Saving money can become overwhelming and draining, especially when unexpected expenses pop up at the worst times possible. Whether it’s saving for a future financial goal, helping your kid get into college, or just the simple act of saving for an emergency, saving money can be a lifesaver when the need arises. This article will help you explore the 19 best money-saving challenges that are fun and motivating, offering simple and manageable steps to help you stay consistent with the process.
1. 52-Week Savings Challenge
One of the most popular strategies till date is the 52-week savings challenge that includes starting off by saving a small amount by gradually increasing it to bigger steps. You save up $1 in week 1, $2 in week 2, $3 in week 3, and so on, until you reach $52 in week 52.
By the end of the year, you’ll have saved up an amount of $1,378 without even realizing, making this challenge a considerable savings option.
2. No-Spend Challenge
Another effective way to save money is through the no-spend challenge that is all about cutting off all the non-essential spendings. After the paycheck comes, pay your rents, bills, and utilities, however, unnecessary spendings like coffee runs, subscriptions, online shopping, or takeouts should be avoided.
It may seem little at first, but these non-essential spending cut off a huge amount from your income, making this challenge an effective way to get aware of your spendings.
3. Pantry Challenge
If you feel like you’re an impulsive buyer, this pantry challenge will work the best for you. This challenge is all about utilizing the goods and ingredients present in the pantry instead of making grocery runs for a week or two.
This challenge enhances creativity and problem-solving, urging you to make something of the resources present and reducing food wastage.
4. 30-Day Minimalist Challenge
Remove one unnecessary item from your home each day for a whole month. So the next time you go shopping, you wouldn’t have to worry about replacing the old item with a new one or buying a similar item.
This 30-day minimalist challenge offers decluttering of home and clearing up of physical and mental space.
5. Weather-Based Savings Challenge
For something fun and seasonal, go with the weather-based savings challenge that includes picking a specific weather like rainy, sunny, cloudy, or snowy, and everytime that weather shows up, deposit a fixed amount like $5 or $10 into the savings.
This challenge is a fun one, driving the motivation to save money through engaging and playful ways.
6. Round-Up Challenge
For our digital spenders, this round-up challenge is made specifically for you. Every time you make a purchase, round it up to the nearest dollar and transfer the remaining amount into savings.
Many banking apps make it easier by automating this process in the background. If you prefer to do it manually, set up a weekly transfer based on your estimated round-ups, making this challenge easier for you to carry out.
7. 100 Envelope Challenge
For an fun and engaging challenge, pick the 100 envelope challenge where you label 100 envelopes from 1-100. Randomly select an envelope each week and put the corresponding amount in it.
This method is easy and adds up quickly, leading to an amount of $5,050 by the end, offering a challenge with clear visual goals.
8. 1% Income Challenge
If percentages feel easier than fixed amounts, this challenge is the best fit for you. Instead of saving up a fixed amount every month, just save up 1% of your income.
For example, if someone’s earning $5,000 every month, 1% of that income would be $50. This challenge offers you a way to set aside a small amount which can gradually grow big into a savings that’s more meaningful and useful.
9. Found Money Challenge
The found money challenge is an effortless and easy one since you don’t have to worry about adding money to this challenge from your income or paycheck. Simply put, this challenge includes unexpected tax refunds, rebates, cash gifts, or loose change you find around the house.
Since this money isn’t the part of your regular budget, you don’t have to worry about saving it!
10. Daily $1 Challenge
Another easy and simple way to save money is through the daily $1 challenge, that includes saving a dollar each day. Keeping up with this challenge for a year can lead to saving up $365, which is quite a decent amount.
Moreover, since the amount is really small, it’s nearly impossible to justify skipping it. So to save up money side-by-side, this daily $1 challenge can be your go-to!
11. No Takeout Month
To save money spent on food, take up a no takeout month challenge. One of the most effective habits you can adopt, this challenge includes committing to cook and eat homemade meals, instead of relying on takeouts.
The savings from restaurant meals and skipping delivery fees can save you around $300-$500, depending on your spending and eating habits.
12. Zero-Based Budget Challenge
Assign your income to specific categories until there’s no unassigned money left. For example, allocate 50% of your income to wants, that include rent, utilities, and bills, 30% to your wants, that include dining out, takeouts, entertainment, or subscriptions. Lastly, 20% of your income goes to savings, leaving no unallocated money and income behind.
This challenge creates a sense of responsibility and accountability, making money saving a bit easier for you to follow.
13. $5 Bill Rule
For a simple and surprisingly effective way to save money, go with the %5 bill rule challenge that is all about the simple act of stashing away a $5 bill in a jar, everytime you receive it. Instead of keeping it with you, save it in a jar or an envelope so you can effectively avoid spending it unknowingly.
This method is a simple yet highly useful strategy to save money that can help you gather a large amount in less time, if paid attention to.
14. Declutter & Sell Challenge
If your home is filled with items you don’t use anymore, the Declutter and Sell Challenge can fit you the best! Make a list of the items you no longer need and sell one unused item each week through online platforms.
The money you earn through selling the goods go straight to the savings account, helping you in decluttering and making money through the process.
15. Coin Jar Challenge
The Coin Jar Challenge is an old-school one, but a timeless classic for a reason. Drop your spare change into a jar every day, and once it’s full, take it to the bank or a coin machine. People report saving hundreds per year through this passive habit.
This challenge may seem simple, but is an effective way to stay consistent and motivated to save money.
16. Savings Bingo Challenge
If you enjoy playing games then turn saving into a personal competition with the Savings Bingo Challenge. Create a bingo card with varying amounts in each square (e.g., $10, $20, $50), then choose one to save each week. Once you’ve filled the card, you’ll have met your savings goal in a fun and interactive way.
17. Subscription Audit Challenge
In today’s world, where everything runs on subscriptions, the need to monitor them becomes essential. List every monthly subscription you have, whether it’s a streaming platform, music subscriptions, or cloud storage, and cancel at least one.
You can also discover the subscriptions you no longer need and redirect the amount going to those specific subscriptions to savings.
18. One-In-One-Out Rule
The One-In-One-Out Rule is helpful for those who shop regularly. Each item you bring home, you must donate, sell, or toss an old one. To supercharge the savings element, match the price of the new item by transferring the same amount into savings.
This method discourages impulsive buying and encourages purchasing thoughtfully.
19. Goal-Trigger Challenge
The goal-trigger challenge is a fun and playful way to save money. Each time you’re tempted to perform a specific action or behavior, deposit a fixed amount into the savings account. For example, if you find yourself tempted to shop online or order food, transfer an amount of $10 into the savings account.
Conclusion
Adopting money saving habits is not just a financial experiment, but more a vision with strategies. Whether it’s saving money through the 52-week challenge or using jars and envelopes to save money until they gather up to a large amount, each challenge is unique in its own and offers a fun and interactive way for you to stay motivated and consistent with the process. Money saving might feel like a drag but if done right, you’ll find out that it doesn’t always have to be a burden. So pick one challenge that speaks to you, stick to it, and watch your financial confidence grow!