How To Save 10k In A Year Envelope. Each day you draw an envelope and whatever number you draw, you place that amount of cash inside and you do this for 100 days until the envelopes are filled. This $10,000 money saving challenge is designed to help you save up $10,000 over one year.
So by sticking to a s&p500 index fund, you are going to be in the 85% or higher of performance annually. The envelope system is used for items you usually overspend on like groceries, clothes, gas, etc. I also am a military reservist and put about 10k/year in the tsp.
That could go a long way toward the down payment on a house, a nice emergency fund, or the vacation of a lifetime.
Go on a spending freeze; Then, you'll use your marker to write a dollar amount on each envelope, going in order from $1 to $100 (depending on your budget, you can easily adjust these to be smaller or larger amounts). There are two different options included in this money savings challenge: In short, to save $5000 in a year, you’ll need to buy some cheap envelopes.