Do you have a big savings goal, and you like seeing your progress and accomplishments along the way? Then this challenge is for you!
Say hello to the 10k Envelope Challenge!
What is the 10k Envelope Challenge?
Simply put, the 10k Envelope Challenge is a slight variation on the 100 envelope savings challenge.
In the original 100 envelope savings challenge, you have envelopes labeled 1 to 100.
Every day (or week, etc) you pull out one envelope and save the amount listed on the envelope.
It is a fun, motivating way to save money.
It really helps you learn to save money over time, and reach a big savings goal in just a short about of time.
And by the end you have saved $5050.
But with this slight variation, you will save almost double that. In fact you will save EXACTLY $10,000!
It is VERY similar to our double or nothing 100 envelope challenge you can read about here.
How to do the 10000 Envelope Savings Plan
To complete this version of the 100 envelope challenge, you need a few supplies.
- Envelopes–You need envelopes to complete this challenge. You will need 100 envelopes.
- Marker or Sharpie–You will need to label the envelopes and using a market will make the numbers very visible.
- Container— You need a box or container to store the envelopes both before stuffing them with cash AND after.
- Printable tracker— make the challenge more fun and stay motivated with the visual tracker!
For this challenge, you are going to write the numbers from 2-198 on the envelopes, but only write the even numbers (2, 4, 6, 8, etc. all the way to 198).
The last envelope you will label with 100. That means you will have two envelopes with $100 in them at the end of the challenge.
This slight change is what makes it possible to save exactly $10000 during this challenge.
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, seal the envelope, then 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 $10,000!!! 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?
10000 Envelope Challenge Printable
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 10k 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!
Create 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 10k Envelope Challenge
Making the effort to consistently save money is a great skill to learn AND will better your financial situation.
Doing a challenge like the 10k envelope challenge will help you stay motivated and have more fun saving money!
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!