Last Updated November 3, 2024 by Davina Kelly
You vowed that this year would be the year you finally saved more, but you’ve failed at each attempt. It’s time for a change. Try these fun money saving challenges to help you reach your goals.
If you’ve been trying to save money but keep finding yourself falling short every month, you’re not alone.
It’s so easy to get caught up with everyday expenses like bills, groceries and maybe a little too much online shopping—then before you know it, your paycheck disappears. But money saving challenges can help you stay on track and actually make saving fun.
Whether you want to build an emergency fund, save for a vacation, or simply improve your finances, these challenges are designed to help you get there without feeling overwhelmed.
In this post, I’ll share the best money saving challenges to help you reach your financial goals. And don’t worry if you’re new to saving these challenges will turn you into a regular saver in no time!
This post may contain affiliate links, which means we will receive a commission if you purchase through our links, at no extra cost to you. Please read full disclosure for more information.
10 Best Money Saving Challenges:
1. 52-Week Money Saving Challenge
Let’s start with the classic: The 52-week money challenge. It’s a simple way to save money so it’s perfect for beginners or anyone who wants to ease into saving.
How it works: You start by saving $1 in the first week, $2 in the second week, $3 in the third week and so on. By the end of the year, you’ll have saved $1,378!
This challenge is super beginner-friendly because it starts small and gradually increases. You don’t need to come up with large sums of money right away and by the time you’re saving larger amounts, you’ve already built the habit.
You can make this challenge fun by choosing creative ways to save money each week. One week, you could skip your daily latte or weekly nail appointment. The next, week, challenge yourself even more – maybe avoid eating out and cook a meal using what’s already in your pantry.
Tips for success:
Choose a goal for your savings: Before you start, set a specific goal for where those savings will go. For example, you could decide to use the cash for spending money on your upcoming vacation.
Automate your savings: Set up an automatic transfer from your checking account to your savings account each week.
Track your progress: Create a chart or use a savings printable to mark each week’s savings. Watching your progress grow can be super motivating.
Set reminders: Create a weekly reminder to make your deposits. Trust me, it’s easy to forget.
2. 30 Day Money Saving Challenge
Need to kick-start your savings but don’t want to commit to a whole year? The 30-day savings challenge might be just what you need.
How it works: Every day for 30 days, you save a certain amount of money. You can either save the same amount each day (e.g. $5 a day for 30 days = $150), or you can increase the amount daily (e.g. save $1 on day 1, $2 on day 2 and so on).
This challenge is short-term so it’s perfect for people who need a quick win. Plus, it can be tailored to your budget – you choose how much to save each day.
Tips for success:
Pick an amount that works for you: Make sure that the daily savings amount is realistic to your budget.
Set a goal: Make a plan for what you want to do with your money at the end of the 30 days. Having a purpose for your savings makes it easier to stay motivated.
Make it fun: Track your progress on a chart or printable or use an app to see your savings add up.
3. No Spend Challenge
This one is for the serious savers out there – or anyone who wants to really challenge their spending habits. The no-spend challenge is exactly what it sounds like: a period where you don’t spend money on anything that isn’t absolutely necessary.
How it works: You pick a time frame – whether it’s a week, a month or even longer – and commit to not spending money on anything except essentials (think rent, groceries, bills). No takeaways, no clothes shopping, no random Amazon purchases!
This is a great challenge that forces you to re-evaluate your spending and see how much you can save by cutting out unnecessary purchases. It’s also a great way to reset if you feel like your spending has gotten out of control.
Tips for success:
Plan ahead: Before you start, make sure you’ve taken care of any essential purchases, like groceries or gas. This will help you avoid “cheating” during the challenge.
Find free alternatives: Instead of going out for dinner or a movie, look for free activities like hiking, visiting a park or having a movie night at home.
If you want to learn more about the no spend challenge check out this post. It’ll walk you through the process step by step. Also, grab my FREE printable below to track your progress.
4. Save $10k in a Year Challenge
If you’re aiming for a more ambitious goal, the “Save $10k in a Year” challenge is a great option.
How it works: This challenge will require you to save around $833 a month or about $192 per week to hit the $10,000 mark by the end of the year.
This is an amazing challenge if you’re working toward a big goal like buying a house, paying off debt or saving for a car.
Tips for success:
Break it down: Don’t focus on the $10k, instead focus on the monthly or weekly goals to keep it manageable.
