Take charge of your savings game with our 50 Envelope Challenge free printable. Stay organized, track your contributions, and make every dollar count. Start saving smartly today!
Let’s get started.
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Please know that I’m not your financial advisor. So use this article for educational purposes.
Always check with a good financial advisor to get tax advice for your particular circumstances
Toward the end, I have also suggested a few tips to make the 50 Envelope Challenge effective and the precautions you need to take to be safe while doing this challenge.
50 Envelope Challenge (Free Printable)
Get your FREE 50 Envelope Challenge Printable below.
Do come back to this article to learn how to effectively use this Printable for your saving challenge
Why does a 50-envelope challenge work?
This challenge works because it’s shorter than the 100 Envelopes challenge!
It’s easier to plan to save for 50 days or 50 envelopes without sacrificing the hobby or fun money.
It allows you to stick with your budget, especially if you follow the 50-20-30 budget rule!
What is the 50 Envelope Challenge?
The 50 Envelope Challenge is a savings technique where you use 50 envelopes to represent different amounts of money as a way to save and reach a financial goal.
How much money would I have if I did a 50-envelope challenge?
In this 50 Envelope Challenge, you will have $1275 saved up in 50 days.
Each day add the money in the envelope in $1 increments.
OR randomly choose any envelope and save the amount listed on the envelope.
Do this until all 50 envelopes are filled.
What You Need To Do The 50 Envelope Challenge?
This is the simplest money-saving challenge. Following are a few things you would need to get started.
- Cash or coins. Both will do. I suggest cash as it’s much easier to put inside the physical envelope.
- Pen or a pencil- To write the amount on the envelope
- Envelopes- To put the cash inside.
- Box or safe- To play all envelopes in
- Stickers-Optional ( to decorate)
Please note, if you do not have the envelopes, repurpose existing mailing envelopes you receive in the mail. Make sure to secure them with tape so that cash does not come out easily.
If you do not have the mailing envelopes to repurpose, I have a few Cash Envelop printables in different colors and prints.
Use whatever you have to get started.
If you’re planning to do the digital version of this challenge, all you need is our FREE Printable for 50 envelope challenge.
How does the 50 Envelope Challenge work?
The challenge works by assigning specific amounts to each envelope and contributing that designated amount regularly.
As you progress, you save increasing amounts of money in each envelope, gradually building your savings over time.
E.g. If your goal is to save $5000, divide this amount by 50. It will give you $100. This is the amount you save in each envelope.
And if your goal is to save $1000, you will save $20 in each of the 50 envelopes.
How much money should I assign to each envelope?
The amount of money you assign to each envelope is flexible.
It depends on your financial situation and goals.
You can customize the amounts to fit your needs, whether it’s smaller increments like $1 or larger ones like $20.
To keep things simple, use our 50 Envelope Challenge Printable. It has the amount listed in $1 increments. The goal is to save $1,275 in 50 envelopes.
If you want to save for different goals such as $10,000 to $20,0000, get our Tracker Printables in the Shop.
Can I customize the amounts for the envelopes?
Absolutely!
You can customize the amounts for the envelopes according to your preferences and financial capability.
In this FREE 50 Envelope Challenge printable, I have set aside $1 for Envelope #1, $2 for Envelope #2, and so on.
So if you pick up Envelope #37 on Day 1 of the challenge, you will save $37 in that envelope ( and then mark it as done).
If you want to change the amount, you have two options.
Or
- Make use of any envelopes you have at home and write the amount you want to save on them as shown in the image above.
Tips to use 50 Envelope Challenge FREE Printable
Here are some tips, both common and unusual, to effectively do the challenge:
- Create a budget:
A good budget will serve as a useful tool in allocating funds to your envelopes.
So, if you have not set your budget yet, please create it and then find areas in your budget where you can find the money for this challenge.
Take the time to analyze your spending patterns and pinpoint areas where reductions can be made or savings can be achieved.
- Set clear and realistic goals:
Take the time to establish the purpose behind embarking on the 50-envelope challenge and outline your aspirations.
Whether you’re aiming for a particular purchase, building an emergency fund, or saving for a future vacation, having a clear goal in mind will provide ongoing motivation.
Related Article: Create a simple budget in under 10 minutes.
- Keep motivating yourself throughout the challenge:
It is always easy to start any saving challenge.
But it is harder to continue it in the long term.
Life happens, unexpected expenses pop up or you get invited to a wedding that was not planned in advance.
I get it. I personally faced many distributions over the years while doing a saving or a no-spend challenge.
During such times, continue reading motivational quotes or the real-life stories of people who did this challenge successfully.
Related Article: Debt Pay-Off Quotes to Inspire you today
Related Article: Motivational Budget Quotes
- Use all your change first:
One way to quickly fill the envelopes is to use all your change.
E.g If you have $1 or $5 in paper cash, use them to stuff envelopes first. This way you can do this challenge faster and gain momentum to complete the challenge.
You can even start a new challenge after this challenge is over.
To save for your first Emergency fund of $1000, you can even start this 100-envelope challenge with $10 per envelope.
