Tag Archives: 2020

Envelopes Savings 2020 SAVING CHALLENGE

envelopes-of-cash
Save a little at a time and get a lot

As 2020 drags on and we lose track of time, and each month blends into the next. We must not forget the 2020 Saving Challenges. The previous two, Stop Wasting Money on Coffee and Challenge Restaurant Saver results, both have major drawbacks that limit their efficiency. The latter is limited by the amount of time I spend in restaurants (no more indoor dining) and the overall bill, causing the amount you will be saving to be inconsistent.

Solution for consistent savings

As I explained in my blog about the coffee savings challenger, the other is just not a good fit for my life. The answer to all of these shortfalls came in a suggested post on Facebook: The Envelope Savings Challenge!  This is as simple as it gets for savings and works so well. This challenge allows a person to control and save a preselected amount of money. 

How does it work?

It works with the power of magic! No. Not even close. It works with the power of consistency, the key to completing any challenge. First, take a box of 100 envelopes and number them one through one hundred, and shuffle them around back in the box. Then, at whatever increment you select (once a week or twice a week), you randomly select an envelope, and whatever amount is written on it, that’s how much you put into savings. Sounds easy, right? The best part is that at the end of the box of envelopes, you will have saved $5500. The number sounds shocking. 

How much will I save?

Well, if you pull one pair a week, you will be about to save $5500 over the span of 50 weeks. If you pull 2 pairs, $11000 in a year and so on depending on how much you can set aside. As I said earlier, consistency is key, though. Experiment with the amount of money or frequency at which you pull the envelopes to adjust to your budgetary needs. In other words, don’t go crazy and starve yourself to save more. Everyone’s budget and the amount you can save is different. Figure out an amount that will work best for you. Do not set the bar so high that you will fail because the goal is impossible for you.  

The method to my madness?

I pull 3 pairs per week. The number is never random, either. I rigged it, so they always have to come out to $300, but I suggest you try the method above if that feels like a lot! I never have singles or fives on my person, just $20s, $50s, and $100s because I’m high class like that. I’m too OCD to have it not be a round number either. Is that too much to be saved in one week? Maybe but it stops me from spending it at the bar. 

I like money more than booze, though, cause money compounded over time buys more booze than it can right now!