Emergencies can occur at any time, and it becomes necessary to have substantial savings to deal with them. Did you know that 43% of Americans don’t even have $1000 in their emergency funds? We understand that you don’t want to be part of that 43%, and that’s why you’re here.
Do you want to save money but don’t know how to do it? If so, this article is for you. Here, we will introduce you to the 10k in 100 days challenge, where you’ll be able to save $10,000 in just 100 days. Are you ready? Let’s find out what exactly the 10k in 100 days envelope challenge entails.
All About 10k in 100 Days Challenge
With the help of the 10k in 100 days challenge, you’ll be able to save 10k in 100 days. This will save you from taking loans and you’ll be able to use your own money when you need some extra money. This $10k in 100 days challenge helps you save money from your income, as well as stops you from overspending.
Things You Will Need
For our 10k in 100 days challenge, you’ll need 100 envelopes. You need to write 1-100 on these envelopes or you can either buy the printed envelopes on which numbers 1-100 are already printed. Keep these envelopes serial-wise.
How Does 10k in 100 Days Challenge Work?
Now that you have envelopes, you can start saving your money. On day one, take out envelope number 1 and put $2 in it. On day two, take out envelope number 2 and put $4 in it. You simply need to multiply the envelope number by 2 and put that much money in the envelope.
For example, if it’s day 15 and your envelope number is 15, 15 x 2 = 30, so put $30 in the envelope.
How Will You Have $10,000 in 100 Days?
Well, it’s simple maths, no rocket science.
1st Day = $2
11th Day = $110
21st Day = $420
31st Day = $930
41st Day = $1,560
85th Day = $7,230
100th Day = $10,100
This is how you can maintain 10k in 100 days challenge chart.
Whether 10k in 100 Days Challenge is Good for You?
It totally depends on your income and expenses. If you have a good income, you’ll not have to compromise much with your lifestyle at the end of the 10k challenge in 100 days. If your income is less, then you can try the 5k in 100 days challenge. In this challenge, you’ll have to put only the amount equal to the envelope number in the envelope. By the end of 100 days, you’ll have savings of $5,050.
How to Make it Fun?
If you want to make this challenge fun then you can shuffle the envelopes. It will become a daily surprise for you. You can also fill 2-3 envelopes each day to finish this challenge faster. It is a flexible challenge, you can make any modifications that you want.
Frequently Asked Questions (FAQs)
Q1 How much will you save doing the 100 envelope challenge?
If you stick to our 100 envelope challenge for 100 days strictly then by the end of 100 days, you’ll have savings of $10,100. If you want to increase your savings then you can increase the amount of money you’re putting in the envelope.
Q2 What if I forget to put money in the envelope?
Well, it can happen that you might forget to put money in the envelope, after all, we are humans only. But the best you can do to avoid this is to set a reminder or alarm on your phone so that you get notified every day to get rich by saving money. You can also make this a habit by doing this first thing in the morning.
The 10k in 100 days challenge is the best way to save $10,000 in just 100 days. The challenge might become a little tough towards the end, but all you need to do is stay determined and cut back on some of your expenses if necessary. If you’re worried about forgetting to put money in the envelope, you can set a reminder or alarm to notify you every day.
Also Read- Best Personal Loans for Good Credit
If you prefer not to use envelopes, you can transfer the amount into your savings account. This way, you’ll also earn interest from the bank on your savings. All in all, you can modify this challenge according to your needs.
- David Garcia is a nationally-recognized consumer and money-saving expert who helps people make smart decisions with their money. He has been featured on NBC’s Today Show, Good Morning America, ABC News, and CNBC as well as in The New York Times & other media outlets. With more than 13 years of experience in the personal finance space, David is an experienced writer and researcher. He has written for major publications where he provides readers with actionable advice to save money on groceries, insurance, and more. With his work for various publications, David is an active contributor to the Credit Card Insider blog where he shares insights into credit cards such as rewards programs and interest rates.
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