Do you have a hard time setting aside money?
So do I. Luckily, this tip might help all of us! It's called the "Envelope Challenge," and it's designed to help you set aside small amounts at a time, with one big reward at the end of each year.
Do you have a hard time setting aside money?
So do I. Luckily, this tip might help all of us! It's called the "Envelope Challenge," and it's designed to help you set aside small amounts at a time, with one big reward at the end of each year.
Everyone always talks about "putting money aside" so that when they want to do something special, like go on a vacation or splurge on a big ticket item, they have the funds to do so.
Whether it's buying ourselves our morning coffee or saying "oh well" and ordering in dinner for delivery, everything adds up at the end of the month.
When I sit back and look at my credit card statements, I'm baffled by how much I spend on things I don't really NEED!
The best part about it is that you put small amounts aside at a time, instead of putting your whole paycheck right into your savings. So, it still leaves you with a little to spend.
"We did the envelope challenge this year and decided today we would open all our envelopes! Yay for an easy way to save up some Christmas money!!!" Cari Nicole Floyd submitted to Kitchen Fun With My 3 Sons on Facebook.
"We just labeled 52 envelopes $1-$52, then randomly picked an envelope each week and paid the amount."
Make sure the envelopes aren't in order, so that you don't know what number you're going to pick!
"We would draw an envelope on Monday and have to pay the envelope by Friday."
On Friday, you have to fill the envelope with the designated amount and seal it.
"We also had a '???' envelope where we had Lily write a number in it to be a surprise to whichever one of us drew that one... it was $89 lol."
"If you do the $1-$52 and do it each week all year, it adds up to be $1378 saved!"
That's over a grand that you'll have set aside for the end of the year!
"We opened ours a little early so ours was a little less than that. We can’t wait to start over beginning January 1st, 2021 and do it all again."
You can do the same challenge with pennies! Finally, a use for arguably the most useless coin sitting in a jar in your room. Or in your pocket. I don't know where you keep money.
If you get paid on a less than regular schedule, do 12 envelopes and contribute whatever you can to that envelope. Start low and work your way up!
Did you know Canadians no longer have pennies, and we don't have dollar bills? We have loonies and toonies, which are $1 and $2 coins. Pop those in an envelope and enjoy!