TikTok makes a challenge go viral that can have serious implications on the financial planning skills of individual users.
TikTok is famous for being the place where most viral trends come to life. Often these are frivolous challenges or without significant implications on the daily lives of users, which in many cases are forgotten after a few weeks of great notoriety. Every now and then, however, challenges emerge that can have a positive and lasting impact on users’ lives. Those looking for a simple and fun way to improve their financial situation, for example, could find the solution on TikTok in recent weeks.
In recent times, it is gaining popularity a challenge that promises to turn saving money into an engaging and rewarding game. This method is winning over more and more people thanks to its simplicity and the possibility of seeing concrete results in a relatively short time, to the point that several personal finance magazines and portals have taken an interest in the new challenge.
TikTok and its challenges present an innovative approach to saving
The “100 envelope challenge” is a viral savings method that is becoming popular on TikTok. This innovative approach involves the use of 100 envelopes numbered from 1 to 100. Every day, you select an envelope at random and enter the corresponding amount in euros. For example, if you choose envelope number 32, you will put 32 euros in the envelope.
If the user respects the rules, at the end of the 100 days, you will have saved a total of 5,050 Euros. For those who prefer a more linear approach, it is possible to start with envelope number 1 on the first day and continue increasing by one euro each day.
As highlighted by the Huffington Post editorial team, one of the main advantages of the 100 envelope challenge is the gamification of savings. Turning saving into a game can be a powerful motivator, especially when you see a significant sum like 5,050 euros grow. This method encourages daily financial awareness, helping you develop healthier saving habits.
The 100 envelope challenge can also be customized based on your financial capabilities. If setting aside larger amounts is not realistic, you can adapt the sums to your needs, while still maintaining the challenging aspect of the method.
A possible disadvantage of this method is the need to have cash on hand. Among other things, it also carries the risk of keeping large sums of money at home. There could be a solution adopting a digital approachtransferring money into a savings account every day and tracking the transfers with a spreadsheet.
Finally, according to many experts, to get the most out of the 100 pack challenge, It’s crucial to have a clear plan for the money you save. Whether it’s building an emergency fund or paying off debt, having an end goal helps keep you motivated. Involving friends or family in the challenge can provide additional support and accountability.
