The Popular Money Saving Challenge People Are Trying This Year
Everyone wants to save money, but not everyone knows how. That’s why using a money saving challenge can help. The “100 Envelope Challenge” is a popular money saving challenge that can help you to reach your goal. It has already helped thousands of people to save money this year.
Let’s discuss how this challenge works and how you can access the funds you need for an emergency even if you don’t have time to save money by using car title loans.
How The Money Saving Challenge Works
The 100 Envelope Challenge is a way to save more than $5,000 in 100 days. That’s right – in three months’ time, you could be exactly $5,050 richer.
This money could go towards long-term financial goals such as a down-payment for a property, buying a car, or financing a wedding or vacation.
It’s often difficult to have extra spending money in the bank. With unexpected expenses and inconsistent budgeting, most people don’t reach all of their financial goals.
This challenge creates a daily expense that goes straight into your savings. By using it as a non-negotiable charge you pay daily, you’ll be done saving in three months’ time.
What You Need
This money saving challenge requires 100 small envelopes, a pen, and your motivation. Other individuals have also used post-its or notecards as a replacement for the envelopes.
This is a money saving challenge, which means you’ll also need access to a steady stream of income over the three months.
How To Save With The Money Saving Challenge
First, you’ll label each of your 100 money saving challenge envelopes with one number from 1-100. Go in order and don’t repeat any of the numbers. If you have post-its or notecards, do the same thing. If you’re using post-its, we recommend folding them in half so that they don’t stick together.
Take your pile of numbered envelopes/papers and shuffle them. Put them into a basket, bucket, or container of some kind.
Every day, you will randomly select one envelope or paper for your money saving challenge. You will then save the dollar amount that you select.
If you pull out a “31” labeled envelope, for example, you will put $31 into that envelope and return it to the pile or stack it on the side. If you are using post-its or notecards, you’ll need a designated area or envelope to put your money into.
At the end of the 100 days, all of your envelopes should be filled. Voila - you will have saved $5,050.
Tips For Completing The Money Saving Challenge
Having wads of cash stuffed into envelopes may be a temptation when you want to spend some cash. Keep the money saving challenge envelopes out of the eye’s view to make sure you don’t touch them until the three months are up. If you’re using envelopes, seal the completed ones shut.
Treat the money saving challenge like a non-negotiable expense. Think of it as spending money on a phone bill or gas for the road. Once you view it as a necessity and not an activity, you’ll be more determined to complete it.
What If You Can’t Wait 100 Days To Get Cash?
While a money saving challenge is great, it doesn’t help much when you have an urgent expense at your door. Things such as home and car repairs, medical emergencies, and unexpected bills cannot wait months to be addressed.
Luckily, Utah title loans from us can help. These loans have a quick and simple process and allow you to access money for an unexpected financial blunder.
How To Obtain Car Title Loans
To qualify for car title loans, you will need a lien-free title for a vehicle in your name, your vehicle itself for inspection, and a state-issued ID.
You can get started by filling out the online inquiry form on Utah Title Loans, Inc. A representative will give you a call shortly thereafter. They will be able to answer any questions about car title loans and arrange a time to meet. You can choose to meet at a Utah Title Loans, Inc. location or another location of your choice.
Next, you will bring your vehicle and documents to your preferred location. The representative will do a quick inspection of your vehicle and documents to determine your approval status. Finally, if approved, you will have access to up to $15,000 (depending on your car value) by the end of that same day or the following business day.
Saving Money By Challenging Yourself
Using a money saving challenge is a great way to save for a big purchase, and the 100 Envelope Challenge has helped a lot of people do so.
However, sometimes you just don’t have the luxury of time. There are days when you need cash fast for a financial emergency. That’s when qualifying for car title loans from Utah Title Loans, Inc. can be an option. Submit an online form today to get started and find out if you qualify.
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.