If you are looking for a savings challenge that gives you the feeling of accomplishment, while you see your savings grow, then this savings challenge is for you.
Say hello to the $5000 Envelope Challenge!
What is the $5000 Envelope Challenge?
Simply put, the 5000 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 EXACTLY $5000.
How to do the Envelope Challenge Savings $5000 edition
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!
Then you need to number your envelopes. Label your envelopes 1-99.
The very last envelope you label with 50.
So you will have two envelopes that equal $50.
This will make sure your challenge has you saving exactly $5000.
If you want to save the money in number order, simply put the envelopes in the first box in number order.
If you want to make the challenge more interesting, then shuffle the envelopes before storing them in the box.
When you are ready to save money, pull an envelope from your box.
Whatever number is on the envelope, save that amount of money into the envelope.
Then put the newly filled envelope in the second box for storage until the challenge is complete.
Continue pulling and envelopes and saving money into them until all the envelopes are filled.
Once you have filled all the envelopes, you will have saved $5000!
But what if you don’t use cash??
Great question! In that case, here is what I recommend.
Create a savings account (or saving bucket inside your 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.
Want to make this challenge even better?! Use a printable tracker to keep up to date on your progress!
$5000 Envelope Challenge Printable Tracker
Printable trackers are great for making your saving goal and progress visual.
This will help you keep going and stay motivated to finish the challenge!
We created a printable tracker just for this challenge to help you succeed with your savings goals.
Using the tracker is super easy.
When you pull out an envelope and fill it with cash (or transfer the money digitally) fill in the corresponding envelope on the tracker.
As you use the tracker, you will be able to easily see how far you have come, and how much is left in the challenge.
Final thoughts on the Envelope Challenge Savings $5000
The 100 envelope challenge is a great way to save money quickly and put some distance between you and financial disasters.
If you want to save $5000 in a short amount of time, you need to give this savings challenge a try!
Get your tracker today and start saving for your next big goal!
You got this!