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Saving—Little by Little (A Response to TikTok's 100 Envelope Challenge)

By Rebecca van Noppen, co-host of “Let’s Talk Money with Dave and Reb”

Do you think you could do it? Save $5050 in 100 days? Well, some are trying. A new trend on TikTok has people attempting to save money in the ‘100 envelope challenge’. You start with 100 envelopes and some cash, write one number from 1-100 on each envelope, and then shuffle them. Each day you pick up an envelope, and whatever number you draw, you fill it with that amount of cash.

Easy. Right?

Well, I guess if you have $50.50 a day in financial margin for 100 days, it will be easy. Or maybe it helps to look at the monthly breakdown. For three months running, all you need to find in extra income or margin is $1,683.

For some people this may be a thrilling challenge, an out-of-box idea, or a sexy way to save money. Many people have managed to do it, and if it works for you, I would love to hear about it. I would also love to hear what is motivating you to save that money!

In this age of trends, distractions, and instant gratification, this challenge would take commitment, healthy financial habit formation, and perseverance. Not only that, you really do need the margin to be able to save, and it may take selling possessions, or even taking on extra employment. Financial health takes work and does not usually come without consistent financial habits and intentional discipline.

At More Than Enough, we encourage five simple goals for financial health:

1. Build an ‘everyday emergency cushion’ of $1000 for unexpected expenses, like a sudden death in the family or an unforeseen car repair.
2. Pay off your consumer debt—that includes credit cards, credit lines, and car loans.
3. Build a three-to-six month emergency fund (equal to your income).
4. Invest and pay off your mortgage.
5. Give generously and share what you have. This is something you do throughout these five steps, but you often find more freedom to give once your debt is paid off.

These five financial steps are goals that carry you through the days, years, and decades of your financial journey. You will find no quick fad here, but wise and consistent counsel. A wise king once wrote that money gathered little by little will grow (see Proverbs 13:11). That is one long-standing trend to count on.

Tip to try: If you want to start saving money, start with building that ‘everyday emergency cushion’. That’s challenging enough, but we have seen people do it over and over again. Take three months, save $10 a day, or sell some stuff lying around your house. Track your spending, and adjust it so you can create some margin. Once you have that $1000 saved, let us know. Go to our online financial fitness seminar to understand the principles behind the five steps to financial health. You can find it HERE. 

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