In the New Year, millions of people make resolutions to save more money, but few stick with it. The envelope challenge is a great way to maximize savings and help keep financial resolutions. The premise of the envelope challenge is simple: each month, assign a specific amount of money to be saved in each ‘envelope.’ Once the money is placed in an envelope, it can only be spent on what’s written on the front - for example, groceries, rent, or health insurance. This makes tracking spending easy and ensures that money isn’t wasted. This article explains 5 ways to make the most out of the envelope savings challenge.