Cut back on big expenses: Focus on areas where you can make the most significant cuts like eating out, transportation or subscription services.
Check out this post to learn how to save $10k in a year step by step. Also, grab my FREE savings tracker below.
5. 100 Envelope Challenge
The envelope challenge is a fun creative way to save money while keeping things organised. It can seem daunting at first, especially because you have to be consistent for 100 days. But it is totally doable.
How it works: You label envelopes with different amounts of money (e.g. $5, $10, $20 etc.), and each week you pick an envelope and save that amount. You can make this challenge as easy or as difficult as you like depending on the amounts you choose.
This challenge is a fun tangible way to save money – physically putting cash into an envelope can feel more satisfying than transferring money into an account. Plus, it adds a bit of a game element since you don’t know which envelope you’ll pick each week.
Tips for success:
Tailor it to your budget: If you can’t save larger amounts, keep the envelopes on the smaller side. It’s about making the challenge work for you.
Use physical envelopes or a digital version: You can either use real envelopes like these which you can get from Amazon.
Or you can keep the cash in your bank and use a separate savings account. If you choose this option, set up automatic transfers from your checking account to your savings account—this way, you’re saving without even thinking about it!
Stay disciplined: Once you’ve saved the money in an envelope, don’t dip into it.
6. No Eating Out Challenge
Food is one of the biggest expenses for most people, and with busy schedules, it’s easy to rely on takeout for convenience. But those meals can add up quickly!
Committing to a no-eating-out challenge can help you save a lot of money.
How it works: The no-eating out challenge is simple: for a set period, you cut out all spending on takeout, delivery and eating out. Instead, you cook all your meals at home.
Not only does this challenge save you money, but it also makes you more mindful of your food spending. Plus, you might pick up some new cooking skills along the way.
Tips for success:
Meal plan: Plan out your meals for the week to ensure you have everything you need. This will help you avoid the temptation to order takeout.
If you don’t enjoy cooking your own meals, try the $5 meal plan. It’s a meal planning service that sends grocery lists and meal plans straight to your inbox for just $5 a month. It’s a great way to save both time and money and make meal times easier.
You can try it out FREE here for 14 days.
Prep in advance: Batch cooking and meal prepping can be lifesavers on those busy days when you’d normally reach for takeout. Having meals ready to go will keep you on track and help you avoid last-minute orders.
Related:
7. $1,000 Emergency Fund Challenge
Building an emergency fund is essential for your financial stability. It’s a key part of a strong financial foundation and gives you a safety net so you don’t have to rely on debt when unexpected expenses pop up.
How it works: This challenge is designed to help you quickly save up $1,000 which can serve as a cushion for unexpected expenses. You can divide the $1,000 over a few months or aim to save within a set period, like 3 or 6 months.
Tips for success:
Start small: Aim to save a set amount each week or month and adjust it as you go.
Put the money in a separate account: Keep your emergency fund in a high-yield savings account so it’s easily accessible and earns interest.
Read here to learn how to build an emergency fund and grab my FREE emergency fund tracker below.
8. $5k Bi-Weekly Savings Challenge
The $5k bi-weekly savings challenge helps you save $5k in a year.
How it works: Every other week set aside $200 from your paycheck and keep repeating for 26 weeks. Before you know it you’ll have $5k saved up!
This challenge is perfect if you’re looking for a structured way to save more money, but aren’t quite ready to save $10k in a year.
If you get paid bi-weekly, it’ll be easy to do this savings challenge as it lines up with your pay schedule. But it can be hard to stick to a monthly budget. You may find it easier to budget weekly instead of for the entire month.
Tips for success:
Sync it with your paydays: Set up automatic transfers to your savings account the day after you get paid so you don’t even notice the money is gone.
9. $5 Savings Challenge
This is one of the most simple money saving challenges.
How it works: Every time you get a $5 bill, you put it into a jar or savings account. By the end of the year, you’ll have a nice little savings stash without even realising it.
It’s an easy, low-pressure way to save money. Plus, you can start with $5 and scale it up later.
Tips for success:
Use cash: Make it a habit to withdraw the cash and stash every $5 bill you receive.
Use a jar or envelope: If you like visual progress, watching those $5 bills pile up can be super satisfying!
