Woman Shares Easy Envelope Hack For Saving £5,050 In Just Six Months
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The thought of saving money post-Christmas might not be something that immediately comes to mind, but one woman has gone viral after sharing an incredibly easy 'envelope hack' that helped her to save £5,050 in just six months.
With the cost of living crisis hitting hard, any way to save money is welcomed.
And the 'envelope hack' in particular is one money-saving method that has proved very successful.
Taking to social media to share her magnificent six-month savings, one mum wrote: "If you have a three-year plan to buy a house, you could have a little over $30,000 for a down payment by doing this." Essentially, you grab 100 envelopes and write an amount between £1-£100 on the front, so that a different number is written on each.
Then, if you want to save over the space of 25 weeks, you'll select two envelopes at random each week and deposit the amount of cash written on the front of each envelope.
So for example, if you select one envelope with £2 written on the front and another with £50, you'll add £52 worth of cash to the envelopes that week.
As you can imagine, you'll need a decent amount of disposable income to do this. But if you're somebody who could do with cutting back on how much you spend, this is a really simple and effective way of saving cash.
It goes without saying that you can mix up the challenge to suit you, meaning you don't necessarily have to save the money within 25 weeks. If you're in no real rush, you could spread the challenge out over the space of a year instead.
Similarly, you can change the amount written on the front of the envelopes to suit you and your personal budget too.
Even if you add numbers from £1-£50 on the front, you can still end up with decent savings!
After revealing that she'd managed to save an impressive £5,050 by completing the envelope hack in six months, other social media users vowed to get involved.
"I love this idea. It would be a fun way for us to save up for something special," one wrote, while another added: "We should do this! It would help me save."
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