There are many different tricks, hacks, and ways to save up money. One mother from the US shared an incredible trick to save money. In less than half a year, she was able to save £5,000 (almost $6,500) using a set of envelopes. After sharing her idea, it transformed into a viral challenge called the ‘2020 Envelope Challenge’. The challenge requires you to get a set of 100 envelopes labeling them £1-£100 or any currency you want.
To complete the challenge, you will need to draw two envelopes twice a week at random (or four per week), which will take about 25 weeks (less than half a year). Whatever envelope you draw, deposit that amount of cash in the envelope and leave it aside. By the 25th week, you will have £5050 (or whatever currency) sitting in the envelopes for you to collect. The challenge does require you to have a disposable income to put away. You can always change the duration of the savings so you don’t have to do it exactly 25 weeks. Adding or subtracting weeks to this challenge can be done as preferred.
This challenge is exciting, especially if you’re planning to save up money to purchase a house. By creating this challenge for three years, you will have more than $30,000 which is enough for a down payment.
Other Ideas to Save Money
Here are some ideas that you can do if you are planning to save some money:
- Auto-pilot savings – many online banking applications will transfer a part of your salary into savings each month. This way, you won’t have to worry about cheating yourself from the savings and spending the money. It will do everything automatically.
- Meal plans – if you plan out your meals, you can save tons of money. It will also eliminate the chance of buying excess food.
- Drink water – instead of spending lots of money on sodas or juices, drink water (bottled or tap).
- Second job – if you have the energy and the time to get a second job, do it. It will help you earn much more money than before.
- Give up expensive habits and purchases – instead of buying what’s more expensive, go the cheaper variety instead. Also, make a list of everything that you’ve spent your money on and see what’s taking the extra money and cut it off (booze for example).