The benefit of the '100 Envelopes Challenge' is that it starts small and encourages constant, conscious saving that builds quickly. But the trend may not be the most effective way to put away money, according to financial experts
, TikTok’s latest saving hack, the “100 Envelopes Challenge,” promises to help users save up to $5,000 by stashing cash in labeled envelopes over the course of 100 days.
Taylor recommends for those with smaller budgets who can’t save for 100 days in a row to put cash in two envelopes per week. For those who can’t put the exact amount the envelope calls for, she recommends whatever amount you can. Another popular method is choosing envelope numbers“The challenge can seem daunting at first, but once you get going you start seeing the money adding up and you see it’s a fun, less monotonous and effective way to get your money saved,” Taylor tells TIME.
Baddies & Budgets influencer Taylor says the accountability “hack” of saving every day can particularly help those who have struggled to save in the past. “The cash envelope method isn’t necessarily for wealth management or those who already have their finances together. It’s for people looking to take hold of their finances and their relationship with money.”version of the challenge can also potentially cost you more than just a pack of manila envelopes.
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