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[Music] good afternoon guys welcome back to my channel today i'm going to be talking to you guys about the money saving challenge i'm setting myself for 2021 now it's called the 100 envelope challenge i don't know who started the original idea i saw it on youtube and it's also been on tick tock so i don't exactly know who to credit for it but essentially it is a challenge where you can save over five thousand dollars or five thousand and fifty dollars to be exact and it's for 50 weeks so firstly what you need is two packets or one packet of envelopes so 100 envelopes in total and on each one of these you're going to write down a numerical amount so it literally goes 100 99 98 97 96 you get the idea all the way down to one dollar now the idea behind this is that it's just a really fun and simple way to be able to put aside some money and have a great amount of savings by the end of the challenge so there's 52 weeks in a year and 100 envelopes at 2 per week would leave you at 50 weeks so when i'm intending to start this is the third week in january i don't want to set myself any challenges in the first two weeks of the new year because i think the christmas and holiday season is already expensive enough so i think it's great to give yourself two weeks to get back into work get my first paycheck as well and then i'll be able to start with this savings challenge so first things first you will need a hundred envelopes and a pen so i got two packets of 50 envelopes from the junk shop these were literally three dollars each so six dollars to get myself all set up for the challenge i also got a box that i can put them all in as well because the idea is that once you've written the amounts down you throw them all in there shuffle them all up and that's how you pull out your two envelopes each week now just a quick disclaimer i am not in any way a financial kind of person i just think this is a really fun challenge if you are someone who finds yourself having a little bit of spare money left over and you really want to be throwing that into savings instead of being tempted to spend it so that's kind of something that i normally do i haven't been that great with my savings um during 2020 i feel like every time i end up with a little bit of money i was spending it on decor or moving when i moved house and i really just want to spend 2021 being much more conscious about saving my money i do think it's also really important to say just be aware that when you are putting your money either cash in an envelope or what i'm going to be doing is a bank transfer of that amount into a separate savings account but just be conscious of the fact that although this is a really fun challenge you may have a week where you for example pull out the envelope that's 95 and 100 so that's 195 dollars and that could be quite stressful to try and put that amount away so for me if something like that happens and it's two big amounts and i just don't have it again i'll reshuffle and draw out another envelope so i'm not exactly going to play it by ear 100 if it just happens to be a week that might put me in a tough spot but generally speaking i'm going to be able to put away the amounts that are on these envelopes and i'm confident that i can save the five grand by the end of next year i also got myself a moleskin journal i've wanted to start journaling as a goal in 2021 and i'm gonna dedicate a page to writing down the amounts of the envelopes that i've already pulled out so far as well so that'll be one page of like my budgeting kind of plan as well and yeah so next step is to write the amounts down on each of these envelopes and throw them in the box [Music] do [Music] [Music] so [Music] [Music] so [Music] now i've given the envelopes a really good shuffle but i'm probably going to go back and do it a little bit more thoroughly so i don't just have like a group of 70s all together or something like that and then i will pop the lid on and come back to these in the third week of january next year so now what i'm going to do is find a page in here that'll be my budgeting page for the challenge and i'm going to write down all of the numbers so i can strike them off as i pick them up out of the box the reason i want to do that is just so that i can kind of keep a little bit more of a track of how much money i'm going to be up for putting aside and just journal my progress on how far i've come and yeah i'm just really excited to do this for 2021 [Music] [Applause] [Music] so [Music] so that's it we are all set up and ready to go for the five thousand dollar 100 envelope challenge in 2021. you could also do this with a partner if you guys lived together and had a joint account set up and maybe you even want to double the amount so you could have 200 envelopes and save 10 grand if you're really ambitious so i hope this video has been helpful to you guys and if you did like it please remember to give it a big thumbs up and hit that subscribe button and i will see you next time bye