Free Printable 52 Week Savings Challenge - Printable Template Alpine (2024)

FAQs

How to save $5000 in 3 months with 100 envelopes? ›

The 100-envelope challenge is pretty straightforward: You take 100 envelopes, number each of them and then save the corresponding dollar amount in each envelope. For instance, you put $1 in “Envelope 1,” $2 in “Envelope 2,” and so on. By the end of 100 days, you'll have saved $5,050.

The 52-week money challenge is a savings method where you increase the amount you save by $1 every week for a year. So, you'll deposit $1 into your savings account during Week One, $2 during Week Two, and so on, until you reach Week 52 and deposit $52.

With this challenge, you save weekly rather than daily. And this amount goes up incrementally. Essentially, you save £1 for each week you are on in the year. So week one = £1 and week 52 = £52.

It works like this: Gather 100 envelopes and number them from 1 to 100. Each day, fill up one envelope with the amount of cash corresponding to the number on the envelope. You can fill up the envelopes in order or pick them at random. After you've filled up all the envelopes, you'll have a total savings of $5,050.

On each envelope, write the day number and the amount you need to save for that day. For instance, on the first envelope, you would write "Day 1: $1" and on the second envelope "Day 2: $2", and so on all the way to Day 100: $100. Each day, you take the envelope for that day and put the designated amount of cash inside.

The challenge is simple: Save $5 the first week, $10 the second week, $15 the third week, and so on until you reach $260 in the final week. You can start the challenge at any time, but it's easiest to start at the beginning of the year. You can save the money in a jar, envelope, or savings account.

There are no complicated rules to remember. Week 1, you save $1.00. Week 2 you save $2.00, and it continues through the year, adding one more dollar to each week's savings goal.

The concept is simple — in the first week, you save $1; in the second week, you save $2; then in the third week, you save $3, and so on. As each week progresses, the amount you save increases by just one dollar. By the end of the last week of the year, you'll be saving $52 for that week.

Match each week's savings amount with the number of the week in your challenge. In other words, you'll save $1 the first week, $2 the second week, $3 the third week, and so on until you put away $52 in week 52.

What is the 50 envelope challenge? ›

Each week randomly choose 1 envelope from your pile of labeled envelopes, place the allotted amount of cash in them. Example: If you picked $43 you will need to place $43 dollars in the $43 envelope. Follow through with this for 50 weeks and you will pocket a total of $1275 .

You simply save every single $5 bill you get. So, whenever you get change you will be hoarding those $5 bills like a chipmunk collecting nuts for winter. You can use a piggy bank or simply make a $5 challenge envelope to keep your cold hard cash in.

Break It Down Into Months

The first step to reaching any financial goal is to break it into bite-sized pieces. If you want to save $5,000 in one year, you'll need to save approximately $417 a month. That's about $97 a week. Saving almost $100 a week may be a lot depending on your finances.

Each day for 100 days, you'll set aside a predetermined dollar amount in different envelopes. After just over 3 months, you could have more than $5,000 saved.

If you wanted to save $1,000 in three months, for example, you'd need to save roughly $84 per week. That timeline can also provide you an opportunity to invest in a high-yielding time deposit account.