Want to save £££? The TikTok 100 envelope challenge saves you £5000 in 100 days
That’s the summer roadtrip sorted
Money is always going to be tight as a student, right? Well, that doesn’t necessarily need to be the case for your whole life, especially right now. Many people are using the new year and the new lockdown as an excuse to start squirrelling their money away, and no more than on TikTok, where people are using the TikTok 100 envelope challenge to save over £5000 in just 100 days. You heard right, five thousand of her majesty’s great British pounds in just over three months.
Think it’s impossible? Well, there’s a method to this crazy figure. But how does the TikTok 100 envelope challenge work? How much money do you need to have to start the TikTok 100 envelope challenge? Is the TikTok 100 envelope challenge okay if I don’t have a job? Today we’re going to show you exactly how the challenge works and answer all of the above questions.
@elliedouglasssThis is a ✨S I G N✨￼ the 100 envelope saveing challenge for the new year let’s do this!!!♬ original sound – ellie
How do I do the TikTok 100 envelope challenge?
Interest rates are not worth bothering with unless you’ve got actual thousands in savings, so people are turning to more inventive ways of saving money, and the TikTok 100 envelope challenge is exactly that. Here’s a warning though, you’re going to need a fair bit of cash for this one:
- Firstly, buy 100 envelopes and label each one from one to 100.
- Get a box and place all of the envelopes inside.
- Every day you must pick out an envelope and put the amount of cash it says inside.
- Put the envelope back in the box, and repeat for 100 days.
- After 100 days there should be £5,050 in the box.
I’m going to be honest with you – there are a few issues here. This challenge averages out at £50 a day, which is a lot. Then you consider that it all needs to be in cash, which nobody carries anymore. AND then, what if you pick multiple envelopes in a row in the £90-£100 bracket? That would certainly be an expensive few days.
So yeah, this may well be a horrible way of saving money, and I don’t know anyone that could actually afford this, especially teenagers on TikTok. This challenge essentially relies on someone having a very decent income to afford saving this amount in 100 days – perhaps a more achievable goal would be 50 envelopes.
I struggle to see how any normal person paying rent, buying food and earning any less than £25k a year could reasonably afford this, but if you feel you could then feel free to give it a go (and send me some rent money for this month, I promise I’ll pay it back).