, you double the amount you save.
How does the Double or Nothing 100 Envelope Savings Challenge work?
To complete this version of the 100 envelope challenge, you need a few supplies.
- Envelopes to store money
- Two boxes to store the envelopes
- A pen to write the numbers on the envelope.
For this challenge, you are going to write the numbers from 2-200 on the envelopes, but only write the even numbers (2, 4, 6, 8, etc. all the way to 200).
This means you are going to be saving double what you would in the original 100 envelope saving game.
Once you have labeled the envelopes, decide if you want to pull the envelopes from the box in order or randomly.
If you want to pull them in order, then simply put them in the box in number order.
If you want to pull them randomly, that shuffle all the envelopes together before putting them in the box.
When you are ready to save money in the challenge, pull out and envelope, stuff it with the amount listed on the envelope.
Then seal the envelope and put the newly filled envelope into the second box for storage until the end of the challenge.
Once you have filled all the envelopes, you will have saved $10,100!!! That is an impressive amount of saving!
Imagine what you can do with $10,000 saved!
Will you use it for an emergency fund? A new car or vacation? Pay off debt? What could it do for you?
Double or Nothing 100 Envelope Savings Challenge Tracker
To help make the challenge even more fun, more visual and more motivating, we created a printable tracker for this challenge.
When doing a lengthy challenge like this, being able to see how far you have come can really help keep you going!
Using the tracker is easy!
Every time you stuff an envelope, color in the corresponding envelope symbol on the tracker.
Using this tracker will give you a better visual idea of how much you have saved, and how much is left in the challenge.
Yes, you could go through and count the envelopes you have done, or the ones you have left to do.
But this tracker will give you a quick visual idea of BOTH of those numbers, without needing to pull out your envelope boxes.
Plus, if you are someone who wants to do this challenge, but save digitally (without cash) this is the perfect way to keep track of your progress.
Get your own 100 Envelope Challenge Printable here.
What if you want to do the challenge but don’t use cash?
Savings challenge videos are fun to watch because of the person counting their physical cash bills.
But if you don’t use cash you can still participate in the challenge!
Created a savings account (or saving bucket inside you account if your bank let’s you do that) specifically for this challenge.
When you pull out an envelope, transfer that amount of money to this new savings account.
Then you can put the envelope in the second box like normal.
And, as mentioned above, use the printable tracker to stay motivated and track your progress in a way that is visual and fun!
Final Thoughts on the Double or Nothing 100 Envelope Savings Challenge
No matter what way you want to do the double or nothing 100 envelope challenge, making the effort to consistently save money is a great skill to learn AND will better your financial situation.
And hey! Saving over $10,000 for the challenge is nothing to scoff at!
And keeping track of the challenge will only make it easier to succeed and keep going with it.
So make sure to grab a copy of the tracker for yourself!