The cost of living crisis has seen many families struggle to save as they are forced to spend more money on bills and everyday essentials. 

Many have looked for quick and easy ways to save money, from the penny challenge to the cash stuffing method. 

Whilst others share their top tips to save some extra cash by taking to TikTok, sharing ideas and advice to help with the cost of living crisis. 

Like TikTok user @amoochlife who gained over 300,000 likes for sharing how they saved £5050 using the 100 envelope challenge. 

What is the 100 envelope challenge? 

The challenge is simple and quick with the chance to save money in just 100 days or stretch the scheme out over a year to maximise savings. 

All you need is 100 envelopes, marked 1 to 100 and place the envelopes in a box. 

@amoochlife 100 envelope challenge to save 5,000 #budgetingtips #savingmoney #personalfinancetips ♬ You - Petit Biscuit

Every day you pick an envelope at random and depending on the number written, that decides how much money you put away. 

For example, if the envelope is marked with 10, you place £10 in it, and so on. 

Many people took to TikTok's comments to praise the idea but did suggest that for many, it might be better to spread the saving scheme over 52 weeks, a year. 

As one user wrote: "this is a good idea but I personally would do it over a year because it's easier to save 5K in a year and not 3 months."

Your Money Matters

Your Money Matters is a campaign launched by us and our sister titles across Newsquest to help you overcome the surge in the cost of living.

This year has seen a whole host of household price increases — from the energy price cap rise to surging inflation and food prices — costing your family hundreds or even thousands of pounds extra per year.

We’re making it our mission to look out for your cash, offering money-saving deals, competitions, giveaways and insightful stories from your community on the impact this cost-of-living crisis is having on our readers.

The worldwide energy crisis exacerbated by the Ukraine invasion, the financial impact of the Covid pandemic, record inflation figures and a surge in the cost of goods, fuel and travel means we will all feel the pinch.

Through our newspaper, we want to do what we can to help make your cash go further because we know your money matters.