The truth about the 100 envelope challenge

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Your 2-minute guide to demystifying money and making you richer

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If you’ve spent more than a minute on social media in the last year, chances are you were served a video about the “100 Envelope Challenge.” The original creator, @budgetwithmilly, now boasts 15 million+ views on what’s actually a shockingly simple hack for saving more — £5,050, to be exact. 

It works like this: Number 100 envelopes, 1-100. Then, each day, randomly (or sequentially) select an envelope and put that exact amount of cash inside. (So, on day 15, you’d put in £15, or on day 87, you’d tuck £87 inside, you get the picture.) At the end of 100 days, you’ll have saved over £5,000. 

At first glance, it’s almost insultingly obvious. (After all, stuffing money into envelopes every day is going to get you somewhere — not to mention bored of going to the ATM.) I…