Mum’s 100 envelope challenge will help you save £5k by the end of 2021

A SAVVY mum-of-three has shared the money-saving hack getting her through 2021 – which has so far proven a popular way to save for Christmas or bills.

Michelle, from Western Australia, shared the easy saving method on TikTok and she's on track to pocket more than £5k by the end of the year.

The envelope challenge works by labelling 100 envelopes with sums from $1 to $100 – and the same can be done using pounds, or any currency for that matter.

Each week, you can randomly choose any two envelopes and then put that amount of cash inside each.

So if you pick £10 and £81, you will need to put £10 in the '£10' envelope and £81 in the '£81' envelope.

This method takes the hassle out of saving, and even makes it fun, and will hopefully leave you with a hefty little sum come Christmas time.

In her now viral clip on TikTok, mum Michelle wrote: "I'm a mum of three kids and money can get a bit tight, especially now school is going back."

And explained: "The point of the challenge is to put the money in the envelopes. I will be depositing the cash once we complete the challenge."

The mother said two envelopes are usually drawn at random every week, but you can do less or more depending on your budget.

"I don't do this every day. I change it to suit myself and my circumstances. I do it twice a week. Whatever my situation allows," she explained.

Once she pops the cash into the selected envelope, Michelle then crosses off that number from her DIY chart so that she doesn't pick the same one again.

Her video has since been viewed more than 140k times, with many saying they were keen to try it out themselves.

"I am terrible at saving money so this might be smart for me to do," one wrote.

Others have tried there own versions of the money-saving hack with great success.

So if you haven't started saving already, perhaps give it a go – you'll be surprised by how much to can save.

Another mum said the same hack can we done using £5 – saying it's the‘must follow’ money saving trick of 2021.

Meanwhile, this woman reveals how to save £166 without even realising it – all you need is an empty tube of Smarties.

And this savvy mum shares a different envelope hack for saving £5,050 in less than half a year.

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