Wednesday, April 17, 2024

How the 2020 Envelope Challenge Helps Save £ 5,050 in 6 Months


The mother shared a trick that saved thousands in just six months (Photo: Facebook; iStock / Getty)

In theory, it’s easy to save money for the future.

You need to spend less money than you earn, and throw the money you don’t spend every month straight into your savings. Easy.

But in reality, the human nature makes this simple act much more complicated.

We tend to make impulse purchases and feel that it’s better to spend money the moment you hit your account, and if you have the money, spend it.

So we have to do our own tricks to avoid our brains – Auto save in appSo we don’t want to spend money because we don’t have to think about our money at all or hide it.

Take part in the 2020 Envelope Challenge.

One mother said the trick helped save $ 5,050 in just six months, and the idea was praised when shared on Facebook.

Mom might have done it in dollars, but if you are in the UK, doing the same trick will get you £ 5,050 at the same time. When we talk about it first, we’ll use £ for simplicity.

So how does it work?

First, you need to label 100 envelopes from 1 to 100 and then shuffle them (Photo: Facebook).

First, you will receive a box of 100 paper envelopes. Then label each one from 1 to 100 and shuffle.

Twice a week, for 25 consecutive weeks, you need to randomly withdraw two envelopes and put the corresponding amount of cash inside. So if you pull out envelope number 62, you put in £ 62, and if you pull out the envelope labeled number 12, you put in £ 12.

By the end of the 25th week, the envelopes will have a total of £ 5,050.

Well, obviously, this trick doesn’t help everyone.

For one thing, you need to hang the cash in your house or go to an automated teller machine twice a week to withdraw the correct amount to put in an envelope.

You also need to earn enough disposal income to take out 100 and 98 envelopes in a week so that they are not completely economically ruined.

But if you know you have that money, the challenge may help you, but you always seem to spend it without thinking. Or if you’re the type of person who is excited about savings and needs a challenge with an element of opportunity to stay focused on achieving your savings goals.

Basically, it’s one of those mind tricks we mentioned above. This isn’t a challenge to make money magical from the sky, but it’s worth a try if you have the money to save, but you need help to avoid spending on what you don’t need.

You also need to stay strong and not dig into the envelope for cash in the middle of the challenge. Just put the cash in the envelope and don’t put it out to the end.

The mother, who shared the trick on Facebook, wrote: “If you have a three-year plan to buy a house, doing this could result in a down payment of just over $ 30,000.”

This hack has received over 11,000 likes and 31,000 comments, so obviously people want to try it.

Join us if you need more tips and tricks to save money, or if you want to chat about cash, trading and discount alerts Our Facebook Group, Money Pot..

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Ebenezer Robbins
Ebenezer Robbins
Introvert. Beer guru. Communicator. Travel fanatic. Web advocate. Certified alcohol geek. Tv buff. Subtly charming internet aficionado.

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