How To Save 10K In 3 Months – Envelope Challenge

Are you among the millions of people struggling to save money? Don’t worry, we’re all guilty of it. It’s too easy to lose track of spending money and get carried away. The next thing you know, your savings account shows you a big fat 0. 

But how can I save quickly without losing control of my spending habits, you ask? Well, what if I told you there’s a way to save money quickly– 10k, in fact– using a 100-day money-saving challenge?

Try the 100 Envelope Money Saving Challenge– a simple way to save $10,000 in 3 months or 100 days! 

In this 100-envelope challenge, you use envelopes to save money daily, setting aside money for specific savings goals. Whether paying off a debt, building an emergency fund, or speeding up your journey to financial freedom, this 100-envelope challenge can help you achieve it. 

Keep reading this blog post for insights into the 100 Envelope Challenge, how it works, and tips to hit your savings goals. 

What Is The 100 Envelope Challenge? 

Saving money doesn’t have to be taxing anymore. It can be made fun with the 100 Envelope Challenge, which gained popularity on Tiktok in 2021 and remains a trendy method to save money. 

This 100-Day Money Challenge involves breaking down your savings goal into 100 increments and setting aside a fixed amount each day for 100 days. 

It’s a practical and fun way to save money fast and achieve your savings goal.

How Does The 100 Envelope Challenge Work? 

Grab 100 envelopes, a pen, and a container to start this savings challenge. Write the day number and the amount to save on each envelope. 

There are many variations to this money challenge where you can save a certain amount. 

To save up to $10,000 within 100 days, you need to break down the amount into 100 parts, write the day number, and double it for each envelope. 

For instance, on the first envelope, write “Day 1: $2,” and on the second envelope, “Day 2: $4,” continuing until Day 100: $200. 

Every day, fill the designated envelope with the assigned amount of cash. Keep these money envelopes in a container until the challenge ends.

After 100 days, you’ll have saved $10,100, ready to use for your next savings goal.

Does This 100 Envelope Money Saving Challenge Really Work? 

Yes, this envelope challenge can work for some people. It helps by breaking down your savings goal into smaller daily amounts, making it easier to manage.

However, success depends on your commitment to consistently save a specific amount of cash daily. Before trying it, consider if this method fits your financial goals and habits. 

Tools Needed For The 100 Envelope Money Saving Challenge 

To start the 10k money challenge in 100 days, here are some tools you will need to keep yourself organized and motivated. 

  • 100 envelopes. 
  • A pen or a marker. 
  • A jar or container to store all the envelopes. 
  • A simple spreadsheet or piece of paper to keep track of your savings progress. 
  • A calendar planner to make off each completed day. 

You can also set reminders or alarms on your phone to remind you to save money. 

What Is The Digital Version Of The 100 Envelope Challenge? 

Some people may opt for the digital version of the 10k envelope savings challenge instead of the cash envelope system while keeping the fun and hands-on vibe. 

Instead of dealing with hard cash daily, you can set up a separate savings account for the money challenge and transfer into it every day. This is usually penalty-free as the dollar amounts are smaller. 

You can create a digital envelope challenge spreadsheet to track your progress. You can transfer the money daily using an alarm to remind you. After the transfer, you mark off the completed day on the spreadsheet, and the total will be updated, showing you your overall savings progress. 

If you’re making international transactions to your savings account and don’t want the hassle of dealing with exchange rates, try Currenciap to secure the best exchange rates and not waste a single cent of your money. 

Even though it is digital, it can still make saving money enjoyable and allow you to see your journey towards your financial goals. 

How Much Money Do You Save with the 100 Envelope Challenge? 

In the regular 100-day saving challenge, you’ll save $5,050 (this is where you note down the days and amounts without multiplying them with each other. For instance, “Day 1: $1”, “Day 2: $2”, and so on until you hit Day 100: $100.)

By saving $10k using the 100-day envelope challenge, you’ll save $10,100. The chart below illustrates your total savings each day. 

envelope chart

What Are The Advantages And Disadvantages Of Saving Cash Using This Money Saving Challenge? 

The 10k savings challenge has numerous benefits to it. However, it is also not everyone’s cup of tea. Let’s look at some of the advantages and disadvantages of this envelope savings challenge. 


  • Fosters A Savings Routine: The challenge is a helpful tool in establishing regular savings habits, contributing positively to your financial well-being over time. Many individuals repeat the challenge to meet financial goals or fast-track their journey to financial independence. It serves as a starting point for those finding it challenging to save with their monthly income. 
  • Encourages Goal-Setting: This challenge prompts you to set a savings goal and break it into smaller, more achievable amounts. When you stay consistent, small habits accumulate into significant improvements over time. 
  • Customizable: You can tailor the challenge to match your goals by adjusting the daily savings amounts. Some opt for a $5,000 goal with the 100 envelope challenge, while others choose $1,000. If the 10k in 100 days challenge doesn’t align with your lifestyle or goals, feel free to customize it.
  • Visual Progress: Using envelopes to track progress offers a visual representation that proves to be highly motivating. It allows you to see your savings accumulate before your very eyes.
  • Encourages Accountability: Enlist a friend, family member, or financial coach in the challenge for additional accountability and motivation. Involving others can help you stay on track.
  • Explore Investing: While saving is crucial, understanding how to invest your money to generate extra income and increase savings is equally important.