Related Article: Other Tips for building your Emergency Fund
- Embrace unusual envelopes:
Instead of using traditional envelopes, think outside the box.
You can use small jars, decorated boxes, or even repurpose household items like empty containers or mason jars.
Unusual envelopes add a fun and unique touch to the challenge.
- Utilize spare change:
Don’t limit yourself to only paper currency. Collect spare change and add it to your envelopes regularly. Over time, these small amounts can add up significantly.
Related Article: Printable Coin Checklist
- Incorporate visual reminders:
Place visual reminders of your goal in prominent places, such as on your fridge or bathroom mirror.
Or take a picture on your phone to keep tracking your progress.
These reminders will reinforce your commitment and keep your focus on the end goal.
- Celebrate milestones:
Celebrate when you reach certain milestones along the way.
It’s important to acknowledge your achievements and reward yourself for your efforts. This will help maintain your enthusiasm throughout the challenge.
Who is the 50 envelop challenge printable good for?
The 50 Envelope Challenge printable can be beneficial for various individuals, especially those who prefer a visual and tangible method of tracking their savings progress.
- Visual Learners: If you are someone who learns and retains information better through visual aids, the 50 Envelope Challenge printable can serve as a visual representation of your savings goals. Seeing the envelopes and the progress you make can provide a sense of accomplishment and motivation.
- Budgeting Beginners: The printable can be particularly useful for individuals who are new to budgeting or savings challenges. It provides a structured framework and clear instructions on how to allocate funds and track progress, making it easier to get started.
- Physical Planners: If you prefer using physical tools like pen and paper to track your finances, the printable allows you to have a tangible record of your savings goals. You can easily write down the amounts allocated to each envelope and update them as you make progress.
- Goal Oriented: This 50-envelope challenge free printable can be helpful for individuals who thrive on setting and achieving goals. Each envelope represents a specific financial goal, and the printable helps you track your progress toward those goals.
- DIY Enthusiasts: If you enjoy personalizing and customizing your tools, the printable allows you to add your creative touch. You can decorate the envelopes, color-code them, or make notes on the printable sheet to suit your preferences.
Related Article: Debt Thermometer Free Printable
Frequently Asked Questions
What precautions should I take while doing the 50 Envelope Challenge?
When handling cash and using the 50-envelope challenge, it’s important to take precautions to protect your money and minimize the risk of theft.
- Store Envelopes Securely:
Keep your envelopes in a safe and secure location, such as a locked drawer or a locked box at your home or in your room.
Choose a spot that is not easily accessible to others.
- Be Discreet:
Avoid drawing unnecessary attention to your envelopes or discussing the specifics of your savings challenge in public.
Keep your financial matters private to minimize the risk of theft or unwanted attention.
You can even code this challenge as a name that is not easily recognizable. It’s fun to talk in code-word.
E.g. give your challenge a name like- Yoda challenge or Doda challenge.
- Be Mindful in Public Spaces:
When you’re out in public, be cautious and mindful of your surroundings. Keep your envelopes hidden and avoid displaying or counting cash in crowded or insecure areas.
- Use Reliable Financial Institutions:
If you choose to store your cash in a bank or credit union, opt for reputable and secure financial institutions. Research their security measures and ensure they have robust safeguards in place.
- Consider Digital Alternatives:
If you’re uncomfortable handling physical cash or concerned about the risk of theft, consider using digital alternatives such as digital envelopes, budgeting apps, or online banking tools to track and manage your savings electronically.
- Insure Your Cash:
Depending on the amount of money you’re saving, you may want to consider insuring your cash. Speak with your insurance provider to explore options for protecting your savings from theft or loss.
If you have rental insurance or home insurance, your service provider allows you to add cash to the insurance policy.
- Be Wary of Sharing Information:
Be cautious when sharing information about your savings challenge, particularly on social media or in public forums. Avoid disclosing personal details or any information that could make you vulnerable to theft.
However, you can always include the close family members or friends you trust in joining you in the challenge.
- Keep Emergency Contact Information:
In case of theft or loss, maintain a record of important contact information, such as your bank’s customer service number, the local police department, and your insurance provider’s contact details.
This will enable you to take swift action if needed.
Refer to our Emergency Planner Binder in the shop, if you need one.
Remember, theft is a possibility whenever handling cash, but by taking precautions and remaining vigilant, you can minimize the risks and keep your savings secure throughout the 50-envelope challenge.
Can I use digital envelopes instead of a physical 50-envelope challenge printable?
Yes absolutely.
I love using Digital Printable for saving challenges as it gives me a one-page view of my progress.
That is why I created this 50-Envelope Challenge Tracker FREE Printable for you.
When you use this digital printable, make sure that you are saving money in your bank saving account. Many banks allow you to open a separate saving account for your savings goals for free.
Check with your bank first.
You can even automate the saving 50 times from your checking account to your saving account
This will free up your time from manual saving.
For this to work, you will need to save the money in your savings account.
Set up the automatic saving once, forget it, and come back after 50 days or 50 weeks, however long you have set the automatic savings in your bank account.
I have also added the 50-envelope challenge tracker worksheet in the shop. It’s helpful to work with your budget planner like this!
