Sometimes the only way we can push ourselves to achieve a goal is by making it a challenge. Usain Bolt was once the fastest man in the world, but we can clearly attribute his success to the fact that he embarked on the “Olympic challenge”. If you have been finding it very difficult to hit your savings goals, it’s probably because you haven’t taken on a couple of money saving challenges.
It doesn’t matter what time of the year it is. You can embark on a money-saving challenge to create an emergency fund, pay down debt, or make the first deposit for your mortgage. Ultimately, challenging yourself to save more money than you usually do is a great way to reach your financial goals quickly.
In this post, we will delve into some of the best savings challenge ideas that can help you stash away some extra cash right now. Over time, these challenges won’t just compel you to save, but you will also get comfortable with adopting a frugal lifestyle.
What Are Savings Challenges?
A money-saving challenge is a financial exercise that helps to strengthen your savings habit. It’s a task you continuously do to save a certain amount of money within a set period of time.
Your money-saving challenge could last for only two weeks, a month, or even a year. It all depends on how big the financial goal you are saving toward is.
Why Should You Embark On A Savings Challenge?
The main reason you should embark on a savings challenge is simple: to cut down your living costs and save more money faster. With more money going into your savings account, it’s easier to accomplish your financial goals.
16 Money Saving Challenges To Help You Save More
Are you ready to take your savings goals seriously? Here are 16 money saving challenges you can start now:
1. 52-Week Savings Challenge
This is a popular one-year savings challenge, and it’s quite easy to follow. To execute this, begin by printing a chart with the numbers 1-52 – representing every week of the year. Beside each number, write the specific amount of money you want to save for the week.
For example, on week one, you can write down $5. On week two, you can put down $12. Do this until you get to the last week.
If you consistently save according to this pattern, you will have a substantial amount of money by the end of the year.
2. 52-Week Money Challenge Backwards
This method is very similar to the first one. But in this case, you begin with your biggest savings deposit. So instead of setting aside $5 in the first week, you should put down about $1,000. Then you can gradually work your way down as the rest of the year unfolds.
Some people believe this challenge is better since it helps them put their heaviest savings effort in the beginning year and save less money during the cash-strapped Christmas season.
3. The 26-Week Bi-Weekly Savings Plan
This is one of the best money saving challenges to improve your finances.
This method may be perfect for you if you get paid every week. All you have to do is break your 52-week challenge into 26 weeks and double up your savings goals.
By the end of the challenge, you must have saved the same amount of money you would normally realize from a 52-week savings plan.
4. 31 Days To Improve Your Financial Life
This strategy works quite differently from the rest, and it’s one of the feasible money saving challenges for low income.
I recommend this method because you don’t necessarily have to fix a certain amount of money to save every day or week. Instead, you are to practice one simple good savings habit every day for 31 days straight to improve your financial life.
For example, you can decide to shop with only cash. You can wake up one morning and cancel your unused subscriptions. Basically, the goal is to do something frugal every day to leave extra money in your pocket.
5. No Eating Out Challenge
Eating out may seem like a casual way to get your stomach full, but it has become a bad spending habit for most people. According to the Bureau of Labor Statistics, the average household spent over $3,000 dining out in 2021.
If you want to save more money and live within your means, embark on a no-eating-out challenge. Over time, you may get used to preparing your own food at home all the time.
Savings Challenge Ideas
6. Save $10,000 In One Year
This may not seem like one of the easy money savings challenges to embark on, but it’s a great way to move your yearly savings game to the next level.
Don’t forget that you are not taking this money out of your paycheck all at once. It’s a gradual process. If you save $840 every month, you will have $10,080 by the 12th month.
A significant amount of money like this can be put toward things like an emergency fund or your children’s savings account.
7. 14-Day Money Saving Challenge
If reaching your savings goals seems overwhelming, this is a simple challenge you can start with. Bear in mind that the first step is to build the habit before making it a part of your lifestyle completely. That’s what a 14-day savings challenge will help you accomplish.
Try to save a small amount of money every day for two weeks. It could be within $5-$10 daily. At the end of the short challenge, you will realize that building a savings habit is very possible.
8. Build A $1,000 Emergency Fund In 90 Days Or Less
Do you have an emergency fund? It remains an essential aspect of your personal finance.
You must be able to cover your basic expenses if illness, injury, or any other drastic event suddenly puts a strain on your finances. Building an emergency fund is a brilliant way to prepare for a time like this.
Hence, one of the best money saving challenges you can take on right now is to have at least $1,000 within 90 days strictly for emergency expenses. After the 90-day period, you can make the savings goal bigger.
9. The Pantry Challenge
Do you like going to the grocery store to stock up even when you still have some food items at home? The pantry challenge is designed to curb this habit and help you save more money.
Instead of running to get some groceries because you don’t have all the ingredients you need, this might be the time to test your recipe creativity. Can you make a decent meal using only the food items you have left in your kitchen? Aside from creating better spending habits, the pantry challenge encourages you to make the most of what you have.
