Saving money is something everyone knows they should be doing, but it may be difficult to put what you know into practice and make an actual savings plan. There are online challenges geared toward everything from fun to education. So why not try a money-saving challenge?
23 Money-Saving Challenges To Try
Sometimes it takes the structure of a challenge to stick to your goal of saving money. Here are some that can help build your financial stability.
- Round up money-saving challenge
- The $5 bill challenge
- Trim 1% of your salary challenge
- Coffee break challenge
- No dining out challenge
- Meatless Mondays challenge
- No-spend challenge
- Kick a bad habit challenge
- Restricted shopping list challenge
- The change your grocery store challenge
- The pantry challenge
- Generic brands only challenge
- Envelope challenge
- The 52-week savings challenge
- The 26-week savings challenge
- The $2,024 in 2024 challenge
- Bowl-grab challenge
- The 30-day savings sprint
- Online shopping freeze challenge
- Switching services challenge
- Utility usage reduction challenge
- Public transportation challenge
- Entertainment budget challenge
Setting Money Aside
The most straightforward way to add to your savings is to simply set money aside. Here are challenges specifically designed to help you set that money aside instead of spending it.
1. Round Up Money-Saving Challenge
Every time you make a purchase, put the change aside for savings. In particular, save any amount of change that’s under $5. Round up to the nearest dollar when you pay for something and any extra change put into an emergency fund.
By collecting every penny, nickel or quarter you receive, you can build your savings over time. Sometimes it’s not the dollar amount but rather the smaller bits that make the difference.
2. The $5 Bill Challenge
Save every $5 bill you receive in change. You can choose to set aside other bills too, depending on your finances and how fast you want to build up your savings. Set aside any money you receive as gifts for birthdays or change from a vendor throughout the year with this denomination.
3. Trim 1% of Your Salary Challenge
Calculate 1% of your salary. If you earn $100,000 per year, 1% is $1,000. Now figure out ways to trim your expenses and invest 1% of your salary into your savings each year.
Changing Your Habits
It’s not just groceries that you can save on by changing your shopping habits. These challenges can not only save your budget but also help you form healthier habits.
4. Coffee Break Challenge
This is a monthly savings challenge where you put some sort of savings vessel such as a piggy bank, jar or even an empty mug next to your coffee pot. You make your own coffee and any money you would have spent at the cafe, you put in the makeshift bank. Replace buying coffee from cafes with homemade coffee for a month. Calculate your savings at the end of the challenge.
5. No Dining Out Challenge
A significant portion of people’s food budget often goes towards eating out. By choosing to eat at home for a month, you can quickly accumulate savings and give your savings account a healthy boost. Meal planning can help with eating at home so you can avoid the impulse to takeout.
6. Meatless Mondays Challenge
Every Monday, go meatless for your meals. This not only saves money but can also promote healthier eating habits.
7. No-Spend Challenge
The no-spend challenge helps you save by guiding you to only spend money on essential items. The traditional challenge lasts for 30 days, but you can adjust this time frame to make it more comfortable to accomplish and less of a monthly challenge.
8. Kick a Bad Habit Challenge
Pick an expensive habit you have to kick and put the money you save into your savings account. You can save a significant amount of money when you quit smoking, drinking sugary drinks or buying coffee every day.
Grocery Challenges
Reducing your spending money can be hard, so these challenges focus on reducing the amount you need to spend on groceries. By saving money on something you consume every day, you may be surprised at how quickly these challenges can pile up your savings.
9. Restricted Shopping List Challenge
Restrict your shopping list so you’re only purchasing food in bulk. Moreover, if you have the ability to grow food, grow your own and save at the grocery store, further restricting your shopping list and saving you money.
However, it’s important to be realistic with this challenge and don’t buy more at a time than you can reasonably eat before it goes bad.
10. The Change Your Grocery Store Challenge
Stop shopping at high-priced grocery stores. Instead, take your shopping list to the nearest discount grocery store and apply your grocery savings to your savings account. Be sure to stick to your grocery list when you’re there as well to avoid impulse buying.
11. The Pantry Challenge
Instead of grocery shopping, look in your pantry and get creative to make meals out of what you already have. This helps you clear your pantry, stop wasting food and save money at the same time.
12. Generic Brands Only Challenge
For a month, buy only generic or store-brand items at the grocery store. Compare the savings to your usual brand-name purchases. The ingredients in the generic brands are often identical to their more expensive counterparts, so all you would be paying for is a better ad campaign.
Timed Challenges
Having a deadline can help you keep saving in mind. These next challenges are paced over different time periods.
13. Envelope Challenge
If you want to save $5,000 in 100 days, the envelope challenge is a great place to start. You simply get 100 empty envelopes and write the numbers 1 to 100 on them. Then each day, for 100 days, randomly choose an envelope and match the number on the front of the envelope with that amount of money in cash.
