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Money saving hack using envelopes that could see you put away £5000 in a year
14.01.2023 - 01:37 / dailyrecord.co.uk
Saving money at the moment is difficult due to the rising cost of living and soaring energy bills.
But if you're desperate to put away some money this year, a cash-saving challenge involving envelopes could mean you end 2023 with a whopping £5,000 saved.
All you need to take part is 100 envelopes, and on each one, write any cash amount between £1 and £100. Each week, choose two at random and save however much the envelope is labelled with.
The Mirror reports that you'll complete the challenge in 50 weeks if you pick two each time, meaning in less than a year you'll have a savings pot of £5,050.
It's not too late to start either - if you want to begin the challenge now and catch up on the past two weeks, you can pick out four envelopes this week and you'll be back on track.
It's important to be aware that some weeks you might have to put quite a bit away - for example, if you draw the £99 and £100 envelopes.
If you don't think you'll be able to save that much, a more affordable way to do it is to cut down to 50 envelopes instead and you'll still save £1,275.
You could also lower the amounts on the envelopes, so you could save in multiples of 50p instead of £1.
Or instead of pulling out two envelopes each week, you could decide to do just one envelope - although this will take longer.
Ideally, you'll want to use physical cash to complete the challenge so you can actually put it in the envelope, but setting up a separate savings account does the trick as well.
If you want to do it this way, you could put bits of paper labelled 1 to 100 into a jar, then pull two out each week to see how much to transfer into the account.
There are plenty of other money-saving challenges that you could also be taking part in this year if you
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