10. Spare Change Challenge
The spare change challenge is ideal if you’re on a lower income and want something more manageable. If the other challenges feel a bit overwhelming or just don’t fit your budget right now, don’t worry! The spare change challenge is budget-friendly and doable for anyone.
How it works: Every time you make a purchase, round up to the nearest dollar and save the change. You can do this manually or use an app, which automatically rounds up your purchases and saves the spare change.
For example, if you pay $4.50 for a latte, the app will round up your purchase to $5 and deposit $0.50 into savings.
It’s an easy effortless way to save money, the amounts are small but you’ll be surprised how quickly it adds up. I have this feature enabled on one of my bank accounts and I easily save $50 with no effort.
You won’t even notice the small amounts you’re saving, but over time, those pennies can really add up.
Tips for success:
Automate it: Most banking apps offer this feature, so log into your app and enable it. This way the savings happen without you having to think about it.
How to Pick the Right Money Savings Challenge for You
With all these great options, you might be thinking how do I pick the right money saving challenge? Here are a few things to keep in mind when trying to decide.
Assess Your Financial Situation
Before starting any challenge, take a look at your current financial situation. How much money can you realistically afford to save each week or month?
If you’re already tight on cash, it’s better to start with a smaller challenge than to take on something too big and get discouraged.
Set a Clear Goal
Before you decide, ask yourself “What are you saving for?” If you’re trying to save up for a big goal a longer-term challenge like the save $10k in a year challenge might be a good fit.
If you’re saving for something more immediate like a vacation, a shorter challenge might be better.
Know Your Spending Habits
Be honest with yourself about your spending habits. If you tend to splurge on non-essentials, a no-spend challenge could help you reset your habits. If you have trouble staying consistent, a challenge like the 30-day savings challenge can help you stay focused in the short term.
Tips for Sticking to a Money-Saving Challenge
Once you’ve picked your challenge, the next step is sticking with it! Here are a few tips to help you stay on track.
Create a monthly budget: If you’re not already budgeting every month, you might be surprised at how much extra money you can find once you start. Budgeting is one of the fastest and easiest ways to free up more money for saving.
Once your budget is in place you can start to look at areas where you can cut back to save more money. For example, you can cancel unused subscriptions, negotiate your bills and stick to a grocery budget.
Track Your Progress: Keep a record of your savings so you can see how far you’ve come. Whether you use a printable, an app, a spreadsheet or good old-fashioned pen and paper, tracking your progress can be incredibly motivating.
Set Smaller Milestones: If you’re working on a longer challenge, break it down into smaller goals. For example, instead of focusing on saving $1,000 over a year, aim to save $250 each quarter. Hitting these smaller milestones will give you a sense of accomplishment along the way.
Automate Your Savings: If you’re worried about forgetting to save or spending the money before you can save it, automation is your best friend. Set up automatic transfers from your checking to your savings account so the money gets saved before you even have a chance to spend it.
Put your savings in a high-yield savings account: Once you start saving, don’t just let your money sit in a regular account. By putting your savings in a high-yield savings account, you can earn more interest over time—meaning your money grows even faster without any extra effort!
It’s a simple way to make your savings work harder for you. Look for accounts that are easy to access and have the highest rates to get the best return on your hard-earned cash.
Celebrate milestones: Saving money can feel like a grind, so give yourself a little reward when you reach a milestone. It doesn’t have to be anything extravagant—maybe a nice dinner or a fun activity—but it’s a great way to celebrate your progress without undoing your hard work.
Get Accountability: Tell a friend or family member about the challenge you’re doing, or even better, get them to join in! Having someone to check in with can keep you motivated, and you can cheer each other on as you make progress.
Final Thoughts on Money Saving Challenges
Money saving challenges are a great way to take control of your finances and make saving fun. Whether you’re a beginner looking to build better money habits or a seasoned saver who needs a little extra motivation, there’s a challenge in this post for you.
Which money saving challenge will you try? Let me know in the comments below.
Other Posts You May Like:
How to Save $10k in a Year (Step By Step Guide)
11 Tips to Master a No-Spend Challenge
13 Best Money Saving Strategies
Davina Kelly
Hey! I'm Davina, the owner of Davinas Finance Corner. I'm passionate about finding ways to budget, save, earn more money and improve your life. After breaking free from payday loan debt and living paycheck to paycheck I want to share my experience to help other women improve their finances.
Leave a Reply