14. The 52-Week Savings Challenge
Start this annual savings challenge by saving $1 on your first week. Increase the amount of money you save each week by $1 — so the second week, you’ll save $2, then $3 and continue for a full year. By week 52, you’ll add $52 to your savings. You’ll save $1,378 per year when you stick to the 52-week money challenge.
15. The 26-Week Savings Challenge
Start by saving $3 on week one. Then, add $3 per week to your savings goal. That’s $6 in week two, $9 in week three and so on. At the end of 26 weeks, you will have saved $1,053.
16. The $2,024 in 2024 Challenge
A huge plus of this challenge is that the saving amounts fluctuate so you can decide what you put away and when, as long as you get to the total. If you’re having a week that’s hard on your budget, you can save a little less and make it up next week without feeling like you’re missing your goal.
17. Bowl-Grab Challenge
Write denominations of money such as $1, $5 and $10 on slips of paper and place the slips in the bowl. Grab a slip of paper out of the bowl every day, and save the amount of money on the slip for a predetermined number of days. If the challenge works well for you, it’s easy to fill the bowl back up and keep going.
18. The 30-Day Savings Sprint
For 30 days, save a set amount daily. This could be as little as $1 a day or more, depending on your financial goal. Another 30-day challenge is when you see something you want to buy you wait a month before doing so to see if you still want it or if the desire has faded.
Mindful Spending
Mindful spending is all about being more intentional with your finances. These challenges encourage you to think carefully about your everyday expenditures and find creative ways to reduce unnecessary spending, helping you save money and cultivate more conscious spending habits.
19. Online Shopping Freeze Challenge
For a set period, such as a month, avoid all non-essential online shopping. Track how much you save by not giving in to impulse buys. Just because it’s easy to get something delivered doesn’t mean you have to waste that money.
20. Switching Services Challenge
Each month, call at least one utility service provider that you’re currently not using to find out if they can offer a better deal than your current utility service provider. If so, switch your services and transfer the savings to your savings account each time you pay the bill.
If you don’t find savings with another provider, or there’s only one provider for the service in your area, you can also call your existing utility provider to see if they have any deals or discounts to offer to negotiate your bills down.
21. Utility Usage Reduction Challenge
Aim to reduce your utility bills by a certain percentage through mindful usage of electricity, water and gas. Conserving your energy not only cuts back on your monthly bills but also is great for the environment. New habits to form could include unplugging the electronics you are using, setting the washing machine to cold water cycles and turning off all lights except the ones you need.
22. Public Transportation Challenge
Use public transportation instead of personal vehicles or rideshare services for a set period, like a month, to save on travel costs. This challenge also saves you at the pump, especially with ever-rising gas prices.
23. Entertainment Budget Challenge
Set a strict budget for entertainment each month. This includes movies, outings and other leisure activities. You could also cut back on how many streaming services you pay for each month.
Final Take To GO
Saving money can be fun when you challenge yourself to do so. Take part in the money-saving challenges above to bolster your savings account.
FAQ
Find the answers to the most common questions about saving money below.- What are savings challenges?
- Savings challenges are challenges with specific rules designed to help you save money.
- What is the $5 savings challenge?
- The $5 savings challenge is when you save every $5 bill you receive in change. You can choose to set aside other bills too, depending on your finances and how fast you want to build up your savings.
- What is the 26-week money challenge?
- The 26-week challenge is where you start by saving $3 on week one. Then, add $3 per week to your savings goal. That's $6 in week two, $9 in week three and so on. At the end of 26 weeks, you will have saved $1,053.
- What are the potential obstacles in saving money?
- The main obstacles in saving money often include:
- Inconsistent income
- High living expenses
- Lack of budgeting
- Impulsive spending habits
- Financial emergencies
- Psychological factors, such as a lack of financial discipline or the influence of social media and advertising, can also make it difficult to save. Additionally, debt repayment and low financial literacy can hinder one's ability to set aside savings effectively.
- The main obstacles in saving money often include:
- How can you save $5,000 in three months?
- To save $5,000 in 3 months, you need to save approximately $1,667 per month. This challenge requires a detailed budget plan and possibly significant lifestyle changes. It involves identifying and cutting unnecessary expenses, increasing income through additional work or side hustles and strictly adhering to a savings plan. Consider automating savings, reducing discretionary spending and potentially downsizing major expenses like housing or transportation.
- What is the best saving challenge?
- The best saving challenge depends on personal financial situations and goals. A few to consider are the 52-week challenge for a gradual increase, the 26-week challenge for faster savings accumulation and the $5 savings challenge for its simplicity. Choose one that fits your financial habits and goals.
- What is the $3 a week savings challenge?
- The $3 a week savings challenge involves saving $3 every week for a year, totaling $156 saved. It's straightforward and suitable for beginners or those with tight budgets, emphasizing consistency in savings without increasing the weekly amount.
Caitlyn Moorhead contributed to the reporting for this article.
The article above was refined via automated technology and then fine-tuned and verified for accuracy by a member of our editorial team.