Woman saves nearly £5,000 ($6,850) in six months using a letter envelope "trick"
Let's face it - nowadays it's not easy to get to the end of the month and still have a nice nest egg that can be useful in lean times. Tightening one's belt so as not to lack necessities in the house is now becoming more and more the norm, and being able to save is becoming more and more difficult. All is not lost, however, because there are some really simple tips and tricks we can employ to save even in seemingly difficult financial times. And this is exactly what the woman in this story did, when she decided to reveal on the web her tips to the world on how she was able to set aside a nice little stash of savings using only ... envelopes!
via The Sun UK
All this woman had to do to save money, in her original and unique way, was to use an envelope trick. The woman explained on Facebook that she bought a pack of 100 white envelopes, then numbered them all. After this, she drew two envelopes out of the pack at random, each week, for a period of about 25 weeks. For each envelope taken out of the pack, the woman put inside them the monetary equivalent of the number that was written on the outside. For example, if the two envelopes pulled out had the numbers 25 and 60 written on them, the woman would have to put £25 and £60 pounds inside them respectively, thereby saving £85 pounds that week. This is not an insignificant amount, and the woman ran her envelope saving experiment for 26 weeks - and with great success!
This envelope-based savings scheme succeeded in allowing the woman to set aside a nice little nest egg at the end of 26 weeks. The amount she saved in the end was ideal for paying for an extra, unexpected expenses. The beauty is that this letter envelope experiment seems to be based on a famous mathematical formula devised by the German scientist Gauss - the Gauss formula that mathematically allows for the realistic creation of a sum of £5,050 pounds in 25 weeks, using two envelopes a week as the enabling tools.
Now, it's also true that to put money aside in 100 numbered envelopes for 25 weeks you need to have it and be able to put the relevant amount aside without sacrificing too much - but this experiment could certainly give you some success after a few months of giving it a try.
Would you like to try this saving tip? Let us know in the comments.