Challenges To Help You Save Money
10. 365-Day Nickel Challenge
This is one of the fun money savings challenges you might be interested in. On the first day, you start by saving a single nickel. Then the following day, you save two nickels. The goal is to increase your savings by one nickel each day. So by day 50, you should have 50 nickels.
If you keep this up throughout an entire year, you should have saved up $3,379.75 by the end of the challenge.
11. Spare Change Challenge
If you are not used to saving money, this is probably the best challenge for you. All you have to do is save a little extra money after buying things.
So if after purchasing a gallon of milk you receive coins back as change, drop them in a jar. Chances are you saved money in a jar as a kid, and that’s why you don’t have to feel strange about this savings method.
If you commit to this savings habit for at least a year, you may be surprised to see how much you have raised in that jar.
12. Five Dollar Bill Savings Challenge
This challenge is very simple. You only have to save every five-dollar bill you get for as long as possible. It doesn’t matter if the money comes as a gift, put it down.
The interesting thing about this strategy is that you won’t be getting a five-dollar bill every single day. It could happen a few times a week, and this makes your goal quite flexible.
If five-dollar bills seem like a lot of money, you can decide to save just one-dollar bills instead.
13. Round Up Money Saving Challenge
This is one of the easy money saving challenges that actually work for everyone.
When you purchase something, whether with cash or a credit card, round up the amount to the next dollar and save the difference. If you don’t want to get confused, do this the old-school way with a pen and paper. Record all the round-up amounts and put that money toward your savings goal.
Easy Money Saving Challenges
14. No Soda, No Alcohol, More Money Challenge
There are little ways we spend extra money that could have been deposited into a savings account. It’s time you temporarily quit your habit of buying a soda at the office vending machine every day. Say no to alcohol for a while. Building this good money habit for a few months will save you a ton of cash.
Soda and Alcohol are just common examples. You could have other unpopular frequent purchases you might want to pause as well.
15. Do A Money Throwdown
A money throwdown is when you compete with a family member or friend to save more money. This is one of the best money saving challenges today.
Challenge a friend. Challenge your romantic partner. Set a deadline and see who saves more money at the end of the contest. It doesn’t matter who wins. Everyone ends up being a “winner” because you have actually saved more money than you normally would.
16. The 8-Week Vacation Savings Plan
You don’t have to be rich to go on vacation with your family. That’s the essence of this challenge.
Create a separate savings account where you deposit money and build your vacation fund. But more importantly, create a step-by-step plan that allows you to reach the goal in 8 weeks.
Begin by cutting out unnecessary expenses. Set up direct deposits to the account to make sure you don’t miss any payments. At the end of the day, you will realize this is one of the fun money savings challenges that can help you enjoy that dream vacation.
How To Stay Motivated During A Money Saving Challenge
It can be difficult to remain consistent with saving challenges, especially when you have a low income. Notwithstanding, here are some tips to help you complete your first challenge:
1. Be Realistic
Being realistic is one of the most essential ingredients that make a goal successful.
You must understand that your goal has to be tailored to your needs and should be within your ability. So, when it’s time to embark on a money savings challenge, be honest with yourself. Don’t take on a one-year challenge right away. Begin with a two-week or a one-month goal. This should be within your reach, making it very feasible to achieve.
After reaching your first goal, you can increase your expectations and try to achieve bigger feats.
2. Save Smarter, Not Harder
If you want to build a consistent savings habit, you have to learn how to handle things smartly. Find a method to make your goal easier to reach.
For example, using automation can help you save more consistently. When a set amount of money goes directly to your savings every payday instead of your checking account, you won’t be tempted to spend it. This is smart work – reaching your savings goal without making manual deposits.
3. Save With A Friend
Another tip to complete money saving challenges is by joining a friend. This gives you some level of normal support. Besides, as long as you know you’re not the only one trying to reach a goal, you begin to feel a sense of competition.
This can become a strong motivation that pushes you to save money even if your financial situation gets difficult.
4. Celebrate Your Progress
As much as we like to preach about the importance of saving money, it’s not really easy to stash away some cash. The moment you think about saving, your mind reminds you of so many other things you could do with your money. However, a good way to cope with this situation is by celebrating your progress and appreciating yourself for each milestone you reach.
For instance, you can find a low-cost way to treat yourself every time you complete a savings challenge. This serves as a boost to keep you going.
5. Go Slow And Stead
Consistency is a very important factor when chasing money saving challenges. Hence, you have to learn to move gradually rather than act swiftly.
If you try to do something in a rush, you get overwhelmed. But if you take it slowly, you won’t be under pressure to complete the goal.
So for example, it’s better to save $5 every day for 60 days than try to save $50 for 7 days. If you look at this closely, it boils down again to being realistic. Don’t try to attain goals that are obviously too big for you.
Quick Summary: Money-Saving Challenges To Help You Save More
Money saving challenges can be the best type of motivation you need to reach your savings goals. Besides, since there are several ideas discussed here, you can choose the one that perfectly fits your financial situation.
Also, it’s best to look at these challenges from a fun perspective. Think of it as a challenging game you’re trying so hard to win. That way, it’s easier to keep up with your savings.
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