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15th Mar 2024

Money Talk: The ‘100’ Envelope’ finance challenge explained

Jody Coffey


The goal of the challenge is to save over €5,000

In the midst of a worsening cost of living crisis, we’ll take all the finance tips we can get.

It’s no real shock that, given the current price of literally everything, people are looking to find ways save a few bob every month.

This has resulted in a very niche side of TikTok being reserved for finance, savings, and money advice.

One of the latest challenges to go viral on the video platform promises just that, and has been called the ‘100 Envelope’ challenge

@hermoneymastery Lets get into this 100 envelope savings challenge!!! This challenge has no timeframe, do it on your own time when you can. The point is to teach you how to save and build up those good habits, even with small amounts at a time. By the end of this challenge, youll have over $5,000! Do you think you can complete it this year? #howtobudget #budgetingtiktok #budgeting #budgetingtips #howtosavemoney #savingschallenge #100envelopechallenge ♬ Chill Vibes – Tollan Kim

What is the ‘100 Envelope’ challenge and how does it help to save money?

This trend has seen TikTok users claiming that it can help save thousands in your respective currency by following a simple method.

The challenge begins by buying or making special money-saving binders with 100 envelopes enclosed.

You take these 100 envelopes, number each of them, and then save the corresponding euro amount in each envelope.

For example: putting €1 in ‘Envelope 1’, €2 into ‘Envelope 2’, €3 into ‘Envelope 3’, and so on for 100 days (not consecutively).

If successful, the saver will have put away an impressive €5,050 in just 100 days.

@contentbytayika What would you do with extra savings?! 💵 #savings #savingstips #budgeting #budgetingtips #ttshop #TikTokShop #newyear #newyearsresolution #100envelopechallenge #100envelope #100envelopes #cashstuffing #cashstuffingenvelopes #money #moneysavingtips #moneysaving ♬ Sia – Xeptemper

The idea is for a person to consciously put aside cash 100 times over the year.

Given how easy it is to tap or swipe our bank cards, putting physical cash aside may be a more mindful and conscious way of saving.

Two things to remember:

  1. Keep the binder stored somewhere safe and secure.
  2. Don’t put pressure on yourself to save the full amount, go at a pace that works for you, saving anything at all is a win.