How often should I contribute money to the 50 envelope challenge?
Ideally, you should contribute money to the envelopes on a regular basis, depending on your chosen frequency.
The most common frequency is weekly, biweekly, or monthly.
This is easier as many people get paid either weekly, bi-weekly, or monthly.
But since the amount is very small in the FREE Printable I have provided, you can also do daily savings if the budget permits.
This way you can quickly save $1275 in 50 days.
What happens if I can’t contribute the designated amount for a day or a week?
If you miss putting the money in the envelope, that’s ok!
Don’t beat yourself up.
Restart as soon as you can and catch up on the challenge. All you need to do is extend a day or a week.
But don’t quit the whole challenge just because you missed it once or twice.
Consistency is very important in the 50 Envelope Challenge
Adapt the challenge to your life circumstances and continue contributing when you can.
That is why I suggest saving first thing in the morning or as soon as you get paid.
I have to use the money I saved up during the challenge. Can I do that?
If you absolutely need the money for any emergency that you did not expect, you can use the money saved in the envelopes.
But, I would suggest having a good Emergency Fund before starting any long-term saving challenge like this or 100 envelope challenge.
That way, you will not feel the need to dip into the envelope savings and disrupt the challenge.
If you need help coming up with ideas for building Emergency Fund, please check 15 easy ideas on the blog.
I have a ton of suggestions for cheap substitutes on this blog.
Plus once you reach your saving goal, you can celebrate and use the money however you like!
Related Article: 15 easy ways to Save $1000 Fast
How long does the 50 Envelope Challenge typically take to complete?
There is no time rule in the original envelope challenge. It is pretty flexible, in that your only goal is to fill 50 envelopes.
So, you can set goal and deadlines for yourself.
For example, if your goal is to save every week but there is no definite timeline, you can do this challenge for an entire year. Set aside a certain amount to save for every week until you fill all 50 envelopes.
This is just like a 52-week saving challenge, except here you are working on 50 weeks.
Use the last two weeks to enjoy and celebrate your dedication towards completing this 50 envelop challenge successfully!
If you have a definite goal to save let’s say $1200 in the next 50 days, you can use this 50 Envelope Challenge FREE printable every day. The frequency will be daily and you will know that in the next 50 days, you will definitely have $1275 saved up.
What are some creative ideas for decorating the envelopes?
There are so many ideas to make cute and pretty envelopes.
You can use:
- Pretty Stickers
- Motivational affirmations
- Fun reminders on the envelopes
- Fabric envelopes
- Accordion-style envelope for 50 weeks. Although it can get bulky.
- Origami envelopes on pretty paper
Pick any idea that you love and go for it.
The idea is to make this challenge fun.
You do not want to spend a lot of money to make pretty envelopes.
Take a look at 20 different digital printable envelopes in the shop in various designs and patterns if you are working on a tiny budget.
It’s overwhelming to save money. Please suggest the simplest way to make the 50 envelop challenge successful and easy for me.
To make things easy and less time-consuming, just pick any envelope randomly and save the money. No decision-making is needed!
How do I involve my family to participate in the 50-envelope challenge with me?
To do this, invite your family for a meeting. Make it sound interesting and fun.
Set the reward for completing this challenge together.
Download and print the instant download printable for each member of the family who wants to join you in the challenge.
Come up with creative ideas to save money. Help each other out to brainstorm ideas.
The more involved your family is, the easier this challenge will be for all of you.
Imagine saving up for a fun vacation together or celebrating Christmas by gifting something they love!
By the way, are you ready for Christmas?
Read this article to start preparing for Christmas in July. I have tonnes of ideas to make it frugal family-friendly Christmas.
It is always fun to do a challenge together with family
It helps create a sense of accountability, motivation, and friendly competition.
Let me know how your family does this challenge together in the comments below.
How do I keep track of my progress and the money in the envelopes?
You can use a notebook, a spreadsheet, or a budgeting app. In this FREE printable, you can color the hearts once you save the money inside the Envelope.
You can use a notebook, a spreadsheet, or a budgeting app.
Record the amounts contributed to each envelope and update it regularly to monitor your savings.
You can use the Excel sheet we have in the shop for tracking it digitally as well.
The instant download PDF has the numbers written under each envelope. This will help you tally the total amount without opening the envelopes and counting it every time.
I’ve completed the challenge. Now what?
First of all, pat yourself on the back and celebrate!
If you were running this challenge solo, reward yourself with your favorite thing to do.
And if you were running this challenge with a family, take them out for a yummy meal or a vacation together.
Be creative and capture the moments.
This way you will have a good memory of running this challenge.
When you are up for the next challenge, check out this 100 Envelope Challenge Tracker Printable!
Final Thoughts on the 50 Envelope Challenge
Let this visual and customizable tool be your roadmap to a brighter financial future.
As you fill each envelope with determination and watch your savings grow, you’ll feel empowered and in control of your money.
It’s time to make every dollar count and achieve the financial freedom you deserve. Let the 50 Envelope Challenge Printable be your companion on this exciting journey.
Start today and watch your dreams unfold, one envelope at a time! Let me know in the comments below how your challenge goes.
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