Have you heard of the viral envelope challenge to save $5000 in 3 months?
It’s a pretty genius way to hit your savings goals without spending your time tracking your savings diligently. Here’s how it’s done.
For example, if you draw an envelope with the number 30 on it, you’re going to put $30 in the envelope, and mark it so that you know you’ve completed your savings for that day.
If you’re going to try saving $5000 in 3 months with this challenge, it’s important to have enough money to put aside for your savings. Let’s break it down further.
To save $5000 in 3 months, you’ll need to have $1667 each month. This can be a pretty hefty amount per month for some people. Here are some tips to make it easier.
Analyze your spending habits to see what expenses you can cut back on for the upcoming 3 months. Remember, it’s ONLY 3 months. If you can eat in instead of out for this period, do it!
Take advantage of discount codes! Make a list of your shopping needs to find out the discounts you can get. You can also use apps like Dosh & Ibotta to get coupon codes.
If you can afford to, be slightly flexible with your deadline. Extending your 3 month goal by a month or two, while not ideal, may be necessary.
If you feel the timeline of saving $5000 in the 3 months may not be feasible for you, you should check out our article below.