  • Challenges In Daily Savings: Meeting the required daily savings can be tricky, especially if you have other financial responsibilities, high personal finances, or a modest income. You may struggle more with higher savings towards the end of your pay period. 
  • Time-Consuming: Tracking your savings daily can be time-consuming as it involves manual effort. Opting for the digital version can reduce this inconvenience. 
  • Not Universally Effective: While the envelope challenge works for some, it may not suit everyone, and alternative saving methods might prove more effective. 
  • Limiting Expenses: The challenge might necessitate cutting back on certain expenses, such as household items, posing limitations and difficulties for some participants. 
  • Sustainability Concerns: While the challenge aids in forming a savings habit, its long-term sustainability is questionable. Exploring other methods may be necessary for saving more money. 

Before saving money using this method, you must weigh the pros and cons to make an informed decision on whether this challenge is suitable for your lifestyle and income level.

Tips On How To Increase Your Savings With The 100 Envelope Challenge

Here are some tips to make more money using the envelope challenge:

  • Create A Goal-Centric Budget: Understand your habits by adopting a budget that serves as a plan, guiding your spending decisions and directing your cash. Start saving money and budgeting your daily expenses. 
  • Spend On What Matters: Budgeting isn’t just about cutting back. It’s about aligning your spending with your values. What brings you joy? What experiences shape the life you want? Prioritize those things in your budget and trim the extras you don’t need. The leftover cash goes straight to your separate savings account. 
  • Set Up Money-Saving Systems: Instead of relying on willpower, set strict spending limits on non-essentials or add automatic transactions to your savings account. These systems remove the guesswork and ensure you’re on the right track. 

Different Variations Of The 100 Envelope Challenge 

The 100-day envelope challenge offers a flexible and practical approach to saving cash. There are different challenge variations to choose from that you can customize and make more cash. 

Here are some of them: 

  • Traditional Approach: The classic variant offers a compelling option for those seeking a straightforward plan. A sum corresponding to the day’s number is kept in an envelope each day. This linear progression culminates into a substantial amount by the end of the challenge. 
  • Inverse Trajectory: Alternatively, the reverse envelope challenge presents a unique perspective. You begin with a predetermined significant sum and progressively reduce daily deposits. This method provides a sense of progress and reward as the goal gradually materializes. 
  • Weekly Focus: Recognizing the potential challenges of daily deposits, the weekly variation caters to people seeking a less frequent commitment. By allocating a more significant sum for weekly deposits, this approach facilitates budgeting and accommodates fluctuations in income. 
  • Goal-Oriented Alignment: You can assign objectives to different envelopes to make the challenge more significant. Labeling envelopes with aspirations such as “vacation fund” or “emergency fund” fosters a sense of purpose and motivates consistent saving. 
  • Element Of Surprise: The randomized envelope challenge is a fresh option for those seeking to make their savings journey more fun. Randomly picking an envelope each day adds an element of surprise and excitement throughout the challenge. 

By carefully considering these variations and choosing the approach that best aligns with your savings goals and preferences, participants of the 100-day saving challenge can have a disciplined habit and witness their financial resources flourish. 

Alternative Money Saving Challenges For Low-Income Households

While the 10k 100-day envelope challenge may seem like a distant peak for individuals in a tight financial situation, other money-saving challenges can be implemented: 

  • Set Smaller Goals: The 10k can be replaced with a more accessible amount. For example, setting a goal of $1,000 in 100 days provides a solid sense of accomplishment without inducing financial strain. Remember, every single dollar is a victory. 
  • Smaller Deposits: Small but regular deposits, be they weekly or monthly, accumulate over time. Consistency, not magnitude, is the key to building your financial reserves. 
  • Remember What You’re Doing This For: Assign specific categories (emergency fund, vacation goals, etc.) to your envelopes. This motivates your saving journey. 


How Do You Do The 100 Envelope Challenge Biweekly?

This simply means you place money inside an envelope every two weeks for 100 envelopes.

What Is The Envelope Challenge Savings Tracker?

It is a digital tool used to track your savings journey. 

Who Shouldn’t Do The 100 Envelope Challenge? 

People with tight budgets or insatiable incomes might struggle with the daily commitment, risking discouragement and financial strains. 

How Can I Save $5,000 A Year With The Envelope Challenge? 

You can do either the classic 100-day challenge, where you’ll be able to save $5,050, or the 52-week challenge. 


Saving cash is always tricky, but the 100-day envelope challenge makes it easier and fun, and you’ll be able to accumulate significant savings. You just need to stay motivated throughout the process. 

All the best on your journey!