The 100-envelope challenge has taken TikTok by storm, offering a hands-on cash savings method that many find engaging. Participants can save up to $5050 by placing cash into numbered envelopes over the course of 100 days. At Dieterich Bank, we’re here to support your financial goals and believe there is a better way to approach this challenge in our rapidly evolving digital age.
If you want to save money, there’s no need for daily trips to the ATM and cash-filled envelopes sitting around the house. This article will help you master the 100-envelope challenge in a digital space. Dieterich Bank, with its rich history dating back to 1909, has always been at the forefront of serving the people of Illinois. Our unwavering dedication to our employees and the community makes us the perfect guide for this digital journey.
What is the 100 Envelope Challenge?
If you are unfamiliar with the TikTok savings challenge, the 100-envelope challenge encourages participants to label empty envelopes with the numbers 1 to 100. Each day, participants take an envelope, random or sequential, and place the corresponding dollar amount inside. Envelope number 1 gets $1, envelope number 100 gets $100, and everything in between. Simple right? At Dieterich Bank, we believe you can produce the same results by moving your money electronically rather than handling all that cash and stuffing paper envelopes.
Dieterich Bank and Today's Cashless Society
As society continues to embrace digital transactions, a traditional cash-based savings system may be outdated. The problem is that most of us don’t carry around cash anymore. Our paychecks are directly deposited into our bank accounts, bills are electronically deducted each month, and we can even purchase groceries with our smartwatches. Americans may write the occasional rent check, but few people have cash floating around every day. The shift towards a cashless society underscores the importance of adapting traditional methods to contemporary needs.
Paperless: No Need For Physical Envelopes
With electronic banking, you can recreate the 100-envelope challenge paper-free. Saving $1 - $100 sequentially is simple, but what if you want the fun of choosing a numbered envelope at random? A random number generator can provide a new number daily to keep the challenge interesting. Once you know how much you are saving that day, transfer the amount from your checking account to a dedicated savings account. Using our spreadsheet (make a copy of the spreadsheet so you can edit it), you can keep track of the “envelopes'' you have used and track that the money has been transferred to savings.
Convenient: No Need For Cash
The convenience of online banking and mobile apps allows for instant transfers, eliminating the need to visit a bank or ATM. Since you won’t need to pull money from an ATM daily, you are less likely to forget or put off saving until tomorrow. With online banking, everything can be managed from the comfort of your home or on-the-go. The ease of saving from home encourages more people to participate and stick with the challenge.
Secure: Digital Savings Can Be More Secure Than Physical Cash
Trackable: Easier to Monitor and Adjust Savings Digitally
Digital banking provides users with comprehensive tools to track and monitor their savings progress. The best way to monitor your progress is to create a separate savings account dedicated to the 100 envelope challenge. Online banking allows for easy adjustments, whether it's changing the savings amount or transferring your savings balance. By simply logging into your mobile banking app, you can quickly see your savings and watch it grow over the 100-day challenge.
The Power of Green Cents
Eco-Conscious: Digital Savings Has Environmental Benefits
The traditional 100-envelope challenge uses a significant amount of paper. Transitioning to a digital platform can drastically reduce this paper consumption, leading to fewer trees being cut down. Modernizing this challenge also eliminates the need to drive to and from the ATM or bank for cash. Using a digital space to move and store your savings reduces fuel consumption and decreases air pollution. The digital 100 envelope challenge leads to a positive impact on our environment.
Making Room In Your Budget For Savings
Does it feel like saving $5050 is impossible right now? If your current monthly budget allows for dining out, entertainment, and impulse treats, you are in a good financial situation to save. With a little budget trimming, you can achieve your goal of completing the 100-envelope digital challenge.
Start by looking at your monthly budget; you may find that you have unneeded expenses already built into your spending. Apps, streaming services, and gym memberships that you rarely use can be canceled or paused while you focus on saving for 100 days. Instead of expensive date nights, focus on spending time as a family with free and cheap activities around Illinois. Make a point to skip your next impulse purchase and focus on the reward of completing the challenge. A little dedication will pay off if you commit to 100 days of saving.
Finding The Motivation To Save For 100 Days Straight
Sticking with a challenge for 100 days is sure to test your discipline. Whether it’s financial or physical, challenges help us grow and achieve the goals we imagine for ourselves. At Dieterich Bank, we recommend these three strategies to stay motivated during the 100 envelope challenge.
- Set Digital Reminders: Use an app or your phone’s calendar to set daily reminders, ensuring you stay committed to the challenge.
- Join an Online Community: Platforms like Reddit and Facebook host savings challenge groups where members share their progress, offer support, and hold each other accountable.
- Celebrate Milestones: Recognize and celebrate when you hit significant savings milestones, whether it's filling half the envelopes or reaching a specific monetary goal.
Start Saving Today!
There will never be a perfect time in your life to start saving. The digital 100 envelope challenge can help you reach your goals by offering a modern twist on a popular savings method. Take the first step and open a savings account today.