Try these money saving challenges to help you save more money and reach your financial goals.
A savings challenge is a great way to not only save more money, but to save money in a fun way that keeps you invested and interested in your goals. There are many different savings challenges to choose from too, so you have lots of options!
Let’s go over why you should try a money saving challenge and the different challenges you have to choose from so you can start saving more money and having fun while you do it.
Benefits of Money Saving Challenges
There are many benefits to doing a money savings challenge, including increasing your motivation and accountability, greater financial health, less financial stress, and of course having more savings!
- Motivation and Accountability: A set challenge provides a clear goal and timeline for how to reach your goals in a specific amount of time.
- Greater Financial Health: By saving more money you increase your financial health by having more money on your side for future emergencies, expenses, and goals.
- Less Financial Stress: Having a strong savings cushion helps reduce stress and anxiety about money since you’ll have all your bases covered.
- More Savings! The biggest benefit to doing one of these challenges is that you’ll have more money saved up for whatever you might need.
1. 100 Envelope Savings Challenge
The 100 envelope challenge is where you label 100 envelopes with amounts to save, like $1 to $100, and then gradually put aside those amounts in each envelope until all 100 envelopes are filled with the cash amounts they’re labeled with.
For example, label 100 envelopes from $1 to $100. Then, each day or week, you could draw a random envelope and deposit the amount indicated into it, Or you could start with the $1 envelope first and work your way up to $100, or you could start with the $100 envelop first and work your way down to $1.
After the 100 envelopes challenge is completed you’ll have saved a total of $5,050. If you make your deposits daily, then you’ll save this amount in only 100 days!
This challenge is great because it’s flexible—you can choose any envelope in any order—and it’s also a really painless way to save, as the most money you’re setting aside at any time is only $100.
2. 52-Week Savings Challenge
The 52-week savings challenge is a year-long challenge that helps build savings consistently by increasing the amount you save each week.
For example, in week 1 you’ll save $1, in week 2 you’ll save $2, and so on, increasing the savings amount by $1 each week. By week 52, you will save $52 and you’ll have saved a total of $1,378 by the end of the year.
This challenge is effective for building a regular savings habit and gradually working your way up to larger savings amounts. It’s also great because your savings are spread out over a year’s time and shouldn’t be too hard to complete because of this.
3. No Spend Challenge
The no spend challenge involves cutting out all nonessential spending for a set period of time, like a certain day, week, or month.
To use the no-spend method, pick a time frame and avoid discretionary spending like dining out, entertainment, or shopping during that time period. Essentials like groceries, bills, and rent are typically allowed.
This challenge encourages you to be more mindful about your spending habits, learn to avoid or minimize luxury spending, and frees up this money for savings instead.
4. The Penny Challenge
The penny challenge is a small-scale, incremental savings challenge where you save by starting with a penny and increasing each day’s amount by 1 cent.
For example, on day 1 you save 1 cent, on day 2 you save 2 cents, and continue increasing by 1 cent each day. On day 365 you’ll save $3.65, and you’ll have saved a total of $667.95 by the end of a year.
This is a great challenge for beginners to help build a regular savings habit with low-commitment savings amounts anyone can handle.
5. No Dining Out Challenge
The no dining out challenge is where participants avoid spending money on restaurants, take-out, or fast food for a set period, focusing instead on eating meals prepared at home.
To do the no dining out method, decide on a specific time duration, like a day of the week, a week, or a specific month, and make a commitment to eat all meals at home or bring food from home instead of eating out at all during that time.
This challenge is great for people who want to build a better habit of eating at home or packing lunches for work while also directing those funds toward savings goals.
6. Weather Challenge
The weather challenge is a playful savings challenge where your savings amount corresponds to the local temperature.
To do the weather savings challenge, check the temperature on a specific day of the week or month and deposit an amount equal to that number in dollars. For example, if it’s 75°F outside, then save $75 that day.
This challenge is a fun way to add a twist to your savings efforts. It’s also a great way to leave the savings amounts to the weather instead of trying to decide that variable yourself.
7. Leftover Change Challenge
The leftover change challenge is where you save any leftover cash, like pocket change or spare bills, at regular intervals.
For example, each day or week, place any extra coins or small bills you have into a savings jar or envelope. At the end of the month, deposit your accumulated leftover change into a savings account.
This challenge is easy to maintain and can add up surprisingly quickly over time, especially if you’re a person who prefers to use cash.
8. The $5 Bill Challenge
The $5 bill challenge is where you save every $5 bill you receive.
For example, every time you come across a $5 bill, set it aside instead of spending it. Over time, the $5 bills accumulate and can add up to a significant amount. You could also do this challenge with other types of bills like $1 bills or even $10 bills to build savings even faster.
This challenge is great for people who use cash regularly and want an easy, passive way to build savings.
9. Monthly Savings Challenge
The monthly savings challenge involves saving a set amount each month, which can either increase or remain steady based on your personal preference.
For example, set a lower monthly savings goal for January and then add to that amount each month. You might deposit $50 in January, then add an additional $50 to your deposit each month. Then in December, you’re saving $600 for that month and you’ll have saved a total of $3,900.
This challenge is great because it is simple, straightforward, and doesn’t require any gimmicks for those who want a classic savings plan.
10. The Round-Up Challenge
The round-up challenge automates savings by “rounding up” each transaction, saving small amounts that add up over time.
Many banking apps or financial services offer round-up features. For example, if you spend $4.30 on coffee, it rounds up to $5 and deposits the $0.70 difference into a savings account. This allows you to save small amounts consistently without needing to actively think about it.
This challenge is a great way to save a little bit of money here and there with every purchase and is easy to use if you have a system that automates this process for you.
