As we approach the end of the year, many of us get a little reflective.
We think of all the things we've learnt and done this year - and all the things we could have done differently.
For many of us, the new year is the perfect time to make some changes that will benefit us in the long-run - like bringing in a system that enables us to save money throughout the year.
Read more: Aldi shares top tips to avoid Christmas food waste - and save money at same time
Known as the '100 Envelope Challenge,' the simple hack helps you save over £5,000 a year - and it's easy to do, providing you have the funds to save (but perhaps don't usually have the motivation to actually save the money!).
The money-saving hack is simple and will help you save money each week - but in order for it to work, you have to be strict with yourself and ensure you don't dip-in to your saved funds. For any reason.
How does it work?
All you need for the 100 Envelope Challenge is 100 envelopes and a pen!
Simply label each envelope from 1 to 100 and shuffle them into a random order and place them in a pile.
Every week throughout 2022, take the first two envelopes from your pile and fill them with the quantity that's written on the envelope. Then place them at the back of the pile or in a new pile.
You may want to do both envelopes on the same day, or on two different days in the week. It doesn't matter - but it does matter that you do two envelopes per week every week, if you want to reach £5,000+ by the end of the year.
For example, on the first week of January you may pick up envelopes 10 and 33. You'd therefore put £10 in the 10 envelope and 33 in the 33 envelope (or in a sealed moneybox, if you'd prefer).
The following week, you'd pick up the next two envelopes, for example 5 and 99. That week you'd save £5 and £99.
Fill two envelopes per week, every week for 50 weeks and you'll have filled all 100 envelopes and saved £5,050 by next Christmas!
Do you have a handy money-saving tip? Let us know in the comments:
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