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100 Envelope Challenge: How To Save RM10,000 In 3 Months!

Let’s be real, saving money is boring and not the most gratifying thing out there. Yes, it’s a good habit to save money but it gets mundane. Every time you get your paycheck, you separate a percentage that goes into your savings – it’s robotic and almost feels like you’re paying a bill. 

But what if I told you that there’s a way you can spice things up? To make it a challenge! If you’ve been on personal-finance-TikTok for a while now, you’ve probably come across a few of these savings challenges.

Well, in this article, I want to talk about the 100 Envelope Challenge and how you can save up to RM10,000 in just over three months! Let’s dive in.

100 Envelope Challenge: How To Save RM10,000 In 3 Months

What is the 100 Envelope Challenge?

The 100-envelope challenge is a way to gamify saving money

Each day for 100 days, you’ll fill each envelope with money corresponding to the number on the envelope. After just over 3 months, you could have up to RM10,000 saved.

How to do the 100 Envelope Challenge?

1. Label 100 envelopes from 1 to 100.

2. Randomly select an envelope every day and do this until all envelopes are filled.

  • The number on the envelope you choose is the amount of cash you should stick inside of it. 

  • For instance, you'd put RM3 inside envelope #3 and RM98 inside envelope #98. By the end of the challenge, you should have just over RM5,000.

  • Now, you can make this even more exciting (and save more money) by multiplying the amount you save by 2x.

  • For example, you’d put RM10 inside envelope #5 instead of RM5. So, whatever the number on the envelope, multiply by 2, then save that much in the envelope. By the end of it, you should have over RM10,000 in about 3 months!

Benefits of the 100 Envelope Challenge

Encourages Consistent Saving

This challenge promotes the habit of saving money regularly, a fundamental aspect of financial wellness.

Fun and Engaging

The random selection of envelopes adds an element of surprise and fun to the saving process.

Flexible and Adaptable

You can adjust the challenge to suit your financial situation. For example, if 100 days is too short, spread it over 200 days, choosing an envelope every other day. Or, you can even halve the amount you put in the envelope if your finances call for it. 

Visual and Tangible Progress

Physically putting money into envelopes provides a more tangible sense of progress compared to digital savings.

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