Money Matters: how to be a bad ass bitch and Save 5K in 6 months

If you’re like most people, you will outwardly say, “I need to save more,” and then, when it comes time to save, find it difficult. Don’t poo poo yourself, my penny-pincher-in-training friend. We all find it difficult to save- I do, friends do… in fact, there are whole teams within banks, insurance companies, and academia who study ways in which they can actually GET you to save more.

So, while they are busy figuring out savings rules to live by (habitually saving is a big one) we have a bit of a life hack for you that has gone viral on, of all places, Facebook.

the rules of the game

The rules of this challenge, so creatively deemed, “2020 envelope Challenge” are simple. And here’s how they work.

Decide whether you’re going to play this game with paper money and envelopes, or digitally with paper index cards and money moved to a savings account.

Step 1: You’re going to need a lot of index cards or envelopes. Number your envelopes from EUR 1 – EUR 100. Then, mix them up (you do not want them in numerical order).

Step 2: Twice a week – or four times a week if you’ve got a little disposable cash to spare – you’ll pull envelopes/cards at random. Whatever number is written on the card is the amount of money you will deposit into the envelope or a savings account.

For example, if you pick twice a week and you pull EUR 25 and EUR 46 you’ll deposit that amount of money into either your savings account or envelope. If you pick four times per week you repeat the same step, but pull two more numbers. The max amount of money you can draw per week is EUR 394 (with all four cards).

Step 3: Continue this for 25 weeks.

why we love it?

Firstly, it’s the sort of out of sight, out of mind philosophy. If the money isn’t in your account where you can see it, you sort of forget that it is there, and most importantly, don’t spend it.

Secondly, it’s a way to create an emergency fund without the anxiety that comes with “trying to create” an emergency fund. You’ve made something inherently taboo (money) and boring (savings) into something that will be useful for future Bitchin Belle’.

what if you don’t have a lot of disposable income?

Don’t fret, this envelope game can work for anyone. I actually used it when I was living in Prague and was getting by on meager wages and free food (I went to a lot of press-junkets). Honestly, if the thought of pitting away EUR 384 a week breaks you into cold-sweats and bursts of anxiety, don’t write your index cards up to EUR 100. Stop at something more sensible like EUR 50 or EUR 25. The most important point is that you’re saving habitually.

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