Christmas is now little over 120 days away and saving money is important with the cost of living sure to make it an even more expensive festive period in 2022.
When it comes to saving money, there are many ways to do it, some work, some don't - but the biggest obstacle is usually sticking to your plan.
However, one genius idea could save you over €5,000 in as little as 100 days if you have a lot of disposable income to put away.
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But even if you're struggling, this method could help you get on the road to having an extra few hundred by the end of the year.
All someone needs is 100 envelopes, a pen, a willingness to save and some room in their budget.
How to do the envelope challenge
Step one: Firstly you assemble 100 envelopes and write a number from 1-100 on each one.
Step two: Shuffle the envelopes and put them into a bag or a basket.
Step three: Every day for the next 100 days, draw an envelope from the bag.
Step four: The number written on the envelope you pull out tells you how much money to put into that envelope. For example, if you draw the number 26, you place €26 into that envelope.
Follow this guide and after 100 days, you’re guaranteed to save €5,050 - of course that is very ambitious, so instead maybe do it every second or third day, you could make it just €50 envelopes going up to €50 too, which would still save you a few thousand.
Alternatives
- Create a vault on Revolut or a savings account in your bank app, every day pick out a card and put that much into the savings account - not everyone is going to have that kind of cash on them every day.
- Change the amount of days or the numbers - maybe a 1-50 challenge, or put in half of what the number is so you'll never be putting in more than €50 on any given day.
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